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Elon Musk has officially lost more private money than anyone else in history

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Bill Buckner. Justin Guarini. Everyone who “ran” against Vladimir Putin. Now Elon Musk has joined the ranks of the biggest losers in history. the Awarded by the Guinness Book of World Records CEO of Tesla, SpaceX, and Twitter, a record-breaking loss of personal wealth. Forbes has estimated that in the past year or so, Musk’s wealth has declined by $182 billion.

In November 2021, Musk’s wealth peaked at nearly $320 billion, making him the richest man in the world. Most of that, however, was Tesla stock, which dropped in value precipitously through 2022. His purchase of Twitter in October 2022 for $44 billion — which he financed with some of his Tesla stock — also caused a huge buzz in his bottom line.

In December, Musk’s losses stripped off His top of Forbes existingAnd the title of the richest person in the world went to Bernard Arnault of the LVMH group, which owns luxury brands such as Louis Vuitton, Dior and Sephora. Forbes noted That many other billionaires will take big losses in 2022, when technology stocks will be hit hard. Jeff Bezos lost $85 billion, and Mark Zuckerberg saw $77 billion of his wealth disappear.

Softbank CEO Masayoshi Son previously held the world record for the largest personal wealth loss, losing more than $59 billion during the 2000 internet crash. Today, Son is ranked 67th on Forbes’ list of billionaires.

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A professional artist has been wrongfully accused of using artificial intelligence

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Minh An Nguyen Hoang, 30, is the lead artist at the age of three Studio Kart, based in Vietnam. Huang who makes art by name Ben MoranShe learned to draw properly in 2019, after obtaining a degree in economics.

“Drawing was just my hobby when I was a kid,” Moran said in an email conversation because they were less confident speaking English. “I started getting serious about drawing when I realized I could be really good at it. The artists who mainly inspire me are Ruan JiaAnd Huang GuangjianAnd Piotr JablońskiAll contemporary fantasy painters.

Moran is now at the center of a Reddit controversy, thanks to a piece they were commissioned to produce for $500 to cover a fantasy writer. Selkie Myth’s books. (Legend plans to use it for his upcoming 11th title, which he said will likely be named Heaven’s mandate.) “I ordered a lot of artwork [Moran]”Because they’re so good at what they do,” said Meath, who is 31 and lives in Nebraska. “It is an absolute steal of that quality and commercial use.”

In late July, Myth contacted Moran via email and asked them to produce work that would prove controversial. The final piece, chosen from four options, was produced by September 7 and modified by Moran to Myth’s specifications; The cover was designed by mid-October. “It takes a month to fix and complete,” Moran said.

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In late December, Moran, a rare Reddit user, decided he wanted to do some self-promotion. So they published the near-final design for the piece, titled Inspirational in Warzonel p / art, and a subreddit with 22 million members. They were quickly banned by the moderators of the subreddit on suspicion of using AI-generated art, which is against r/Art’s rules.

When Moran reached out to the brokers to explain that they weren’t using AI, and sent them a link to their wallet, they were blown away. “I don’t believe you,” wrote one of the depositors in a message Moran posted on Twitter. They went on to say that even if Moran drew it, “it’s clearly an AI-driven design and it doesn’t matter.” The supervisor signed the letter with, “Sorry, it’s the way of the world.” They then silenced Moran, forbidding them to proceed with their case.



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Will Musk keep his promises after thousands rejected Twitter’s ultimatum?

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after Thousands of employees Reportedly rejecting Elon Musk’s ultimatum this week to stick with the new “hardcore” culture or get out, both the outgoing and the rest of the staff are left with one big question: What happens now?

People who thought they took buys are wondering if Musk will try calling them back for business. Laid-off workers do not know what kind of bonus they are getting or if it will appear at all. Those urged to stay have no idea what Musk’s plan is for them or the company.

According to one former employee, Musk spent Thursday meeting with engineers to try to entice them to stay, while meeting “goons” outside the company — a mix of employees pulled from other Musk ventures and many supportive men in the billionaire’s orbit — the company’s nominally less important sectors. . (The former and former Twitter employees agreed to speak for this article on the condition of anonymity, fearing retaliation from Musk.)

