Norway’s sovereign wealth fund has declared its intention to oppose Tesla’s proposed $1 trillion (£765 billion) compensation package for Chief Executive Elon Musk.
The largest national wealth fund stated that it acknowledges “the remarkable value created under Mr. Musk’s visionary leadership” but will vote against his performance-based award.
“In line with our stance on executive compensation, we are worried about the total remuneration, dilution, and the absence of risk mitigation for essential personnel.” “We remain eager to engage in constructive discussions with Tesla on this and other matters.”
The alert from Norges Bank, Tesla’s seventh-largest single shareholder with $17 billion in stock, arrived just two days prior to Tesla’s annual shareholder meeting.
On Thursday, shareholders are expected to vote on an extraordinary incentive proposal that could propel Elon Musk to become the world’s first trillionaire.
If Musk escalates Tesla’s valuation from approximately $1 trillion to $8.5 trillion over the next decade, he would be granted new shares, and his ownership stake would increase from nearly 16% to over 25%.
This would boost the wealth of the world’s richest man to over $2 trillion.
Tesla Chairman Robin Denholm emphasized that this vote is crucial to retaining Musk, 54, as the company’s CEO, stating in a letter to shareholders that the company might lose “significant value” should he depart.
Last year, the Norwegian Oil Fund opposed Musk’s $56 billion compensation plan, which was the largest in U.S. corporate history at the time. Although it was approved by shareholders in June, a Delaware court later rejected it a second time in December.
Nikolai Tangen, the chief executive of the Norwegian fund, had invited Musk and other CEOs to a dinner in Oslo last year, but Musk declined after the fund voted against the $56 billion compensation package.
Text exchanges between Tangen and Musk were disclosed in a Freedom of Information request by Norwegian business magazine DN. The newspaper reported that Musk texted Tangen in October last year: “It’s not often that I ask you for a favor and you say no. Then you shouldn’t ask me for a favor until I do something more than make up for it. A friend is a friend.”
Shareholders are split on the proposed deal, with two significant shareholder advisory firms, Glass Lewis and ISS, both advising investors to reject the $1 trillion package.
Several major pension funds are also against the pay structure, including the American Federation of Teachers and the California Public Employees’ Retirement System, the largest public system in the nation.
Musk, being Tesla’s largest single shareholder, also has a vote on the proposal.
Last month, Tesla’s president stated on the social media platform X, which he acquired in 2022, “Tesla is worth more than all the other car companies combined. Which CEO would want to run Tesla? It wouldn’t be me.”
rSpecifically, Palantir—a cutting-edge firm known for its five billionaire executives—recently made an announcement stating its Second Quarter Revenue exceeded $1 billion. This marks a 48% increase from the previous year, with a staggering 93% growth in the U.S. commercial sector. These figures are astonishing, largely owing to the company’s embrace of AI.
The AI revolution is upon us, and as a proponent of this advancement, it reminds us that every day in the U.S., we are reshaping our world, enhancing the efficiency and reducing the errors in businesses and government agencies while unlocking extraordinary opportunities in science and technology. If managed well, this latest surge from Big Tech could catalyze unprecedented economic growth.
But who is asking about growth?
Take OpenAI, the powerhouse behind ChatGPT. In a promotional video, CEO Sam Altman boasted that “You can write an entire computer program from scratch.” Shortly after, the New York Times reported that Computer Science alumni are “facing some of the highest unemployment rates” compared to other fields. This issue doesn’t only pertain to coders or engineers; AI-driven automation threatens jobs even within lower-skilled labor sectors. McDonald’s, Walmart, and Amazon are already deploying AI tools to automate tasks from customer service to warehouse operations.
While the immediate outcome of these cost-cutting layoffs is beneficial to AI entrepreneurs, it appears the AI revolution is primarily enriching those who are already wealthy. On Wall Street, AI stocks are rising at record speeds, with hundreds of so-called “unicorns” emerging. According to 500 AI startups are now valued at over $1 billion each. Bloomberg reports that 29 founders of AI companies are currently creating new billionaires, and it’s worth noting that nearly all of these firms were founded in the past five years.
