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Elon Musk Scores $48 Million to Dig Holes in Vegas While Tesla Implodes

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By CCN: As Tesla stock goes up in flames amid its “code red” crisis, Elon Musk enjoyed a small reprieve from the tsunami of bad news when his Boring Company won a $48.6 million Las Vegas contract.

The Las Vegas project is a milestone for Boring since it is the fledgling company’s first commercial contract.

The Boring Company is a tunnel construction firm Elon Musk launched in late-2016. It was initially a subsidiary of SpaceX, but it was spun off into an independent entity in 2018.

Loop Will Cut Transit Time from 15 Minutes to 60 Seconds

On May 22, the Las Vegas Convention and Visitors Authority awarded the $48.6 million contract to Boring. Under the project, the Boring Company will construct a shuttle to transport people around the Las Vegas Convention Center (LVCC) using an underground Loop system.

On its website, Boring says the LVCC Loop is a high-speed underground transportation system that uses autonomous electric vehicles that move up to 155 miles an hour.

The Boring Company, the infrastructure company founded by Tesla CEO Elon Musk, scored a $48 million contract from the Las Vegas Convention and Visitors Authority. | Source: Boring Company.

Not surprisingly, the autonomous electric vehicles being used for the Las Vegas Loop are Tesla Model X and Model 3 cars. And high-occupancy AEVs will use a modified Tesla Model X tram to transport up to 16 passengers at a time.

The Boring Company said it usually takes about 15 minutes to walk around the Las Vegas Convention Center. But Elon Musk says the LVCC Loop can cut that transit time down to one minute.

Elon Musk Sets Ambitious Year-End Target

The project is expected to be completed by January 2021, which is when the Consumer Electronics Show takes place in Las Vegas. However, Musk upped the ante on Twitter, saying he plans to finish by the end of this year.

When asked how long the LVCC Loop will be, Musk said it will span two miles, using two tunnels.

Elon Musk revealed his ambitious goal for the project timeline. | Source: Twitter

Twitter Not Bored By Boring News

After a horrendous week when Tesla stock got mercilessly pummeled, Musk was positively gleeful to share this bit of good news on Twitter.

As usual, Musk’s legion of followers reacted to the news with a mixture of kudos, snark, and comical retorts. One person suggested that Elon build a high-speed underground mail system.

Another person joked: “Is El Chapo helping?”

Still another observed with admiration: “Stock is going down, shorts are bashing at Elon and company, journalists are super-negative and Elon..he’s all chillin Respect

One person asked: “How do you feel that Wall Street can’t handle you being a Meme Lord?”

Mayday, Mayday: Tesla Is Burning Through Cash

While the Boring contract is good news for Elon Musk, there’s no denying that Tesla is in serious trouble. Its stock tanked below $200 this week, and as of the time of writing on Thursday TSLA traded at a dismal $193.

As CCN reported, Tesla is in dire financial straits. It only has $2.2 billion cash on hand, which is just enough money to last another 10 months. This has caused Tesla to plummet into a “code red situation,” according to Wedbush analyst Dan Ives, who wrote:

“If Tesla is unable to earn profit in the second half of the year, the company may need to raise another $1 billion to $2 billion of capital.”

Ives said instead of getting distracted by “sci-fi projects,” Musk should be “laser-focused” on Tesla.

“With a code red situation at Tesla, Musk & Co. are expanding into insurance, robotaxis, and other sci-fi projects/endeavors…The company instead should be laser-focused on shoring up core demand for Model 3 and simplifying its business model and expense structure.”

Venture Capitalist: Don’t Count Tesla Out

Meanwhile, Loup Ventures co-founder Gene Munster says everyone needs to chill out because “Tesla will turn the corner” (see video).  Loup Ventures is a research-driven venture capital firm based in New York and Minneapolis.

Munster says 2019 is undoubtedly a difficult year for Tesla, but he still has unwavering faith in Elon Musk.

“I am a believer in Tesla. I think they will turn the corner and capture what will be a juicy growth curve.”

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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