There’s so much going on in the world and it can be difficult to understand it all at times — by reading this newsletter, you’re getting a digest of the biggest news this week, what it means and why it matters. If you like what you see, send it to a friend or ask them to sign up here.Elon Musk is no longer taking Tesla private, according to the company
Elon Musk will keep Tesla public, after all
Elon Musk has changed his mind on his hastily concocted plan to take Tesla private, which he announced on Twitter on August 7, sending both investors and regulators scrambling. Then he explained his reasoning in a blog post, accepting investor's concerns that it might be difficult to buy out and bring along existing shareholders.
Shares of the company fell around 4 percent on Monday when the announcement was made that he would not take the company private.
"Additionally, a number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company," he wrote. There's lots of logistical issues that going private involves, and the CEO's current focus is on increasing Model 3 production and making the company profitable. In an email sent to employees, he said he is "incredibly excited to continue leading Tesla as a public company.”
The interesting flip-flop saga began with a tweet in which Musk announced his plans to take the company private, followed a week later by him announcing that the mystery funder funding his plan was the Saudi Arabian sovereign wealth fund. But then the company began to be investigated by the SEC and lawsuits were launched by investors who were upset with the plan. Then, on August 14, Tesla announced that a "special committee" was formed to discover if the plan was possible before dissolving the committee on Thursday.
This news comes after the Tesla founder told The New York Times that this past year "has been the most difficult and painful year of my career. It was excruciating."
It first started with an IT administrator prepping a software update for Copenhagen-based shipping company A.P. Møller-Maersk's 80,000 employees when his computer spontaneously restarted. Employees for the company work across 574 offices in 130 countries around the world and with big-profile customers spending thousands of dollars on shipping with them, this was disastrous.
The computer restarted because it was infected with a malware called NotPetya, a ransomware virus that was discovered in 2016 infecting Windows-based computers by rewriting the master boot record to essentially prevent the computer from booting. WIRED goes into great detail in an epic tale of the company battling against this virus and how, though with millions of dollars lost, they somehow came out victorious.
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🗣 Microsoft is adding automated transcription to OneDrive for Business audio and video files, using AI to generate a transcript of the file, which will be particularly useful for meetings and writers. This new transcription will be searchable, meaning you'll be able to search for someone mentioning an expense report number or other important info.
🚗 Waymo, Google's self-driving project company has opened its doors in China under a unit called Huimo Business Consulting Co., according to a filing with the government. It was set up with 3.5 million yuan ($665,000 CAD) and the company has yet to comment on the company, but so far it has not done any vehicle testing there.
🔪 The Chinese ministry of police and transport said that ride-sharing company Didi Chuxing had “unshirkable responsibility” for a passenger being raped and killed by a driver in Wenzhou. A rep from the company said it felt responsible for the incident and would complete a new safety compliance operation that the government would inspect, and that it would suspend its Hitch carpool service immediately until it could be reevaluated.
🖥 Netflix is testing a new payment method in its iOS app, bypassing the built-in payment system and with it, the 15 to 30 percent cut that Apple takes from purchases. Until September 30 new or renewing customers in Europe, Latin America and Asia will be redirected to the website to purchase their subscription, making the same move as Spotify.
Our best wishes for a productive and peaceful evening. Feel free to direct any computer hacking techniques or OneDrive coupon codes to our email.
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