International
Updated: Elon Musk $9.8bn richer in one day, despite Tesla revenue decline
Updated: Elon Musk $9.8bn richer in one day, despite Tesla revenue decline
Elon Musk, the former world’s richest man, saw his net worth increase by $9.8 billion in just one day, bringing it to $187.7 billion.
This came despite the revenue of its top electric vehicle manufacturing company decline, Tesla, declining substantially.
This was reported on Thursday by Nairametrics quoting data from Forbes Real-Time Billionaire Index.
Tesla reported disappointing results, missing estimates on both the top and bottom lines. Revenue experienced a 9% year-over-year decline, the most significant drop since 2012.
Auto sales also fell by 13% compared to the same period in 2023. Additionally, free cash flow turned negative.
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For example, revenue decreased from $23.33 billion a year earlier and from $25.17 billion in the fourth quarter. Net income plummeted by 55% to $1.13 billion, or 34 cents a share, from $2.51 billion, or 73 cents a share, in the previous year.
Despite these challenges, Tesla shares surged by 13% in extended trading on Tuesday after the earnings report. Some of the optimism stemmed from Tesla’s announcement of plans to commence production of new affordable electric vehicle models in “early 2025, if not late this year.”
As Musk owns 13% of Tesla, significant fluctuations in share price on the trading markets can result in substantial increases or losses in his net worth.
Elon Musk is $9.8 billion richer in 1 day, despite Tesla’s revenue decline
International
Palestinian envoy lambasts US for arresting protesters
Palestinian envoy lambasts US for arresting protesters
The Palestinian Ambassador to Nigeria, Abdullahi Shawesh, on Thursday, May 16, lambasted the Western World for clamping down on student protesters who were expressing solidarity and sympathy with his country.
He stressed that the arrest and clampdown on protesters negates the Western world’s stand as promoters of freedom of speech.
He said: “When college students express their solidarity and sympathy with the Palestinians, it is labelled as hate speech and anti-Semitism. These students are beaten and harshly treated. Threatened with expulsion from universities, severe sanctions in the future, imprisonment, and facing trial.
“This is the exact meaning of hypocrisy and double standards.”
Shawesh who gave a review of the 223-day battle between the Israeli forces and Hamas, said no fewer than 45,091 Palestinians have been killed, including 15,103 children and 9,961 women.
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He also said the battle has consumed 142 journalists and 492 medical staff.
The envoy said no fewer than 10,000 persons have been declared missing.
He added: “78,404 wounded and injured, with 72% of the victims being children and women. 17,000 children live without one or both of their parents.”
Beside the human casualties, Shawesh also listed a number of destructions recorded, which include “243 mosques destroyed and 321 partially damaged. 3 Churches targeted and destroyed, 86,000 housing units completely destroyed and 294,000 partially damaged. 103 schools and universities destroyed. 206 archaeological and heritage sites destroyed, 75,000 tons of explosives materials dropped on Gaza.
“33 hospitals along with 54 health centres were taken out of service. A total of 160 health institutions and 126 ambulances were targeted by the Israeli occupation.”
He said the state of infrastructure devastation has forced 11,000 wounded people to travel for treatment to undergo operations.
He also said that no fewer than “10,000 cancer patients face death due to the lack of medical treatment. 1,095,000 are infected with infectious diseases as a result of displacement. 20,000 cases of viral hepatitis infection due to displacement. Tens of thousands of pregnant women are at risk due to a lack of access to healthcare. There have been 310 cases of health personnel being arrested.”
Palestinian envoy lambasts US for arresting protesters
International
UK says it’s developing radio frequency to blast out drones
UK says it’s developing radio frequency to blast out drones
The United Kingdom is making strides in military technology, developing a cutting-edge weapon using radio waves to counter drones.
Known as the Radio Frequency Directed Energy Weapon (RFDEW), this innovative system utilizes radio waves to disrupt or damage critical electronic components of enemy vehicles and drones, halting their operations or causing them to fall out of the sky.
Operable across land, air, and sea, the RFDEW boasts a range of up to 1 kilometre, with potential for future extensions. Its development follows UK Prime Minister Rishi Sunak’s commitment to increasing defence spending to 2.5% of GDP by 2030.
With an estimated cost of 0.10 Pounds (0.12 dollars) per radio waveshot, the RFDEW offers a cost-effective alternative to conventional missiles and holds promise for effectively countering drone swarms.
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Utilizing a mobile power source, the technology generates pulses of radio frequency energy in a directed beam, capable of delivering sequenced shots to single or multiple targets. It can be mounted on various military vehicles, enhancing flexibility and adaptability on the battlefield.
Minister of State for Defence Procurement James Cartlidge highlighted the significance of such advancements in enhancing the effectiveness and safety of UK armed forces. He emphasized the importance of defending against unmanned systems, especially in light of recent global conflicts.
The RFDEW system will undergo rigorous testing with British soldiers during summer. Developed under Project Hersa by a collaborative team from the Defence Science and Technology Laboratory (DSTL) and Defence Equipment & Support (DE&S), in partnership with UK industry, this technology represents a significant leap in military capability.
DSTL chief executive Paul Hollinshead underscored the transformative impact of such systems, emphasizing their potential to provide decisive operational advantages and enhance national security. He credited decades of research, expertise, and investment in science and technology for enabling the development of world-class capabilities like the RFDEW.
UK says it’s developing radio frequency to blast out drones
International
Just in: In assassination attempt, Slovakia’s Prime Minister shot multiple times
Just in: In assassination attempt, Slovakia’s Prime Minister shot multiple times
Robert Fico, Slovakia’s prime minister, has been taken to hospital in a “life-threatening condition” after he was shot multiple times on Wednesday.
According to his official social media account, the 59-year-old leader was hit in the abdomen outside the House of Culture in the town of Handlova.
Police have detained a suspect. There was no immediate information on the motive.
Reuters reported Zuzana Caputova, President of Slovakia, as condemning the “brutal and ruthless” attack on Fico.
She said in a televised statement, “A physical attack on the prime minister is, first of all, an attack on a person, but it is also an attack on democracy.”
The Russian ambassador to Slovakia Igor Bratchikov also condemned the shooting of Fico.
“I strongly condemn this act of violence and express my conviction of the necessity of punishment for the perpetrators,” Bratchikov said in a letter to Fico that the Russian embassy shared on its Facebook page.
Fico, a third-time premier with the left-wing Smer (Direction) party, won Slovakia’s September 30 parliamentary elections, staging a political comeback after campaigning on a pro-Russian and anti-American message.
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