Elon Musk joins tech firms and politicians in attack on crypto tax

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Business Insider 08 August, 2021 - 10:56am 37 views

Tesla Cybertruck production delayed to 2022

The Verge 08 August, 2021 - 11:25am

The electric pickup truck was first unveiled in 2019

Last month during its second-quarter earnings call, Tesla’s VP of vehicle engineering Lars Moravy said the Cybertruck was “at a stage where we finished basic engineering of the architecture of the vehicle,” adding that it was “moving into the beta phases of Cybertruck later this year.” So it seemed unlikely at that point that Cybertrucks would be shipping in 2021. Now, Tesla’s order page has confirmed it.

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Wildfire smoke creates unhealthy air conditions in Summit County

Automotive News Europe 08 August, 2021 - 11:06am

According to air quality readings from PurpleAir.com, a website that collects data from local sensors on a 10-minute average, Summit County’s air quality is showing readings between 130 and 160, which are considered unhealthy levels based on the U.S. Air Quality Index. The index assesses air quality related to a variety of pollutants on a scale of zero to 500.

The smoke is coming primarily from California.

“I’d say the bulk of (the smoke) is coming from California, given that they’ve had the most activity in the past week,” National Weather Service meteorologist Kaitlyn Mensch said. “The fires over there have been quite active.”

Summit County is recommending that individuals with thick smoke in their neighborhoods consider remaining indoors, especially individuals with heart disease and respiratory illnesses. Older adults and those with young children should also consider staying inside.

According to the county, residents can determine if unhealthy levels of smoke are in the area based on visibility. If visibility is less than 5 miles, the smoke has reached unhealthy levels. For reference, if you are in downtown Dillon or Frisco you should be able to see Buffalo Mountain. If you are in Breckenridge you should be able to see the mountain peaks above the ski area.

To mitigate smoke exposure, public health officials recommend reducing prolonged or heavy exertion outside. Those who are doing activities outside should take frequent breaks, drink plenty of fluids and watch for symptoms like coughing or shortness of breath. Community members should consider relocating indoors if they begin to feel ill.

Anyone experiencing severe symptoms should immediately call 911.

Mensch said the smoke has begun to settle over the plains and in valley areas like Summit County. She noted that the area could see some improvement by Sunday evening, but more smoke is likely on the way throughout the week.

“There could be some slight improvement by the late afternoon or evening, but the extent of how much improvement is a little more uncertain,” Mensch said. “We don’t really know how well this smoke is going to settle in the area so it is less likely to move out if we have lighter wind in the area.

“With that gradual improvement we have possibly for the afternoon and evening, we do have another system out to our north and west and that will likely be responsible for bringing our next round of smoke in Monday. … It’s not very certain if the smoke will be as bad or as poor as it was (this weekend).”

Mensch continued to say there should be improvement toward the end of next week.

“While it’s a little far out, we are starting to see a signal for an upper-level ridge to build up toward the end of next week, which could potentially bring the smoke more toward the north and east,” Mensch said. “So the worst of the smoke would be hopefully out of our area.”

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Elon Musk, Jack Dorsey, and Ted Cruz are among those criticizing planned crypto tax rules, which could help fund the infrastructure package

This is Money 08 August, 2021 - 10:56am

Elon Musk called the legislation hasty, while Cruz said it was dangerous.

The planned amendments would be a "stunning loss," an Andreessen Horowitz spokesperson told Insider.

See more stories on Insider's business page.

As a bipartisan Senate moved toward a vote on President Joe Biden's infrastructure package, a chorus of leaders from Silicon Valley and Washington raised concerns about a provision that would add new taxes on crypto.

"The infrastructure deal contains DANGEROUS provisions that would devastate crypto and blockchain innovation," Sen. Ted Cruz said on Saturday.

Tesla CEO Elon Musk called the legislation "hasty," saying now was not the time for lawmakers "to pick technology winners or losers."