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In what the former employee described as a case of a no-clothes emperor, the only argument anyone seemed able to make as to why employees could trust Musk’s leadership was his past business successes. and the possibility of the people who remain becoming wealthy.

However, the company did not provide any specific compensation agreements, the former employee continued, and Musk did not offer a broader plan or strategic vision.

The platform’s trajectory seems to change every few days under Musk. Efforts to adjust how the platform’s user verification system works have fallen behind, and the drive toward premium subscriptions has left the platform’s user base wondering what the pay-to-play schedule will look like. some have forecast Musk is aiming to make Twitter more user-friendly for pornography.

In a farewell message on Twitter, Peter Close — whose LinkedIn page still identifies him as the company’s senior software engineer — cited Musk’s lack of a clear game plan as the catalyst for his departure from the company.

“There was no shared vision with us,” Close said books. “No 5-year plan like Tesla. Nothing more than anyone can see on Twitter. Allegedly coming for those who stayed but the request was blind faith and required signing a class offer before seeing it. A test of pure loyalty.”

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Severance pay has figured prominently in questions from employees and former employees about their and the company’s future.

“It remains unclear what the actual reward will be for anyone and all people in all stages of layoffs,” said one former product designer whose role was cut on November 4. With no termination information. “

An email sent by Twitter’s human resources department on November 4, copy from The Times After the review, he said the let go employees will receive details of the severance offer within a week.

That was more than two weeks ago. However, employees say, nothing came of it.

The designer is now part of Twitter’s “inactive” workforce — still a technical employee as of February, getting paid in the meantime, but not doing any actual work. Severance is supposed to start after that limbo ends, according to company emails reviewed by The Times, however, it’s not clear what that will look like.

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Musk has claimed several times that laid-off employees will receive severance pay for three months: once in a tweet He described that plan as “50% more than legally required”, and once again In the email he sent to the employees he offered them an ultimatum.

The former designer said via email that “no information” was given about what the waiver process would look like, and nothing “official” to sign. It’s not even clear what Musk means by being 3 months out of the service: “3 months salary? 3 months severance?” He does. [Musk] Considering salary and severance pay the same? “

“The lack of proper preparation and communication for layoffs builds frustration in people,” said the outgoing designer. “Since we are still technically employed…we have to handle this frustration very carefully, as we want to prevent continued dismissals for what may result in loss of salary up to the date of dismissal and also loss of compensation.”

Q&A attached to HR email of November 4, used by The Times As reviewed, he said the termination will be sent approximately 45 days after the employees’ non-working periods have ended. However, this can get complicated lately reports Insider’s Kali Hays reports that Twitter’s entire payroll department has quit (although some accountants remain).

Another former employee confirmed that severance packages had not yet been issued, and had no information about healthcare coverage for laid-off employees. According to the former designer, employees have been given one email address to send in questions about the layoff, but no one seems to be answering them.

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Before Musk took over, the product designer said, Twitter’s severance package included a minimum of two months’ salary plus a split performance bonus and extended work visa support.

“Most of us have attorneys in place where we expect terminations to not follow sooner [pre-Musk] said the designer. If Twitter claims that the payment made during the inactivity period is, in fact, severance pay, “we are preparing a potential class action lawsuit with the affected Tweeps,” also known as Twitter employees.

The former employees considering legal action against Musk have reportedly contacted three law firms.

“We are all legally awaiting severance details,” said the designer, but the lawyers consulted “believe we have a strong claim and are entitled to the original severance (2 months salary + 3 months benefit/bonus and visa coverage).”

At the beginning of November, Mask laid off – laid off temporarily Roughly 50% of the company, they promise compensation for two to three months for those who leave. He was He filed a lawsuit almost immediately by former employees who have alleged that Musk violated federal and state labor laws on mass layoffs.

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Laura Reathaford, a California employment attorney with Lathrop GPM, said Musk’s email calling for employees to adhere to a “hardline” work culture effectively constitutes terminating the employment of those who don’t want to stay.

“He made an offer to resign and took a three-month severance package,” Rethaford said. “If someone accepts this offer, it looks like it can be enforced.”

Musk could change his mind and decide not to fire everyone who didn’t opt-in to the new Twitter, or not offer compensation, but employees don’t have to play by his rules. “In any contract negotiation, either party can change their mind, and the other party can decide whether they want to continue the negotiations,” Rethaford said.