Why are investors so optimistic about the AI boom? Partly because this technology has the potential to replace human jobs faster than any recent innovation. The soaring valuations of AI startups are predicated on the notion that this technology could eliminate the necessity for human labor. The layoff trend is proving to be very lucrative, suggesting that the AI boom may represent the most efficient redistribution of wealth seen in modern history.
Some AI advocates argue that the fallout from these changes isn’t too detrimental for the average worker. Microsoft has even speculated that blue-collar workers may find advantages in the future AI economy. However, this perspective seems unconvincing. Certain workers with specialized skills can maintain decent wages and steady employment temporarily. However, advancements in self-driving technologies, automated warehouses, and fully automated restaurants will likely impact non-university educated workers much sooner than optimistic forecasts suggest.
All of this raises significant questions about our current economic trajectory and the wisdom of prioritizing high-tech innovation above all else. In the late 1990s, the emergence of the knowledge economy was hailed as a solution to various economic crises. While the transition from traditional industries led to the decline of millions of high-wage union jobs, people were encouraged to “upskill” and pursue higher education to secure jobs in Google’s new universe. Ironically, AI—the epitome of knowledge—is threatening to eliminate knowledge-based work. As Karl Marx once noted, the bourgeoisie digs their own grave by impoverishing the proletariat. Today’s tech elites seem intent on fulfilling that prediction.
The information age has not only created a new class of oligarchs—from Bill Gates and Jeff Bezos to Elon Musk—but also widened class divides based on education and income. As computer-driven work gained respect, wage disparities between those with university degrees and those without expanded significantly.
Today, a person’s stance on cultural issues—ranging from gender ideology to immigration—can often be tied to their economic standing. Those who still earn a living through manual labor are increasingly alienated from those who prosper through managing and manipulating “data.” In urban knowledge hubs, a near-medieval class structure emerges, where bankers and tech moguls thrive, while a robust class of lawyers, healthcare professionals, and white-collar workers is followed by a scrutinized segment of blue-collar and service workers, alongside a growing cohort of semi-permanent unemployed individuals.
This profound inequality has led to political dysfunction. Our civic landscapes are characterized by hostility, suspicion, resentment, and extreme polarization. Ultimately, politics seems to favor only the financial and technological elites who maintain effective control over government influence. Under Joe Biden, they benefit from incentives and subsidies, while under Donald Trump, they received tax cuts and deregulation. Regardless of who holds power, they always seem to become richer.
Societally, the anticipated benefits of the knowledge economy have not materialized as promised. With the advent of global connectivity, we expected cultural flourishing and social vibrancy. Instead, we have received an endless scroll of mediocrity. Smartphone addiction has exacerbated our negativity, bitterness, and boredom, while social media has turned us into narcissists. Our attention spans have degraded due to the incessant need for notifications. The proliferation of touchscreen kiosks has further diminished the possibility for human interaction. As a result, we are lonelier and less content, and the solution being offered is more AI—perhaps indicating an even deeper psychosis. Do we truly need more?
mCommon labor is essential for achieving any semblance of shared interest. Rebuilding our aging infrastructure and modernizing the electrical grid requires electricians, steel workers, and skilled trades—not simply data centers. To maintain clean city streets, we need more, better-compensated sanitation workers, not “smart” trash compactors. Addressing crime and social order necessitates more police officers on patrol—not fleets of robotic crime dogs. Improving transportation requires actual trains operated by people, not self-driving cars. In short, investing in a low-tech economy offers a multitude of opportunities. Moreover, essentials in life—love, family, friendship, and community—remain fundamentally analog.
Beyond what is desirable, investing in a low-tech future may even become necessary. Despite the persistent hype surrounding AI, it remains an illusion. The massive influx of investment capital into the AI domain carries all the hallmarks of speculative bubbles that, if burst, could further destabilize an already precarious economy.
