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Will Elon Musk abide by Twitter poll and sell 10% of his Tesla shares? | Elon Musk

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Elon Musk, the chief executive of Tesla and world’s richest person, asked his 62.8 million Twitter followers over the weekend whether he should sell $21bn (£15.5bn) worth of shares in the electric car company in order to pay tax. Tweeting he would “abide by the results of this poll, whichever way it goes”, 58% of those who responded said “yes”, he should sell the shares, sending Tesla’s share price down 5% in pre-market trading on Monday.

Why did he do it?
Musk, who is sitting on a paper fortune of more than $338bn in Tesla and Space-X shares, proposed selling 10% of his Tesla shares in order to generate enough money to pay a proposed “billionaires tax” on “unrealised capital gains”.

He said that as he did not “take a cash salary or bonus from anywhere” the only way for him to “pay taxes personally” was to sell stock. However, he has made billions through a bonus scheme that granted him share options based on Telsa’s share price performance.

What is the billionaires tax and what are unrealised capital gains?
Democrats in Congress have proposed tackling the yawning gap between the wealthiest Americans and everyone else by introducing a tax that billionaires would pay on the annual increase in the value of stocks and shares they own. At the moment, tax is only due when gains are “realised”, which means the holder only pays when they sell the stock and book the profit.

Ron Wyden, the Democratic senator from Oregon who chairs of the Senate finance committee, said the proposed tax, which would affect the 700 wealthiest people in the US, would “ensure billionaires pay tax every year, just like working Americans”.

“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” he said of Musk’s poll.

Why did the Tesla shares fall after the poll result?
Almost 58% of the 3.5 million people who voted said Musk should sell the stake. The result was revealed on Sunday night (while the market was closed), however Tesla’s shares fell by 7% pre-market trading on Monday, before recovering to about 5% down.

Michael Hewson, the chief market analyst at CMC Markets, said: “Early indications suggest that the shares could fall sharply on the open [9:30am New York time 14:30 in London], however it’s not as if Musk will now go and dump them on the open market. He could well drip feed them into the market over time.

“The fact that he’s got buy-in from his fans on social media will also dilute the impact of the sale and while we may see some early weakness, the shares are due a bit of a pullback anyway.”

Does Musk have to stand by the vote, and sell the shares?
Musk tweeted he would abide by the result said was “prepared to accept either outcome”.

He owns about 17% of Tesla’s shares, which are worth about $208bn based on Friday’s closing price. If he went ahead and sold a tenth of them in one go it could well depress the price. But this is unlikely, company bosses often use so-called blind brokering where the shares are sold on their behalf in small batches over a period of time. This means they can avoid claims they benefited from insider information in the timing of the sale.

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Musk could find himself in trouble with regulators if he does not follow through and sell the shares, because announcing his intention to sell has affected the share price.

Doesn’t he already have form for getting into trouble with regulators over his tweets?
Yes. Musk and Tesla were fined $20m each in 2018 for misleading investors with tweets saying he was considering taking the company private at $420 a share and had “funding secured”. The US Securities and Exchange Commission said the tweet, which sent the share price up by as much as 13.3%, violated securities laws. Musk’s privatisation plan was at best in an early stage and financing was not in place. He also agreed to resign as chair of Tesla, and have the company’s lawyers pre-approve written communications, including tweets.

But didn’t Musk carry on tweeting anyway?
Yes. After the SEC’s 2018 action, he tweeted that the $20m fines were “worth it”. The regulator later said Tesla had twice violated the settlement requiring Musk’s tweets to be signed off by its lawyers. “Tesla has abdicated the duties required of it by the court’s order,” the SEC told the carmaker in May 2020.



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Russian-backed rulers of Costa Rican hacktocracy? • The Register

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In brief The notorious Russian-aligned Conti ransomware gang has upped the ante in its attack against Costa Rica, threatening to overthrow the government if it doesn’t pay a $20 million ransom. 

