The Almighty Buck

Elon Musk To Stay At Tesla For Another Decade (arstechnica.com) 50

Thelasko writes: "On Tuesday, Tesla's board announced that it had convinced Musk to stay at the helm for another decade with a truly gargantuan performance-based pay package," reports Ars Technica. The pay package is in a series of 12 milestones based on market capitalization.

[The report notes the possibility that Musk could get nothing for a decade's work as Tesla's CEO if the company's stock never rises above $100 billion. However, Musk will get awarded with $1 billion -- 1 percent of the company's stock -- if the stock reaches a value of $100 billion and the company either achieves revenues of $20 billion or earnings of $1.5 billion.] "If the stock rises to $150 billion (and Musk reaches another revenue or profit target), Musk gets another 1 percent of the stock, which will be worth $1.5 billion," reports Ars. "That pattern continues in $50 billion increments until Tesla's stock rises above $650 billion -- at which point Musk will get a stock award worth $6.5 billion. Musk's stock awards will total $45 billion if he hits all 12 milestones."

I guess Musk will have to wait to move to Mars until 2028...

The Almighty Buck

Coinbase Is Making $2.7 Million a Day (bitcoin.com) 76

An anonymous reader quotes a report from Bitcoin News: In information released to shareholders this week, Coinbase revealed that it recorded turnover of $1 billion last year, which works out at an astonishing $2.74 million a day or $2,000 a minute. As America's largest bitcoin broker, Coinbase claims the lion's share of the money that's pouring into the crypto space at a dizzying rate. 2017 was a bumper year for all crypto exchanges, which reported record numbers across the board: new signups, new staff hired, new trading pairs, and new revenue. Those revenue streams have turned into a torrent that has caused Coinbase' coffers to swell. Recode reports that the company's revenue exceeded $1 billion last year, most of it derived from the trading fees it levies. These vary from between 0.25% and 1%. and quickly add up: in the past 24 hours, 36,000 BTC were traded on Coinbase, accounting for more than 15% of the total market. Coinbase isn't the world's largest exchange (and is technically a broker rather than a conventional exchange -- that duty falls to its GDAX subsidiary) but it's the best known and carries great weight in the cryptocurrency industry.
Television

Netflix Is Now Worth More Than $100 Billion (techcrunch.com) 46

Netflix has crossed the $100 billion mark for its market cap as it once again surprised industry observers with better-than-expected growth in its subscribers. TechCrunch reports: The company said it added more than 8 million new subscribers total after already setting pretty robust targets for the fourth quarter this year, giving it a healthy push as it crossed the $100 billion mark after the report came out this afternoon. While the company's core financials actually came in roughly in line with what Wall Street was looking for (which is still important), Netflix's subscriber numbers are usually the best indicator for the core health of the company. That recurring revenue stream -- and its growth -- is critical as it continues to very aggressively spend on new content. The company said its free cash flow will be between negative $3 billion and negative $4 billion, compared to negative $2 billion this year. And that aggressive spending only seems to get more aggressive every time we hear from the company. Netflix is now saying that it expects to spend between $7.5 billion and $8 billion on content in 2018 -- which is around in line with what it said in October when it said it would spend between $7 billion and $8 billion. It's the same range, but tuning up that bottom end is still an important indicator. Some notable numbers include $3.29 billion in revenue, 1.98 million Q4 U.S. subscriber additions, and 6.36 million Q4 International subscriber additions.
Power

Trump Administration Approves Tariffs of 30 Percent On Imported Solar Panels (axios.com) 395

The Trump administration just approved tariffs of 30% on imported solar panels. Axios explains why it matters: "Most of the American solar industry has opposed tariffs on panels, saying they would raise prices and hurt the sector. A small group of solar panel manufacturers argued -- successfully -- that an influx of cheap imports, largely from China or Chinese-owned companies, was hurting domestic manufacturing. It's also part of President Trump's broader trade agenda against China." From the report: The tariffs would last for four years and decline in increments of 5% from 30%: 25%, 20% and finally 15% in the fourth year. The tariffs are lower than the 35% the U.S. International Trade Commission had initially recommended last year, per Bloomberg. This is actually the third, and broadest, set of tariffs the U.S. government has issued on solar imports in recent years. The Obama administration issued two earlier rounds of tariffs on a narrower set of imports. Monday's action also imposed import tariffs on washing machines, a much lower profile issue than solar energy.
Facebook