This does not advocate for Luddism. Technological advancements should progress at a measured pace. However, technological development must not dominate our priorities. Shouldn’t government priorities center around social and human needs? In 2022, Congress approved around $280 billion for high-tech investments. In 2024, private funding in AI alone reached $2.3 trillion. This year, the largest tech companies benefitted from deregulatory measures and Wall Street’s overreliance, with plans to commit an additional $320 billion to AI and data centers. In contrast, Biden’s significant investments in infrastructure reached only $110 billion. This disparity highlights the need for a balanced approach to technology and societal welfare.
Marx, despite his complexities, understood that technology should cater to societal needs. Currently, we have inverted that model—society exists to serve technology. Silicon Valley leaders would like to portray a narrative where the intricate challenges of the future require ever-increasing R&D investments, but the ongoing deregulations primarily benefit tech sectors. The most pressing concerns are not the complexities of tomorrow but the enduring issues of wealth, class, and power.
The journey of animal life, encompassing humans, began approximately 540 million years ago during the Cambrian Period. Since most Cambrian organisms lacked skeletons, paleontologists investigating this era heavily depend on fossils preserving soft tissues and other internal organs. Soft tissue is crucial for understanding these ancient beings. Recently, a research team from Yunnan University and Oxford University uncovered preserved animal fossils in a set of previously neglected rocks in China, unveiling new insights into Cambrian life.
The fossils discovered belong to the Chengjiang Biota found in a distinct section of Chinese rocks known as the Yu’anshan Formation. This formation typically comprises rocks formed at the ocean’s depths. Madstone is particularly effective at preserving the remains of deceased animals and plants.
Scientists identified two mudstone types in the Yu’anshan Formation: the Event Mudstone Bed and the darker Background Mudstone Bed. While past paleontologists primarily collected fossils from event mudstone beds, the fossil finds were notably scarce from the background mudstone beds.
However, the researchers discovered that background mudstone beds preserve soft tissue more effectively than event mudstone beds. They found fossilized muscles, eyes, nervous systems, and gastrointestinal tracts of deceased animals within the background mudstone beds. The team noted that such soft structures are delicate and seldom preserved.
Additionally, the researchers identified a new subset of fossils of deep-sea creatures entombed in the background mudstones. Previously, these animals went undiscovered as event mudstone beds mainly preserved shallow-water species. Between 2008 and 2018, the team gathered 1,328 fossil species from 25 varieties from the background mudstone beds, primarily comprising bottom feeders like sponges and anemones, referred to as Benthos. The most prevalent group found, dubbed euarthropods, included relatives of spiders, crabs, and similar creatures.
For fossil analysis, the team utilized a Scanning Electron Microscope, measuring fossil chemistry by focusing high-energy atomic particles on small areas and analyzing the resulting X-ray energy emissions through Energy Dispersive X-ray Spectroscopy. They found that fossils from background mudstone beds contained significantly more carbon than those from event mudstone beds and that the former were richer in iron as well.
The researchers interpreted these chemical discrepancies to indicate different fossilization processes occurring in background versus event mudstone beds. They proposed that fossils in the background mudstone were formed when soft animal tissues were supplanted by iron minerals known as Pyrite through a process termed Pyritization. This process extracts iron from adjacent rocks, explaining why event mudstone beds and their fossils are iron-rich.
Conversely, they suggested that in background mudstone formations, soft tissues were transformed into a thin carbon layer, resulting in a fossil that left an outline of the organism in the stone. This occurrence, referred to as Carbonization, does not involve iron absorption, leading to iron-depleted rocks.
The researchers proposed the preservation variances between the two mudstone formations could provide insights about the environments in which the organisms perished. Pyritization suggests that the animals from event beds died in shallow, oxygen-rich waters before being washed into deeper areas. In contrast, the organisms in the background mudstone beds lived and died in deeper waters, reflecting their lifestyle in their preservation. Some were scavenged while others were swiftly buried and fully preserved.