A bipartisan Senate bill last week included new tax rules for crypto trading firms and brokers, a move expected to raise about $28 billion in new tax revenue over a decade. The White House said the revenue would help fund President Joe Biden's infrastructure package.

Critics jumped on the idea. They said the tax rules would apply to a larger-than-planned group of crypto companies - some of which wouldn't be able to meet the reporting requirements.

Midweek, three lawmakers - Sens. Ron Wyden, Cynthia Lummis, and Pat Toomey - introduced an amendment that they said would better define the word "broker."

In a statement, Lummis said: "The digital asset and financial technology space is incredibly complicated, and we have spent long hours working in the Senate, with industry stakeholders, and with the administration to find a way to effectively integrate digital assets into our tax code without harming the technology or stifling innovation."

Another amendment was put forward by Sens. Mark Warner, Krysten Sinema, and Rob Portman. Biden's White House said it favored that alternative amendment, which would exclude a smaller group of crypto investors from the new tax rules.

"But we believe that the alternative amendment put forward by Senators Warner, Portman, and Sinema strikes the right balance and makes an important step forward in promoting tax compliance," the White House press secretary Jen Psaki said in a press briefing on Friday.

Firms with an interest in crypto pushed back, saying the amendments didn't go far enough to protect a fledgling industry.

"If the last-minute amendment to the infrastructure bill introduced by Senator Warner passes, it will be a stunning loss for America and our ability to remain the innovation epicenter of the world," a spokesperson for VC firm Andreessen Horowitz said via email.

Toomey said of the alternative amendment: "While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That's horrible for innovation."

"As we have been saying for years, the govt should not be picking winners and losers in crypto (or any technology for that matter,)" Stuart Alderoty, general counsel at Ripple, a crypto firm, said on Twitter.

Twitter and Square CEO Jack Dorsey said the new reporting rules would push innovation out of the US.

"If we can't strike the entire provision so we can have proper hearings and deliberation, then let's simplify the definition of broker to what really matters: where digital assets are exchanged for fiat currency," Dorsey said. "Broker = Fiat-to-Crypto Exchange."

The bill as it was originally written would "stifle the next 20 years of innovation" from US crypto firms, said Anne Fauvre, Oasis Labs COO, via email.

"Regulation should be seen as a way to create guardrails around industries. What this bill does however is completely destroy one in its infancy - and in the process runs the risk of killing years of innovation and value creation from US-based companies," Fauvre said.

Read the original article on Business Insider

Tech tycoon and Tesla (NASDAQ: TSLA) CEO Elon Musk voiced his concern over the so-called infrastructure bill impacting the cryptocurrency space, which could purportedly kill swathes of the local crypto industry. What Happened: In a late Friday Twitter thread, Coinbase (NASDAQ: COIN) CEO Brian Armstrong criticized the last-minute amendment to the infrastructure bill proposed by Senators Rob Portman, R-Ohio – who drafted the original tax provision – along with Mark Warner, D-Va. and Kyrsten Sinema

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Ted Cruz, Marco Rubio, and Lindsey Graham star in our first-hand account of how Donald Trump became the GOP king and won a crown he still wears today.

One of the Republicans he suggested was Florida Gov. Ron DeSantis, whose state is facing record COVID-19 hospitalizations for the third day in a row.

Senator Joe Manchin (D., W. Va.) signaled on Saturday that he would not support including an extension of federal jobless aid for gig workers and long-term unemployed Americans beyond Labor Day.

When Facebook founder Mark Zuckerberg donated $400 million to help fund election offices as they scrambled to deal with the coronavirus pandemic late last summer, he said he hoped he would never have to do it again. At least eight GOP-controlled states have passed bans on donations to election offices this year as Republicans try to block outside funding of voting operations. The legislation often comes as part of Republican packages that also put new limits on how voters can cast ballots and impose new requirements on county or city-based election officials.

Donald Trump isn't responsible for California's homelessness crisis, its underperforming schools or its high gas prices, says a reader.