Costa Rican president Rodrigo Chaves said that the country is effectively at war with the gang, who in April infiltrated the government’s computer systems, gaining a foothold in 27 agencies at various government levels. The US State Department has offered a $15 million reward leading to the capture of Conti’s leaders, who it said have made more than $150 million from 1,000+ victims.

Conti claimed this week that it has insiders in the Costa Rican government, the AP reported, warning that “We are determined to overthrow the government by means of a cyber attack, we have already shown you all the strength and power, you have introduced an emergency.” 

Experts who spoke to the AP said they doubt actual regime change is likely, or the goal; Emsisoft analyst Brett Callow told the newswire that the threats are simply noise, and not to be taken seriously.

Callow may be right: News unfolding late this week suggests that Conti has gone offline, and may be breaking into several subsidiary groups. Its political ambitions in Costa Rica may just be a distraction, albeit one that could also turn a tidy profit. 

NSA: Trust us, no post-quantum encryption backdoors

The NSA wants to ease everyone’s concerns now: Even though it’s been involved in the US government’s post-quantum encryption research, the spy agency won’t have a backdoor.

Speaking to Bloomberg while discussing the National Institute for Standards and Technology’s post-quantum encryption competition, NSA Director of Cybersecurity (and Christmas-tree hacker) Rob Joyce said the new standards being developed are so strong that “there are no backdoors.” 

That would be a departure from previous encryption standards, which the NSA is believed to have had ready access to – until foreign spies acquired a copy of the backdoor software for their own use. The Biden administration recently announced additional funding for post-quantum encryption research, which aims to develop a form of protecting sensitive data so secure that even a quantum computer couldn’t crack it. 

The US has been actively working to develop encryption standards able to stand up to quantum computers for some time; Joyce claimed to Bloomberg that the NSA has had its own post-quantum encryption algorithms for several years, but those aren’t part of the NIST competition or available to the public. 

Despite spending tens of millions to address the security problems posed by quantum computers, the NSA also readily admits that it has no idea when, or even if, quantum computers able to crack modern public key cryptography will be realized. 

Frustrated IT admin gets seven years for deleting company databases

A former database administrator from China who wiped out his employer’s financial records has been sentenced to seven years in prison as a result.

Han Bing, who managed databases for Chinese real estate brokerage Lianjia, allegedly used his administrator access and root privileges to log in to two of Lianjia’s database servers, and two application servers, where he wiped financial data and related applications that took the company’s entire finance system offline, said Chinese news sources. 

Bing was reportedly disgruntled with his employer. He repeatedly warned them of security flaws in Lianjia’s finance system but felt ignored and undervalued, Lianjia’s ethics chief testified in court. Bing’s actions directly cost the company around $27,000 to recover data and rebuilt systems, but that doesn’t include the impact of lost business.

Bing was caught when Lianjia questioned everyone with access to the financial systems who had permissions to do what Bing did, of whom there were only five. The company claims that Bing acted suspiciously when asked to present his laptop for inspection, refusing to provide his password and claiming privacy privileges. 

The company said it suspected none of the laptops would show traces of the attack, but wanted to see how those it questioned would react. Investigators were later able to recover logs that pointed to Bing’s laptop’s IP and MAC addresses, and crosschecking logs against security footage put Bing in the right place at the right time to be the guilty party.

Apple patches a whopping 98 separate vulnerabilities

Apple has had a busy week: In a series of security updates released Monday and Wednesday, the iMaker patched 98 separate vulnerabilities out of its various software platforms.

The updates in question cover most every bit of software Apple makes: WatchOS, iOS and iPad OS, macOS Monterey, Big Sur and Catalina, Xcode, tvOS, Safari and iTunes for Windows were all included. Most of the vulnerabilities are from the past few months, but one common vulnerability and exposure (CVE) number covered by the updates dates back to 2015.