In summary, the researchers concluded that their novel fossil discoveries have advanced the understanding of the Shangxi creature significantly. Furthermore, the fossils have offered new knowledge about ancient life forms and their habitats, suggesting that these findings will aid paleontologists in unraveling the lifestyles of Cambrian animals and their evolutionary progression to modern species.
pictureEven in the warm summer sunshine, the stagnant pools and rugged rock faces of Ribblehead Quarry in North Yorkshire feel like an unlikely frontier for the AI industrial revolution. Standing next to a waterfall gushing from broken rock, Bupe Mwambingu reaches his hand into the green mud behind the falls and emerges with a handful of algae.
Balancing precariously on the rock, the researcher passes the dripping glob to his colleague Emma Bolton, who uses a mobile app to record GPS coordinates as well as acidity, temperature, and light exposure.
“Be careful,” Bolton told Mwambing, who stumbled over the edge of the waterfall, and the two moved on to another part of the former limestone quarry in search of more dirt and debris.
The pair work for London-based startup Basecamp Research and are collecting genetic information.This is information from the organisms hiding in the nooks and crannies of rocks. In the past, scientists hoping to develop new products from rare lichens, microbes, or fungi had to travel to their habitats to collect samples. Now, most of the genetic code from these organisms is exchanged digitally through genetic signatures called digital sequence information (DSI).
Samples are collected carefully to avoid contamination. Photo: Rebecca Cole/The Guardian
The back-and-forth is at the heart of an international battle over who owns the world’s genetic data and who should benefit from the multi-billion-dollar discoveries that could result from it. In October, world leaders met to discuss the issue. Cali, Colombia attends COP16The World Biodiversity Summit was held to reach a first-of-its-kind global agreement on the issue.
Low-income countries, where much of the world’s remaining biodiversity remains, are hoping to pump billions of dollars into protecting the rainforests, lakes, and oceans where it resides.
The Trypilyan culture flourished in western/central Ukraine, Moldova and eastern Romania for over two millennia, from the end of the Neolithic to the Early Bronze Age (5400-2700 BC).
Re-creation of the Maidanetske Giants settlement in Tripoli, Ukraine. Image by Kenny Arne Lang Antonsen / CC BY-SA 4.0.
of Tripilian culture Neolithic European culture, Happened In the 5th millennium BC, it extended from the Seret and Bug rivers in Ukraine south to present-day Romania and Moldova, and east to the Dnieper River.
Also known as the Cucuteni-Trypillarian culture, it was characterized by advanced agriculture, advanced metallurgy, pottery making, sophisticated architecture and social organization.
Tripoli society was matrilineal, with women heading the household and working in agriculture, pottery, weaving and clothing production, while hunting, livestock rearing and tool making were the responsibilities of men.
“Around 4200-3600 BC the so-called huge site of Trypilia was established at the northern limit of the Pontic steppe,” said Dr Robert Hoffmann from the University of Kiel and his colleagues.
“With an area of up to 320 hectares and around 10,000 inhabitants, it is one of the largest prehistoric settlements in Europe.”
“These settlements were established in partly open forest-steppe areas with very fertile loess soils.”
“They were agricultural settlements inhabited all year round, with an economy based on cereal and legume cultivation and intensive, large-scale livestock farming, primarily cattle.”
Distribution of Tripilian sites surveyed by region, with sample size and Gini coefficient. Image courtesy of Hoffman. others., doi: 10.15184/aqy.2024.18.
Archaeologists used variation in the size of 7,000 houses in 38 settlements to explore changing levels of inequality in three geographic regions of the Cucuteni-Trypillarian culture.
“We believe that the new social organization of the mega-institution allows residents to actively participate in the political decision-making process,” Dr. Hoffman explained.
“Such reformist nature at the time may have been the catalyst for the great attraction of these settlements, resulting in many people joining these communities.”
“We took advantage of the variation in house size in 38 settlements in Tripilia and used the Gini coefficient to calculate how the level of inequality changed in the three geographical regions over a 2000-year period,” said Dr Nils Müller-Schösel, an archaeologist at the University of Kiel.
“Our analysis shows that there was little change in the size of houses between 4300 and 3800 BC.”