Rupert Murdoch Pushes Facebook To Pay For News To Guarantee Quality (bloomberg.com) 95

An anonymous reader quotes a report from Bloomberg: Rupert Murdoch, the media billionaire who controls the Wall Street Journal, called on Facebook to begin paying publishers fees to carry the news that its users post and share online in a sign of the print industry's growing frustration with social media. "If Facebook wants to recognize 'trusted' publishers then it should pay those publishers a carriage fee similar to the model adopted by cable companies," Murdoch, the executive chairman of News Corp. said Monday in a statement. "The publishers are obviously enhancing the value and integrity of Facebook through their news and content but are not being adequately rewarded for those services." "Facebook and Google have popularized scurrilous news sources through algorithms that are profitable for these platforms but inherently unreliable," Murdoch said. "Recognition of a problem is one step on the pathway to cure, but the remedial measures that both companies have so far proposed are inadequate, commercially, socially and journalistically." Murdoch, who also leads 21st Century Fox, called for a system similar to that in cable television, where large distributors like Comcast and AT&T pay fees to the TV network owners that attract their viewers.
Google

Google's $20 Million Race To the Moon Will End With No Winner -- and Google is OK With That (cnbc.com) 81

Michael Sheetz, reporting for CNBC: More than ten years after it was announced -- and extended over and over -- the Google-sponsored race to win $20 million by landing on the moon will end with no winners. The four teams racing to win the Google Lunar Xprize, which requires a company to land a spacecraft on the moon by March 31, are either short of money or unable to launch this year, three people familiar with the matter told CNBC. Meanwhile, Google -- which extended the deadline from 2012 to 2014 and then eventually to 2018 -- is not willing to push out the date further. "Google does not have plans at this time to extend the deadline again, however we are so thrilled with the progress made by these teams over the last ten years," a Google spokesperson said in a statement to CNBC. The commercial space industry has written off the Lunar Xprize as improbable, and not worth pursuing, according to sources.
Bitcoin

More Wall Street Pundits Caution Against Investing In Bitcoins (cnbc.com) 177

Peter Boockvar is the Chief Investment Officer of Bleakley Financial Group, a $3.5B wealth management firm -- and he predicts "an epic crash will hit the cryptocurrency market," according to CNBC. "He isn't sure if it'll come to a grinding halt or be a slow and steady drop -- but he says it's coming." "When something goes parabolic like this has, it typically ends up to where that parabola began," he said on CNBC's "Futures Now." Boockvar, a CNBC contributor, contends bitcoin is in danger of dropping 90 percent from current levels. He calls it a classic bubble. "I wouldn't be surprised if over the next year it's down to $1,000 to $3,000," he added. That's where bitcoin, the largest cryptocurrency player, was trading less than 12 months ago. Friday afternoon it was trading above $11,000.
Meanwhile, today the International Business Times chronicled the predictions of tech billionaire Mark Cuban. In June of last year as bitcoin was climbing toward the $3,000 threshold, Cuban cautioned potential investors about jumping in on the bandwagon... "[C]rypto is like gold. More religion than asset. Except of course gold makes nice jewelry." He told his followers at the time that he wasn't questioning the value of Bitcoin but was questioning the "valuation" and said , "I think it's in a bubble. I just don't know when or how much it corrects." Cuban suggested that when everyone is "bragging about how easy they are making [money]," that indicates there is a bubble happening...

