Challenges awaiting Sundar Pichai as he is set to take over as CEO of Alphabet. Elon Musk opens up about his wealth.
Tesla and SpaceX CEO Elon Musk on Wednesday opened up about his wealth when a a lawyer for the plaintiff asked Musk to estimate his net worth during the defamation trial over his 2018 tweets, in which he called a British diver who took part in the 2018 rescue operation that freed 12 boys and a soccer coach trapped inside a cave in Thailand a "pedo guy".
Musk confirmed he has roughly a $20 billion fortune, but added that his liquid assets are relatively low. “Some people think I have a lot of cash,” he said. “I actually don’t.”
As much as 99% of Musk’s wealth is held in shares of those two companies, Forbes estimates. In 2018, for instance, the bulk of his compensation at Tesla came in the form of stock options.
The revelation adds to the stakes of the trial. If the jury levels a large judgment against Musk, he may have to sell part of his stake in Tesla or SpaceX, a move he has historically avoided. Another possibility could be that he borrows money, using his shares as collateral. FYI: Musk currently owes more than $500mn in debts, including $208.9mn in liabilities owed to Morgan Stanley and $213mn borrowed from an affiliate of Goldman Sachs. Musk has pledged nearly half of his Tesla stake as collateral for those loans. Forbes
Sundar Pichai is set to take over as Google's parent Alphabet's CEO, and he has to hit the ground running. Apart from leading Google’s search, advertising and related products such as videos platform YouTube, Pichai’s purview will now extend to Alphabet’s futuristic ventures, like driverless cars, high-altitude balloons and efforts to prolong life. However, as per this report, Pichai's most challenging job will be to maintain Google’s dominance on the internet at a time of increased regulatory eye and rising competition from new technology startups from China. Read more for the full scoop. ET Tech
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