“We can infer low levels of social inequality at the megalithic site of Trypillia between 4300 and 3800 BC.”
“The Tripilian community must have had effective mechanisms to prevent social inequalities,” said Professor Johannes Müller of Kiel University.
“This could have included mechanisms for balancing interests and redistributing surpluses.”
“The development of differences in house size and political institutions suggests that opportunities for participation in political decision-making processes deteriorated over time and that the original egalitarian principles of the settlement founders were gradually abandoned.”
“The result has been widening social inequalities and widening gaps in prosperity.”
“In our opinion, this was a crucial factor in the subsequent gradual disappearance of the large megasites,” Dr Hoffman said.
“The phenomenon of megasites is part of a series of historical cases that show that increasing social complexity does not necessarily go hand in hand with increasing vertical social differentiation.”
“Rather, the emergence and collapse of these large settlements was based on democratic political decisions made by the individuals and communities who lived there and ultimately decided to leave.”
Team work Published in the April 2024 issue Ancient.
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Robert Hoffman others2024. The Tripiglia megasite: a social equalizing concept? Ancient 98(398):380-400; Source: 10.15184/aqy.2024.18
MTech mogul Ike Lynch, once known as Britain’s Bill Gates, has been in San Francisco for the past 10 months with a GPS bracelet on his ankle and two armed guards watching him 24/7. This week, he faces a tough battle for his freedom in court.
Thirteen years after a major acquisition involving one of Silicon Valley’s most prominent companies and Lynch’s business, his reputation as one of Britain’s top engineers has come into question. The acquisition is now the focus of a criminal fraud trial where Lynch could potentially be sentenced to up to 25 years in prison if found guilty.
Lynch’s spectacular downfall started with his role as co-founder of Autonomy, a software company that once made him a star in the British tech industry. His accomplishments in business earned him an OBE in 2006 for his contributions. However, his reputation is now at stake as he faces accusations related to the Autonomy acquisition.
Lynch is on a mission to prove his innocence and clear his name from the allegations surrounding the Autonomy deal. The odds are stacked against him as federal prosecutors in the US have a high conviction rate, making it challenging for defendants to win in court.
The trial will focus on the events leading up to HP’s acquisition of Autonomy in a multi-billion dollar deal that Lynch believed would propel the company to new heights in the software industry. However, the aftermath of the acquisition was far from what was expected, leading to a series of legal and financial troubles for Lynch and Autonomy.
As the trial approaches, Lynch is preparing his defense with the help of his legal team, who are working tirelessly to navigate the complex legal landscape surrounding the case. Both sides will present their arguments, and a jury will ultimately determine Lynch’s fate.
People wait in line to get vaccinated at a COVID-19 vaccination site in Orlando, Florida, United States.
SOPA Image/LightRocket (via Gett)
People in the United States are watching with increasing caution. aging progresses Among Washington, DC's elected leaders, the two current leading candidates for the 2024 presidential election are currently 81 and 77 years old. But the longevity of the leadership stands in sharp contrast to the reality in other parts of the country. Americans are literally dying of disease.
Ten years ago, I led a study. National Academy of Sciences (NAS) This paper is the first to document that the United States has a disadvantage in health and survival among high-income countries.our report The United States has the lowest life expectancy of any country and has been shown to have high rates of morbidity and mortality from dozens of causes. This health and survival deficit has been growing for more than 40 years, affecting men and women, young and old, rich and poor, and of all races and ethnicities.
Average life
Meanwhile, other the study This trend has been confirmed as the life and death situation worsens. Life expectancy in the U.S., after plateauing for several years, had declined for three consecutive years before the global pandemic hit. What followed was devastating. COVID-19 has killed more than 1 million people in the United States and cut life expectancy by an additional two years, twice as much for Hispanics, Blacks, and Native Americans. This was the steepest decline in life expectancy since then. Second World War and nothing comparable happened other wealthy countries.
During the pandemic, Eight Among the 10 main causes of death, the following also increased: maternal and children and youth death. Given these harsh realities, the pressing question is why are Americans so unwell?in new scientist Ten years ago, I realized the reason was simple, yet deceptively complex. That's pretty much it.
