Day: May 17, 2023

Elon Musk Addresses Tesla Shareholders during 2023 Annual Meeting in Texas, TSLA Shares Up

Musk noted that Tesla will conduct a third-party audit of its cobalt supply chain to ensure there is no child labour in the supply chain. During this year’s Tesla Inc (NASDAQ: TSLA) annual shareholders meeting – held on Tuesday in Austin, Texas – tech billionaire Elon Musk charged the crowd with the company’s products and near-term growth prospects. Musk told the group of shareholders that he expects the economy to get even more gloomier in the next twelve months. However, Musk promised the shareholders Tesla will survive in the long…

Microsoft CEO Satya Nadella Discredits Elon Musk’s Claims that OpenAI Is Puppet

According to Nadella, Microsoft and OpenAI have a shared ambition to advance the research of AI to enable developers and organizations to build on the best AI infrastructure. When OpenAI was established in December 2015, the initial idea was to be a non-profit organization focused on humanitarian welfare via AI advancement. However, the development of OpenAI LP, a capped-profit subsidiary that allowed investments from profitable organizations, significantly changed the entire dynamics. To date, Microsoft Corp (NASDAQ: MSFT) is the largest investor in OpenAI and its ChatGPT. Notably, Microsoft poured in…

Biden Administration ‘Crypto Tsar’ Says DOJ will Target Digital Asset Exchange Platforms – Regulation Bitcoin News

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According to Eun Young Choi, the head of the crypto unit at the U.S. Department of Justice (DOJ), the United States has resolved to target digital platforms because they are making it easy for criminals and money launderers. Choi said the DOJ hopes taking action against entities such as crypto exchanges is “going to have a multiplier effect.” DOJ to Target Mixers and Tumblers The U.S. Department of Justice (DOJ) will target digital asset exchange platforms and entities providing mixers and tumblers which are used to obfuscate the trail of…

Senators slam bank execs for blaming collapses on crypto, pocketing millions

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A former Signature Bank executive has been slammed for seemingly trying to place the blame for his bank’s collapse on crypto while purportedly being able to pocket millions in bonuses and stock options.  During a Senate Banking Committee hearing on May 16, United States Senator Cynthia Lummis lashed out at Scott Shay, the former chairman of the now-defunct bank, in relation to his prepared statement on what led to his bank’s collapse. In his testimony, Shay noted the bank began accepting deposits from businesses in the digital asset sector in…

‘Is that legal?’ — Elon Musk chides OpenAI’s for-profit pivot after $50M investment

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Billionaire Elon Musk has queried whether it’s legal for OpenAI — the firm behind ChatGPT — to become a for-profit business after he invested approximately $50 million into it. On May 16, Musk spoke with CNBC during Tesla’s annual shareholder meeting and claimed he “came up with the name” OpenAI, intending for the company to be an open-source alternative to DeepMind after Google purchased the company in 2014. Musk likened OpenAI’s non-profit to for-profit transition to a “save the Amazon” organization becoming a “lumber company” which logged and sold trees…

Korean Crypto Exchanges Upbit, Bithumb Raided Over Lawmaker’s Crypto Dealings – Exchanges Bitcoin News

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South Korean prosecutors have raided two of the country’s largest coin trading platforms within an investigation into the crypto investments of a politician. They seized materials from Upbit and Bithumb amid suspicions of wrongdoing related to the lawmaker’s cryptocurrency holdings. South Korean Law Enforcement Authorities Check Records From 3 Crypto Platforms Investigators from the Seoul Southern District Prosecutor’s Office raided two leading domestic digital asset exchanges on Monday as part of an investigation launched in response to a growing scandal with the suspicious crypto dealings of an opposition lawmaker. Kim…