Still, the Dallas Mavericks owner was open to the idea of using cryptocurrencies as a volatile investment vehicle. "If you're a true adventurer and you really want to throw the Hail Mary, you might take 10 percent and put it in Bitcoin or Ethereum," he said. Cuban also cautioned, "If you do that, you've got to pretend you've already lost your money"... Showing just have far Cuban has come on bitcoin and cryptocurrency, he announced earlier this week that his Dallas Mavericks will accept bitcoin and Ethereum as a method to pay for tickets starting next season. Even if the tech investor doesn't fully believe in cryptocurrency, he's clearly willing to try to profit off it...

Transportation

Challenging Tesla, Ferrari Will Build An Electric Sportscar -- and an SUV (theverge.com) 117

Long-time Slashdot reader Kant shared an article from The Verge: Ferrari will build a battery-electric supercar in a bid to challenge Tesla for a piece of the high-end, eco-conscious luxury market. CEO Sergio Marchionne, who also heads Fiat Chrysler, said that the Italian racecar company would also make a Ferrari SUV -- after previously dismissing the idea as ridiculous. Speaking at the North American International Auto Show in Detroit, Marchionne didn't offer any specifics on the electric Ferrari, but indicated the company would release it before the Tesla Roadster hits the road in 2020.

"If there is an electric supercar to be built, then Ferrari will be the first," Marchionne said, according to Bloomberg. "People are amazed at what Tesla did with a supercar: I'm not trying to minimize what Elon did but I think it's doable by all of us."

BMW and Porsche also have plans to introduce all-electric supercars, and Marchionne says "I don't know of a [business] that is making money selling electric vehicles unless you are selling them at the very, very high end of the spectrum."

His remarks were also "a significant departure" from comments made in 2016 about the Ferrari SUV: 'You have to shoot me first.'"
Security

Security Breaches Don't Affect Stock Price, Study Suggests (schneier.com) 28

Computer security professional Bruce Schneier highlights the key findings of a study that suggests security breaches don't affect stock price. The study has been published in the Journal of Information Privacy and Security. From the report: -While the difference in stock price between the sampled breached companies and their peers was negative (1.13%) in the first 3 days following announcement of a breach, by the 14th day the return difference had rebounded to + 0.05%, and on average remained positive through the period assessed.

-For the differences in the breached companies' betas and the beta of their peer sets, the differences in the means of 8 months pre-breach versus post-breach was not meaningful at 90, 180, and 360 day post-breach periods.

-For the differences in the breached companies' beta correlations against the peer indices pre- and post-breach, the difference in the means of the rolling 60 day correlation 8 months pre- breach versus post-breach was not meaningful at 90, 180, and 360 day post-breach periods.

-In regression analysis, use of the number of accessed records, date, data sensitivity, and malicious versus accidental leak as variables failed to yield an R2 greater than 16.15% for response variables of 3, 14, 60, and 90 day return differential, excess beta differential, and rolling beta correlation differential, indicating that the financial impact on breached companies was highly idiosyncratic.

-Based on returns, the most impacted industries at the 3 day post-breach date were U.S. Financial Services, Transportation, and Global Telecom. At the 90 day post-breach date, the three most impacted industries were U.S. Financial Services, U.S. Healthcare, and Global Telecom.

Security

Top Bug Hunters Make 2.7 Times More Money Than an Average Software Engineer (bleepingcomputer.com) 67

An anonymous reader shares a report: A survey of 1,700 bug bounty hunters registered on the HackerOne platform reveals that top white-hat hackers make on average 2.7 times more money than the average salary of a software engineer in the same country. The reported numbers are different for each country and may depend on a bug bunter's ability to find bugs, but the survey's results highlight the rising popularity of bug hunting as a sustainable profession, especially in less developed countries, where it can help talented programmers live a financially care-free life. According to HackerOne's report, it pays to be a vulnerability researcher in India, where top bug hunters can make 16 times more compared to the average salary of a software engineer. Other countries where bug hunting can assure someone a comfortable living are Argentina (x15.6), Egypt (x8.1), Hong Kong (x7.6), the Philippines (x5.4), and Latvia (x5.2).
Businesses