Even a casual look at life in America today reveals an incredible situation.The country is entering its third decade of national deaths. opioid epidemic – unleashed by pharmaceutical industry – 110,000 lives were claimed in 2022 alone. And along with drugs, there are also bullets. In 2020 and 2021, Guns killed more American children It is more common among people between the ages of 1 and 17 to die from any other cause.
Circumstances that cause poor health, such as high economic levels inequality and instabilityalong with limited safety net Institutions and social support systems are found in every aspect of life. children and youth In the United States. For over 10 years now, Cross-border comparison The well-being of children and adolescents in wealthy countries shows that children in the United States are worse off than other children in virtually every area measured.
Health insurance
Given the poor health status of Americans, this country needs a reliable health care system. However, the United States is well known for being one of the most complex and fragmented nations. expensive medical system world.largely 30 million the american people No health insuranceAnd for millions of others, quality, affordable, and accessible health care is simply out of reach or effectively not available.
The final feature of the U.S. situation is one of its most important factors: systemic racism and the injustices that accompany it. In 2021, Average life For Asian Americans it was 84 years, for Hispanic Americans it was 78 years, for white Americans it was 77 years, for black Americans it was 72 years, and for Native Americans it was 67 years. native community They have long experienced some of the most severe health inequalities in this country, a direct reflection of the cumulative violence, trauma, and injustice inflicted on them over generations. . It is difficult to overstate the impact of racism in the United States today.
If health is wealth, then the United States is far from being the rich and powerful country many imagine.other countries will do well too do not have They will follow the Americans down this deadly path. And the United States should consider the many ways other industrialized democracies are achieving far better and more equitable health outcomes at far lower costs.
side has secured $8 million in Series A capital to build an API for automated wealth management services and democratize access to wealth management across Europe.
Earlybird Venture Capital led the round, with participation from existing investors JME Ventures and 4Founders Capital. Scalapay co-founder Raffaele Terrone and Upvest co-founder and CEO Martin Kassing supported the round as angel investors.
The Barcelona-based company was founded in 2019 by software engineers Joaquín de la Cruz and Sergi Rao, and private banking executive Alvaro Morales. Their vision is to digitize global asset data across custodians and bring it under one API so that customers can get a complete picture of their investment portfolios in real time and make more intelligent investment decisions. was to be collected.
Franks, whose clients range from major financial institutions to family offices and independent financial advisors, is taking advantage of ongoing regulatory changes in Europe, especially around open banking. Additionally, recently proposed legislation includes Markets in Financial Instruments Directive (MiFID III) focuses on open finance, establishing rights and obligations governing access to financial data beyond payment accounts.
Dela Cruz explained that with open banking, there was previously no way to share financial data with third parties or for financial advisors to understand their clients’ global asset allocation. That’s why the company created its “Open Wealth” software.
“Open wealth refers to a movement in the industry that allows customers to share their data with third parties,” Delacruz told TechCrunch. “Financial advisors can connect their clients’ information with just two clicks on the platform, allowing them to get all their client’s financial information (360-degree view) in a single source of truth. It will be.”
Flanks operates in Spain, France and eight other countries. We connect with over 300 banks around the world and aggregate over 500,000 investment portfolios every month. Over the past year he has doubled the number of clients to 100, focusing on large clients that could potentially bring his Flanks to millions of end users.
Meanwhile, the company has grown its revenue more than 4x over the past 12 months.
The Series A funding will help the team continue to expand its footprint internationally and strengthen its product pipeline. Last year, Flanks created a product based on data. For example, a no-code process that allows financial advisors to use and analyze data. Another is that if a customer moves to a new bank, her financial advisor can change banks with her two clicks.
“This is the best opportunity for data in years because data can be combined with AI to create many vertical products,” Dela Cruz said. “We now want to continue building end-to-end use cases, using OpenAI to connect data so that financial advisors can actually manipulate the data and help their clients grow their portfolios. We are currently developing a use case for this.”
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