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Musk is the billionaire who lost the most money in the first half of 2024: $5 billion a month

At the beginning of this year, Elon Musk had a fortune of $251 billion and could almost single-handedly solve world hunger. However, Tesla's stagnant sales, the endless struggle to buy Twitter, and the volatility of Tesla's stock price meant he lost a lot of money this year.

According to Forbes, Musk is the billionaire with the most losses so far this year, with his wealth shrinking at a rate of about $5 billion a month. According to the website, his wealth shrank by more than 10% from the end of 2023 to June 28, 2024. As the website explains:

Between December 31, 2023, and June 28, the last day of regular stock market trading for the first half of the year, Musk's net worth fell from $251.3 billion to $221.4 billion, a bigger drop than any other billionaire tracked by Forbes, but Musk remains the richest person on the planet.

The main reason for the dip in Musk's pocketbook is that a Delaware judge in January canceled Musk's then-record Tesla compensation package worth $51 billion, which led Forbes to cut the value of the equity award by 50 percent because of uncertainty about whether Musk would receive those stock options.

Excluding that bonus, Musk's wealth has remained volatile over the past six months, with the value of his 13 percent stake in Tesla shrinking by about $20 billion as falling profits and car deliveries sent the stock down 20 percent. But that was partly offset by the growth of Musk's stake in his generative artificial intelligence startup xAI to $14.4 billion (Musk also has a roughly $75 billion stake in private aerospace company SpaceX, a $7 billion stake in social media company X, And smaller stakes in other companies, such as brain experimentation startup Neuralink).