A few of the vulnerabilities covered by this week’s glut of Apple patches were rolled out previously for one system, but not others, as was the case with CVE-2022-22674 and -22675, which were patched in macOS Monterey, but not older versions, in April. Those vulnerabilities were reportedly being actively exploited at the time. 

Malicious applications executing arbitrary code with kernel privileges appears to be the most common type of hole being closed in this round of patches, though some do stand out, like Apple Watch bugs that could let apps capture the screen and bypass signature validation.

On iOS, vulnerabilities patched include websites being able to track users in Safari private browsing mode, while macOS users are being protected against apps being able to bypass Privacy preferences and access restricted portions of the filesystem.

Russian-backing Chaos ransomware variant is pure destruction

Cybersecurity firm Fortinet has discovered a variant of the Chaos ransomware that professes support for Russia’s invasion of Ukraine, but appears to have no decryption key to rescue victims in Putin’s regime. 

The variant appears to have been compiled with Chaos’ GUI customization tool as recently as May 16, Fortinet said. The researchers said they’re unsure how the Chaos variant infects its victims, and said the variant doesn’t act any differently than typical Chaos ransomware. 

Like other forms of Chaos, it enumerates files on infected systems, and irrevocably damages any larger than around 2MB by filling it with random bytes. Anything smaller is encrypted, but recoverable with a key. Chaos also typically attacks commonly used directories like Desktop, Contacts, Downloads and Pictures, which are encrypted entirely. 

Here’s where this Chaos variant differs: It’s overtly political, and instead of offering contact info and a ransom demand, the malware simply says “Stop Ukraine War! F**k Zelensky! Dont [sic] go die for f**king clown,” along with a pair of links to sites claiming to belong to the Information Coordination Center, but offering no information otherwise. Files are also encrypted with a “f**kazov” extension, likely referring to the Ukrainian Azov Battalion.

Fortinet said that this Chaos variant appears unique in the sense it appears designed to be file-destroying malware. “This particular variant provides no such avenue as the attacker has no intent on providing a decryption tool … clearly, the motive behind this malware is destruction,” Fortinet said. 

The FortiGuard team behind the research warns that with its GUI, Chaos ransomware has become a commodity product, and it expects additional attacks of this variety to emerge. ®



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UCD-led research finds potential treatment for advanced eye cancer

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The team said their research could help improve treatment options for advanced uveal melanoma, which currently has a poor survival rate.

An international team of researchers led by University College Dublin (UCD) have uncovered a potential treatment for a type of cancer that effects the eye.

The researchers looked at uveal melanoma (UM), the most common form of eye cancer which is diagnosed in 50 to 60 people in Ireland each year. The team explained that UM begins in the middle layer of the eye, but if it spreads to the liver and other parts of the body, patients have a poor survival prognosis.

Future Human

In their study, the team aimed to uncover treatment options for the advanced stage of this eye cancer, as it becomes very difficult to treat once it has spread.

The researchers focused on a drug called ACY-1215, which is currently in clinical trials for other solid tumours and blood cancers. This drug belongs to a relatively new group of anticancer drugs called histone deacetylase inhibitors (HDACi).

“We wanted to understand how ACY-1215 works to prevent tumour cell growth and spread, in the context of UM,” said postdoctoral researcher Dr Husvinee Sundaramurthi.

Histones are proteins that provide structural support for DNA in cells, allowing DNA to be tightly packaged together. The researchers said these proteins act like a spool that a thread of DNA can wrap itself around.

In the study, the team used the drug ACY-1215 to interfere with the histones in advanced UM cells, to stop the processes involved in their survival and growth.

“We uncovered the particular molecules that may be involved in the anticancer effects the drug ACY-1215 has in advanced UM cells,” said study lead Prof Breandan Kennedy.

“This study will pave the way to look more closely at the benefits of using HDACi, specifically ACY-1215, as a suitable treatment option for advanced UM.”