Employees can go after Musk in two ways: breach of contract or a so-called “malicious reliance,” according to Lloyd Greif, CEO of investment bank Greif & Co. The first is based on the fact that Musk’s email is effectively an oral contract, even if it’s not a formal written contract signed by both parties. The second can be pursued when one party relies on a promise made by another party and suffers harm or loss because of it. In this case, employees rely on the promise of three months severance pay when they are out of work and looking for a new job.

“I think it’s an open-and-shut case,” Greif said. “The only thing that can prevent that is bankruptcy” – If Musk files for bankruptcy of Twitter, that would likely be the only way to get rid of paying employees to terminate their employment.

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Some laid-off employees could also be successful in filing discrimination claims against Musk, the lawyers said, especially older employees, those on parental leave, or affected people on the basis of race or gender.

The current Twitter anarchy, surprising though it may be in its scale and speed, does not come entirely without warning. It comes after months of acquisition drama during which the company’s fate seemed to swing back and forth every few weeks.

Musk ended his control of the platform on October 28 after trying to back out of an acquisition he had begun in April. Since then, Twitter’s ranks have been dented by uncertainty and fear about the fate of their jobs and a platform in which many employees seem genuinely emotionally invested.

More and more managers and employees have quit over the past few weeks or been fired for criticizing or speaking out against Musk publicly or, it is said, in internal channels, until Musk’s decision this week on the new “hardcore” culture.

“There was no retention plan for those who stayed,” Close, the former software engineer, wrote in his farewell tweet. “No clear upside to keeping it in sight through the storm. Just ‘trust us’ style verbal promises.”

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He added, “But, strikers were generally not confident after 7 months of possession drama.”

Twitter no longer has an official communications team and could not be reached for comment.



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The AI ​​arms race started picking up speed this week

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Nobody could to be silent about AI ever since OpenAI unleashed ChatGPT on the world in November. But this week, there it was much AI gossip even people who work in this field were Struggling to keep up.

First, Google announce It was dusting AI on Gmail, Google Docs, Sheets, and Slides. When the changes are finally rolled out, you’ll be able to have Google Docs write you a full article, cover letter, sales presentation, job description, or whatever else you want. Gmail will be able to summarize email threads and automatically generate responses for you, and you’ll be able to ask Presenters to create an entire presentation with just a few simple words. Google too I opened Access to a system that allows other companies to use their AI model to build ChatGPT-like tools.

After hours, Anthropic, an artificial intelligence startup in which Google recently invested more than $300 million, announce A new ChatGPT competitor, a chatbot called Claude was available to businesses.

Shortly thereafter, unlock the AI, the 800-pound gorilla in the room, noisily announce GPT-4, the next version of the technology that powers ChatGPT and DALL-E 2, the corporate image generator. OpenAI claims that GPT-4 is much more powerful, more accurate, and smarter than the previous version. The company said GPT-4 is capable of such feats as doing taxes, creating entire websites by simply looking at a rough design written on a piece of paper, and passing a range of standardized tests, including the Uniform Bar Exam.

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This was only Tuesday.

On Thursday, Microsoft had a great success advertisement, saying it would infuse boring old Microsoft Office—Word, Excel, PowerPoint, Outlook, and Teams—with shiny new AI capabilities thanks to the company’s partnership with OpenAI. Much like Google’s offerings, the new Office will allow you to take the stress out of typing, as well as create PowerPoint presentations in seconds and make complex Excel spreadsheets make sense in response to your questions.

Meanwhile, there were other miscellaneous announcements: Midjourney, a competitor to the DALL-E 2, announced a new version that was said to be “more advanced” and “higher resolution”. Stanford University released its own AI model based on technology developed by Meta, and dozens of companies, large and small, sent out a flurry of press releases announcing that they were joining the AI ​​bandwagon.

“This week is about an AI arms race,” Neil Sahota, a lecturer at the University of California, Irvine, and a UN advisor on artificial intelligence, told BuzzFeed News. “Everyone knows it’s going to be the first one or two companies in the market that will really see competitive advantage, because in probably four or five years, it’s all going to be a commodity. Everyone wants to outpace the competition right now, nobody wants to be left behind.”



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