Are US development jobs falling off a cliff?
Companies are going to have fewer people and fewer layers. Ten years from now, the software development circuit may have fewer jobs, higher salaries, and more product-centric work. The reason behind it is the rapid development of AI, AI has approached human beings at the intelligence level, a lot of work relying on thinking ability may be handed over to AI, while emotion is still the territory of human beings, how to communicate and collaborate is the most important ability in the near future. When Indeed's chart for software development and operations jobs was released, we found that, as the chart shows, there was a peak in early 2022, but after that there was a precipitous decline.
Workers warn of additional walkouts unless demands are met
Members of the National Samsung Electronics Union stage a rally near the company's Hwaseong Campus in Gyeonggi Province, Monday, beginning a three-day strike. Korea Times photo by Shim Hyun-chul By Nam Hyun-woo The biggest labor union at Samsung Electronics initiated a three-day strike on Monday, threatening to disrupt the company's chip manufacturing lines unless management agrees to a wage hike and higher incentives. This marks the first strike by unionized workers in the tech giant's 55-year history. The National Samsung Electronics Union (NSEU) claimed that about 4,000 unionized workers from Samsung's plants nationwide participated in a rally at the company's Hwaseong Campus in Gyeonggi Province. Police estimated that approximately 3,000 union members were present at the rally. According to its own survey, the union reported that a total of 6,540 members expressed their intention to participate in the strike. They emphasized that disruptions in manufacturing are anticipated, with over 5,000 members from facility, manufacturing, and development divisions joining the strike. The comments seem to address market expectations that the walkout is unlikely to cause significant disruptions in the chipmaker's operations, largely because most manufacturing lines are automated. The union said that it may launch another strike for an undetermined period, unless management responds to the union’s demand. Since January, the union has been pressing management for a higher wage increase rate for all members, fulfillment of promises regarding paid leave, and improvements to incentive criteria. With negotiations at an impasse, the union announced on May 29 that it would launch a strike. The NSEU has some 30,000 members, accounting for 24 percent of all Samsung employees. Among the union members, about 80 percent work at the device solutions division, which manufactures semiconductors.
Portadown businessman avoids jail for sexual assault of teen under his employment Defence said the defendant 'continues to deny' the charges and bail in the sum of £1,000 was fixed for appeal
A Portadown man has avoided jail after sexually assaulting a 16-year-old shop worker under his employment. -ADVERTISEMENT- Brian Thomas Chapman (58), of Moyallan Road, appeared before Newry Magistrates’ Court on Monday for sentencing on two counts of sexual assault. The prosecution outlined that on September 23, 2020, a 16-year-old student in the employment of Brian Chapman, disclosed to her mother about incidents that had occurred in her workplace. She said Chapman had put his hand on her thigh and the back of her leg. She also disclosed that she had been getting extra money from him and he had been sending her text messages. The allegations were reported to police the next day, September 24. The victim then took part in an interview on October 9, in which she said, when she was alone in Chapman’s office, he placed his hand on her upper thigh and his other hand on her lower back, underneath her trousers. The defendant was arrested and interviewed at Lurgan police station, where he denied the allegations. His phone was seized and an examination was carried out. The first interview of the defendant took place on October 9, during which he admitted to sending a message about wanting the victim to work 24/7, but stated this was a joke. The second interview took place on January 28, 2021, where he admitted to sending the 24/7 message, but denied sending other messages, such as “hope you’re spending the pounds on something special”. Throughout this process, Chapman denied sending the messages and denied any of the sexual assaults alleged by the victim. On the Chapman’s criminal record, the prosecution added that he was convicted of three common assaults on appeal. In terms of commission, these matters pre-dated this case but the conviction occurred during the running of this case and also involved a female working for the defendant. Prosecution continued that the age of the victim was an aggravating feature, arguing there was a “vulnerability” due to the “power-imbalance” between Chapman and the young student working for him. An additional aggravating feature, they said, was that during the course of the defence, part of the defence was that the victim had “manipulated or manufactured” some of the text messages that were sent. A defence lawyer, speaking on the pre-sentence report, noted the author deemed Chapman to be of low risk. He also noted that similar offences were contested in the County Court in respect of another complaint, with the judge substituting indecent assault charges for common assault. He also argued a Sexual Offences Prevention Order (SOPO) was not necessary as the offending was four years ago, there has been no repetition and risk had been addressed. District Judge Eamonn King noted the defendant was convicted on two of four original charges following a contest, which ran over a number of days, with the case adjourned for a pre-sentence report and victim impact statement to be produced. He added the defendant “continues to deny” the charges and seeks to appeal the outcome. District Judge King, on reading the pre-sentence report, noted the defendant “denies ever hugging or touching the individual and he denies any sexual attraction to the victim”, but pointed to a paragraph in the report which stated, “From the available evidence, it’s possible to surmise that he demonstrated risk taking and impulsive behaviour. It appears that he took advantage of his position and power in a bid to meet his sexual needs, given the victim’s young age and the fact that he was her employer”. The report added that this demonstrated “limited victim empathy and responsibility due to his denial of the offences”. On the victim impact statement, District Judge King described her as a young girl getting her first job, with the “world as her oyster”. He continued: “As a result of what she says occurred, that turned on its head. It left her feeling inwardly uncomfortable, anxious and lonely. She cut herself off from her friends. She stopped going out. She didn’t want to go to school.” He also described a “degree of manipulation” in the case, as this was the victim’s first job and there was a power imbalance between her as an employee, and Chapman as the employer. In his sentencing remarks, District Judge King, said: “I’ve taken time to emphasise to the victim in this case that the victim did nothing wrong. The victim did everything right and the victim shouldn’t feel lonely, anxious or isolated. “The victim should feel confident, strong and outgoing.” Owing to the defendant’s ongoing denial of the charges, he added: “My sentencing exercise isn’t the conclusion of the case today, but I will sentence, so that we can move towards the conclusion going forward. “I am satisfied, irrespective of what the pre-sentence report says, that the defendant took advantage of someone, attempted to groom someone and was guilty of the two offences.” On the two counts, Chapman was sentenced to three months in prison, suspended for two years. He was also made subject to a Sexual Offences Prevention Order (SOPO) for five years and placed on the sex offenders’ register for seven years. Following sentencing, District Judge King fixed bail for appeal at £1,000.
Microsoft to offer Apple devices to employees in China, cites absence of Android services
July 8 (Reuters) - Microsoft (MSFT.O), opens new tab intends to offer Apple's (AAPL.O), opens new tab iOS-based devices to its employees in China to access authentication apps, a company spokesperson said on Monday, citing absence of Google's (GOOGL.O), opens new tab Android services in the country. Microsoft has been under increased scrutiny after a series of security breaches, the latest being that of Russian hackers who spied and accessed emails of the company's employees and customers earlier this year. The development was first reported by Bloomberg News, which, citing an internal memo, said the Windows OS-maker instructed its employees in China to use Apple devices at workplace from September. As a part of Microsoft's global Secure Future Initiative, the move to switch to iOS-devices stems from the lack of availability of Google Play Store in China that limits its employees' access to security apps such as Microsoft Authenticator and Identity Pass, the report added. "Due to the lack of availability of Google Mobile Services in this region, we look to offer employees a means of accessing these required apps, such as an iOS device," a company spokesperson told Reuters in an email. Microsoft is among those U.S. companies that have a strong presence in China. It entered the Chinese market in 1992 and also operates a large research and development center in the country. The company will provide iPhone 15 models to employees, currently using Android handsets across China, including Hong Kong, the Bloomberg report said.
Could a $600 billion funding gap crush the AI industry?
On July 5, Microsoft co-founder Bill Gates appeared on the Next Big Idea podcast to discuss his vision for Superhuman artificial intelligence and technological progress. At the same time, it said that the enthusiasm of the AI market is far more than the Internet bubble. Gates believes that the current threshold for entry in the AI field is very low, and the entire market is in a fever period, AI startups can easily get hundreds of millions of dollars in financing, and even have raised $6 billion (about 43.734 billion yuan) in cash for a company. "Never before has so much capital poured into a new area, and the entire AI market has fallen into a 'frenzy' in terms of market capitalization and valuation, which dwarfs the frenzy of the Internet and automotive periods in history." Gates said. At this stage, the rapid development of the artificial intelligence industry is a veritable gold industry, and Nvidia's market value is therefore soaring, and the total market value reached 3.34 trillion US dollars on June 18 local time, surpassing Microsoft and Apple in one fell fell, becoming the world's most valuable listed enterprise. But in fact, doubts about the field of artificial intelligence have also risen one after another and have never stopped.