Dr. Scott Gottlieb said the pandemic is "certainly getting worse" during an interview on CBS' "Face the Nation" on Sunday.

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The car company's CEO responded via Twitter to a thread by Coinbase CEO Brian Armstrong, who has been critical of the tax provision and a late amendment to it.

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With Just 8 Short Words, Elon Musk Tweeted a Brutal Truth That Most People Don't Understand

Inc.com 07 August, 2021 - 11:00pm

It starts with one of Musk's tweets -- a reply tweet, actually -- which hinted at an important distinction that many ambitious people gloss over. In fact, aspiring entrepreneurs are often the last to realize it. 

The whole thing came in response to a new book that claims that Musk wanted to sell Telsa to Apple a few years back, but only on the condition that he become the new CEO of Apple.

Musk denied the report, as did Apple CEO Tim Cook. But someone on Twitter mused that he would have been a good choice to run the company. Musk shot down that idea with just eight words:

"I don't want to be CEO of anything."

Given that Musk is currently CEO of two demanding companies and heavily involved in several others, this seems like a bizarre declaration -- as if Kevin Durant declared he didn't want to be a basketball player, or Donald Trump suddenly announced he had no desire to be president. 

Yet, it reflects a sentiment that many successful people have expressed to me over more than a decade of interviewing business leaders and entrepreneurs, even if many of them don't articulate it so succinctly, or perhaps even understand it so deeply.

Let me synthesize what they've told me:  

Just think about  the dictionary definition of the CEO position: 

"a chief executive officer, the highest-ranking person in a company or other institution, ultimately responsible for making managerial decisions."

In the space of a single sentence, it starts out so strong and promising ("the highest-ranking person!"), but it moves quickly toward something that many innovators find less appealing ("responsible for making managerial decisions").

It's a brutal truth. People on the outside conflate the two roles, but being an innovator or an entrepreneur is an entirely different calling from being a CEO. Yet, people who aspire to one role can find themselves boxed into working to assume the other.

Maybe the confusion stems in part from the fact we describe so many icons of entrepreneurship with multiple titles:

But, it's the difference between dreaming, designing, building, and iterating -- versus all of the practical things that the leader of a business organization has to oversee (or hire for, and delegate): marketing, recruiting, finance, logistics, stakeholder relations, regulatory compliance--the list goes on.

Now, if you look at that list, the irony is that Musk actually excels at most of these things. He even seems to enjoy a few of them.

Is there a better marketer on the planet? Tesla is the world's most valuable car company, and doesn't spend a penny on ads. Figure that one out.

For that matter, who among CEOs is better at human resources and recruiting? 

Regulatory compliance? (Actually, maybe that one isn't his favorite.)

But, there's also nobody in a better position to understand the divergence of these roles. 

In fact, reporter James Clayton of the BBC dug up a telling, longer quote -- that Musk apparently gave under oath in a deposition -- about how he feels about being CEO of Tesla:

"I rather hate it and I would much prefer to spend my time on design and engineering. ... "I have to [keep the job] or, frankly, Tesla is going to die."

Obviously, there's a mercurial motivation. Musk reportedly made $6.7 billion during 2020 for his work as CEO of Tesla alone.

That's almost 12 times as much as the second-highest paid CEO of a publicly traded U.S. company. But at the same time, that gargantuan figure reinforces the fact that Musk doesn't have to do anything at all that he doesn't want to.

Perhaps it was a fleeting moment when Musk tweeted about not wanting to be CEO of anything.

Maybe that's how he felt on a Friday, but by the following Monday he was thrilled once more to be in charge.

Maybe he's like many of us, in that he agrees with the 19th century poet Ralph Waldo Emerson that consistency is the hobgoblin of little minds. 

But it doesn't change the brutal truth. It's one thing to want to design the future. It's another thing entirely to assume the role, and to be responsible for the endless parade of small decisions that are required to get there. 

(Don't forget the free ebook, Elon Musk Has Very Big Plans.)

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