Kennedy said that by understanding the therapeutic potential of the small molecules involved in the anticancer effects, researchers can improve UM patient care and create personalised treatment strategies.

The international research team involved groups from Spain, Sweden and Ireland. Funding was provided through grants from the Irish Research Council, in collaboration with Breakthrough Cancer Research, UCD’s TopMed10, Marie Skłodowska-Curie Actions CoFund Programme and Horizon 2020.

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Crypto is starting to lose its cool – just look at El Salvador | Rowan Moore

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To its evangelists, bitcoin is a frictionless, empowering form of money that liberates citizens of the world from the shackles of banks and national governments. To sceptics, the cryptocurrency is a tool of kleptocrats and gangsters, environmentally monstrous in its consumption of energy, a digitally glamorised Ponzi scheme whose eventual crash will most hurt those least able to afford a loss.

Confidence may or may not have been enhanced by the unveiling, by President Nayib Bukele, of images of a proposed bitcoin-shaped Bitcoin City in El Salvador, funded with a bitcoin bond, the currency’s logo embedded in the central plaza, a metropolis powered with geothermal energy from a nearby volcano. Bukele, the self-styled “coolest dictator in the world”, a former publicist who wears baseball caps back to front, has already made El Salvador the first country to adopt bitcoin as the official currency. “The plan is simple,” he said. “As the world falls into tyranny, we’ll create a haven for freedom.”

Leaving aside the worrisome Pompeii vibe of the city’s location, some shine has come off the president’s vision with the news that the country’s investments in cryptocurrency have lost 45% of their value, that it scores CCC with the credit rating agency Fitch, and that the perceived risk of its bonds is up there with that of war-torn Ukraine. And Bukele’s talk of freedom doesn’t sit well with Amnesty International’s claim that his recent state of emergency has created “a perfect storm of human rights violations”.

But why worry about any of this when you have shiny computer-generated images of a fantasy city to distract you?

Unsecured credit line

Boris Johnson waves his arms behind a podium with the Elizabeth line sign.
The Mayor of London Sadiq Khan looks on as Boris Johnson gives a speech at Paddington station on 17 May 2022. Photograph: Reuters

The use of constructional bluster by populist leaders – Trump’s wall, for example – is not in itself anything new. See also the island airport, garden bridge, Irish Sea bridge, 40 new hospitals and 300,000 homes a year promised but not delivered by Boris Johnson, and the nuclear power stations he has implausibly pledged to build at a rate of one a year.

Last week his fondness for Potemkin infrastructure took a new twist. Rather than over-promise illusory schemes and under-deliver them, he decided to take credit for something actually built, the £19bn Elizabeth line in London, formerly known as Crossrail, whose central section opens to the public on Tuesday. “We get the big things done,” he boasted to the House of Commons, choosing to ignore the fact that the line was initiated under a Labour prime minister and a Labour mayor of London. He almost makes Nayib Bukele look credible.

Behind the red wall

Characters from The House of Shades gather around a table on stage
Mounting misery: The House of Shades. Photograph: Helen Murray

If you want a light-hearted night out – a date, a birthday treat – then The House of Shades, a new play by Beth Steel, might not, unless you are an unusual person, be for you. It is a cross between Greek tragedy and what was once called kitchen sink drama, a story of ever-mounting misery set in a Nottinghamshire town from 1965 to 2019. It covers the collapse of manufacturing, the rise of Thatcherism, the promises of New Labour and the disillusionment that led to “red wall” seats voting Conservative in 2019.

It features illegal abortion, graphically portrayed, and the effects of inflation, both newly significant. All presented at the Almeida theatre in the famously metropolitan London borough of Islington, not far from the former restaurant where Tony Blair and Gordon Brown did the 1994 deal that shaped some of the events in the play. There’s irony here to make this audience squirm. Which, along with several other not-comfortable emotions, is probably the desired effect.

Rowan Moore is the Observer’s architecture correspondent

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