Where does money come from, and how did it get that way?
Most people assume that it all started with bartering, but the barter theory, popularized by Adam Smith in The Wealth of Nations — which supposes that human societies traded goods for one another before developing currency — has been widely disproven. No example of a pre-currency barter economy has ever been discovered anywhere on Earth.
Quite the opposite, in fact. The late 19th-century European anthropologists and ethnographers who conducted field studies among what were then perceived to be the “primitive tribes” of Africa, Asia, Australia, and Oceania reported…
The SPAC (special-purpose acquisition company) mania continues in spite of ongoing criticism and warning bells of a speculative bubble popping. But for the emerging electric vehicle and EV-adjacent economy, the alternative fundraising vehicle has proven to be a vital lifeline, writes Medium editor-at-large Steve LeVine. Just consider the two latest entrants to enter the SPAC arena: Faraday Future and DeepGreen Metals, a battery-mining startup.
“The SPACs have outright rescued a lot of these startups, supplying hundreds of millions and even billions of dollars in capital funding to ventures with unusually large cash requirements compared with the software companies that Silicon…
“Underestimating Elon is not a good idea,” Bill Gates said on Kara Swisher’s podcast the other day. But really, at this point, who is underestimating Elon Musk? The man is everywhere, influencing everything (or trying to). In addition to hyping his own companies, he’s chiming in on cryptocurrency and “Gamestonk,” interrogating the CEO of Robinhood (and putting Clubhouse on the map in the process), separately inviting both Kanye West and Vladimir Putin for another Clubhouse appearance, and even slamming the operator of Texas’ power grid. And that’s just the past couple of weeks.
It’s tempting to believe that we have…
Sorting out winners and losers in the GameStop spectacle and the related meme-stock market mess is getting confusing. Is the little-guy investor crushing the Wall Street establishment? Is Robinhood still a villain or more popular than ever? Will any of this affect GameStop’s actual future as a business?
Who knows? But amid the absurd chaos, one unexpected winner managed to sneak through with a slam-dunk self-branding moment: Clubhouse, the invitation-only, audio-centric social networking app.
Tesla is on a monumental, yearlong stock price tear, and here is one way to grasp the enormity of it: It is now worth as much as big oil companies ExxonMobil, Chevron, BP, France’s Total, and Italy’s Eni combined in addition to car manufacturers General Motors, Volkswagen, Ford, and Nissan. That is, the stock market values Tesla as much as nine of the primary legacy companies that stand to be perhaps existentially disrupted if demand for electric vehicles (EVs) rises at the pace a number of forecasters expect.
On my podcast last week, public health expert Dr. Abdul El-Sayed highlighted that while viruses are naturally occurring, epidemics are a function of human action or inaction. This week, as a mob overran the U.S. Capitol, his observation registered increased purchase.
Extremism, misinformation, sociopaths stewarding profit-incentivized algorithms: All viruses. What we witnessed Wednesday afternoon — and have seen at least since November 4th — is an epidemic. Record deaths from Covid-19 and the U.S. Capitol overrun by a mob on the same day. How did this happen?
The virus has broken containment, preying on our comorbidities.
Founded in 2002 by Elon Musk, SpaceX is the first private company to launch a reused rocket, to complete a resupply mission to the International Space Station, and, in 2020, to launch humans into orbit. Its reusable rockets allow the company to charge some of the cheapest rates available for carrying space cargo, and its spaceships have successfully ferried astronauts to the ISS for a fraction of what it cost predecessors. But Musk has far greater ambitions for his company, including building bigger rockets, bringing down cargo costs further, and most famously, transporting the first humans to Mars.
$123 billion: That was Elon Musk’s net worth by the end of stock trading Thursday — a $13 billion jump from Monday — making him the world’s third-richest person.
After a dozen years of the brow-furrowed tut-tuts of naysayers galore, Tesla on Monday was approved for entry to the halls of the establishment: the S&P 500 Index. As a result, index-tracking institutional investors that had thumbed their nose for years were forced to snap up its shares. That pushed up the company’s stock price — and Musk’s net worth.
Every decade, there’s at least one financial crisis somewhere in the world. When asked what a recession was, Jamie Dimon responded, “Something that happens every five to seven years.” It’s been 11. One of the many strange things about a crisis is that the country of origin (this time, China) is usually not the one that gets hit the hardest. Similar to when your kid gets his first C. Yeah, it’s rough on him, but the household devolves into arguments around parenting, with an older brother who must endure new rules implemented as a function of his delinquent sibling. …
GM’s blockbuster deal to buy 11% of Nikola and make the startup’s electric trucks, will not close today as scheduled, over turmoil that has erupted over allegations of fraud at Nikola.
The agreement, announced earlier this month, had been a coup for Nikola, a come-from-nowhere startup that had never made a single vehicle but is valued at more than $6.7 billion. The deal began to get shaky after a short-seller’s report alleged fraud at Nikola, and on September 21 the startup’s founder, Trevor Milton, resigned.
In a statement, GM said it is in discussions with Nikola, adding, “In light of…
Pop business for the intelligent reader. A publication from Medium.