Elon Musk sells off another 600,000 Tesla shares worth $687million for a total of $5.8billion this week
He knows he is benefiting from a huge bubble and is getting out before it pops. The bubble will pop when enough people realize that electric cars are virtually useless in a Northern winter. Heating is a huge drain on batteries but comes as a free byproduct in a conventional car
Tesla CEO Elon Musk pawned off another $687 million worth of Tesla shares Thursday after offloading $5 billion of his stake in the company in two separate transactions earlier this week, following the CEO's promise to sell $25 billion worth of the stock.
The string of sales comes less than a week after Musk's much-publicized Twitter poll where he asked followers if he should sell his $250 billion stake in the electric-car maker to pay President Joe Biden's proposed 'billionaire's tax.'
In the Saturday post, the world's richest person and Tesla's top shareholder criticized the controversial new tax plan proposed by the president's administration, saying that he does not earn a salary from the company and his only source of income is stocks, and that the only way for him to pay taxes would be to sell some of his stake.
Musk, 50, who founded the car company in 2003, then declared to his 63.1 million followers that he would sell 10 percent of his shares - which would equate to roughly $25 billion - if they approved the move.
'Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,' Musk, 50, wrote in the November 6 post.
The exec then implored his 63.1 million followers: 'Do you support this?'
They did - with more than 2 million of the 3.5 million social media users surveyed voting that he should, spurring the CEO's massive sell-off.
The shares were sold at prices ranging from around $1,056.03 to $1,104.15 in multiple transactions, the filings reveal.
https://www.dailymail.co.uk/news/article-10194951/Teslas-Musk-sells-639-737-shares-Twitter-poll.html
******************************************Climate summit stalls
Update: In the final COP26 pact, countries failed to agree to “phase out” coal. An intervention by India ensured agreement to “phase down” fossil fuels. India was insistent right to the very end on the need to retain fossil fuels. Indian Environment and Climate Minister Bhupender Yadav said: “The world needs to awaken to this reality. Fossil fuels and their use have enabled parts of the world to attain high levels of wealth and wellbeing.” Yadav said “targeting any particular industry is uncalled-for” and stressed developing countries were entitled to use fossil fuels given developed nations had used them for decades and were responsible for historic emissions."
Saudi Arabia, Russia, China, India and Brazil were privately blamed for frustrating progress on phasing out coal, while a collection of nearly 140 developing nations known as the G77 dug its heels in over demands for wealthy nations to hand over billions of dollars to address loss and damage already caused by climate change. The bloc has the support of China, the world’s largest emitter and a key player in the talks.
Forcing nations such as Australia to take more action this decade is seen as essential to avoiding temperature rises of above 1.5 degrees.
The push to make Australia and other countries that failed to update their 2030 targets at Glasgow instead update their climate plans within the next 12 months is a central part of the proposed declaration.
A draft released earlier this week said countries would be “urged” to update their pledges in 2022 but the latest iteration changed that word to “requested” - something lawyers argued was stronger.
The previous draft also called for the accelerated phase-out of “coal and subsidies for fossil fuels”, but the latest version only calls for the elimination of “unabated coal power and of inefficient subsidies for fossil fuels”.
Negotiators argued the term “inefficient” had to be inserted because some developing countries offer legitimate financial support for people to access basic energy needs. But they also conceded the change would give major emitters cover to continue propping up highly polluting industries.
John Kerry, the US climate envoy, revealed the US would not support any further softening of the summit’s position on fossil fuels over the next 24 hours.
“That language [on] unabated coal must stay,” he said. “We’re not talking about all coal. We’re not talking about eliminating [coal].
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Toyota Refuses To Commit To Climate Pledge
A bit of refreshing realism
Toyota has avoided signing a zero-emissions pledge that promises to phase out fossil-fuel cars by 2040. Six other major automakers agreed to the the Glasgow Declaration on Zero Emission Cars and Vans including Ford, General Motors, Daimler and Volvo. Interestingly, Volkswagen also refused to commit to the pledge despite their continued heavy investment in EVs.
A Toyota spokesperson told Reuters that concerns over customer readiness, energy availability and charging infrastructure in Asia, Africa and the Middle East all lead to their decision not to sign the deal. However, in other regions such as Europe and North America Toyota is “ready to accelerate and help support with appropriate zero-emission vehicles."
“In many areas of the world such as Asia, Africa, Middle East ... an environment suitable for promoting full zero emission transport has not yet been established. We think it will take more time to make progress ... thus, it is difficult for us to commit to the joint statement at this stage."
Toyota plans to launch their first mass-produced, globally available EV next year – the bz4x. Powered by a 71.4 kWh battery pack, Toyota claims the bz4x will be good for around 280 miles of WLTP range.
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Australia’s only working carbon capture and storage project fails to meet target
Australia’s only working carbon capture and storage project in Western Australia has failed to meet its target to lock away greenhouse gases from a major gas processing plant.
Chevron, an America-based multinational oil and gas company, was given a target by the WA government to capture at least 80% of the CO2 that would otherwise be released at its Gorgon LNG project.
But the company has said it fell short of the target by 5.23Mt and will buy the equivalent amount in carbon credits while also investing $40m in unspecified “low carbon energy projects” in the state.
Based on today’s prices for carbon offsets – which analysts say are rising – Chevron would have to pay between $78m and $194m.
Chevron announced last month it made more than $8bn profit in the most recent financial quarter.
The Morrison government is prioritising CCS technology as a way to lower emissions, even though its impact after decades of promises and about $4bn in Australian taxpayer cash has been marginal.
Environmental campaigners said the shortfall in emissions reductions at Gorgon showed CCS should not be relied on as justification for allowing fossil fuel production to increase.
Chevron has not said what kind of accredited carbon offsets it will buy, but analysts told the Guardian the cost to Chevron could range from $15 per tonne for some overseas credits to as high as $37 per tonne for Australian credits.
Calculated over a five-year average with the clock starting in July 2016, Chevron said it had missed the 80% target because of technical problems that delayed the CO2 injection into geological formations under Barrow Island.
Since injection started in August 2019, the company says it had captured and stored 5.5Mt of CO2.
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My other blogs. Main ones below
http://dissectleft.blogspot.com (DISSECTING LEFTISM )
http://edwatch.blogspot.com (EDUCATION WATCH)
http://pcwatch.blogspot.com (POLITICAL CORRECTNESS WATCH)
http://australian-politics.blogspot.com (AUSTRALIAN POLITICS)
http://snorphty.blogspot.com/ (TONGUE-TIED)
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Jim Hansen and his twin
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