BMW's Apple CarPlay Annual Fee is Next-level Gouging (cnet.com) 223

BMW announced this week that the company plans to shift Apple CarPlay infotainment support from a one-time fee to a subscription service. Tim Stevens, writing about the implications of the move for CNET: While GM and other manufacturers happily include Apple's CarPlay service for free even on their most attainable models, BMW and plenty of others have levied upgrade fees to enable CarPlay, or bundled the service inside pricey packages of widgets you may or may not want. That, sadly, is par for this margin-rich golf course, but when we learned this week that BMW would change from a single, up-front fee to an annual fee, in my mind that changed everything. Instead of a one-time, $300 fee, starting on 2019 models BMW will charge $80 annually for the privilege of accessing Apple's otherwise totally free CarPlay service. You do get the first year free, much like your friendly neighborhood dealer of another sort, but after that it's pay up or have your Lightning cable metaphorically snipped.

On the surface this is pretty offensive, and it seemed like something must be driving this. The official word from BMW is that this is a change that will save many (perhaps most) BMW owners money. Indeed, the vehicle segments where BMW plays are notorious for short-term leases, and those owning the car for only a few years will save money over that one-time $300. But still, the notion of paying annually for something that's free rubbed me the wrong way. And, based on the feedback we saw from the article, it rubbed a lot of you the wrong way, too.

Businesses

China's Smartphone Maker OnePlus Says Up To 40,000 Customers Were Affected by Credit Card Security Breach (theverge.com) 8

sqorbit writes: OnePlus, a manufacturer of an inexpensive smartphone meant to compete with the iPhone, states that data from 40,000 customers credit card information was stolen while purchasing phones from its website. Even as the company has just confirmed the breach, it says the the script stealing information had been running since November. It is not clear whether this was a remote attack or the attack happened from within the company. Credit purchases on the OnePlus site have been suspended and will remain that way while an investigation takes place. [...] Earlier this week, OnePlus had temporarily shut down credit card payments on its website following reports that customers' payment details were stolen after they bought goods through its online store. The company says it's disabling credit card payments "as a precaution," but will still be accepting purchases through PayPal. The investigation began after a poll posted by users on OnePlus' forums found that many customers had experienced the same problem.
Businesses

Instant Messaging Company Snap Threatens Jail Time for Leakers (cheddar.com) 92

An anonymous reader shares a report: Snap has a simple message to its employees: leak information and you could be sued or even jailed. The chief lawyer and general counsel of Snapchat's parent company, Michael O'Sullivan, sent a threatening memo to all employees last week just before The Daily Beast published an explosive story with confidential user metrics about how certain Snapchat features are used. "We have a zero-tolerance policy for those who leak Snap Inc. confidential information," O'Sullivan said in the memo, a copy of which was obtained by Cheddar. "This applies to outright leaks and any informal 'off the record' conversations with reporters, as well as any confidential information you let slip to people who are not authorized to know that information."
Businesses

Amazon is Raising the Price of Prime Monthly Memberships by Nearly 20 Percent (recode.net) 158

Amazon is boosting the price of its monthly Prime membership fees for new and existing members by nearly 20%. The online retailer said Friday its annual membership fee of $99 will not change. From a report: The increase comes less than two years after Amazon first introduced the monthly payment option as a way to attract new Prime members who either couldn't afford the annual membership of $99, which is not increasing, or didn't want to commit to using the service continuously. Prime is the engine at the center of the Amazon commerce machine -- Prime members buy from Amazon more frequently than non-Prime members and also spend more, hence why Amazon introduced the monthly option to lure new members. So if the company is raising the fee, you can bet that it discovered the current $10.99 was just not sustainable.
Transportation

Tesla Is Last In the Driverless Vehicle Race, Report Says (usnews.com) 162

Navigant Research has compiled a new report on 19 companies working on automated driving systems, and surprisingly, Tesla came in last place. U.S. News & World Report: Navigant ranked the 19 major companies developing AV technology based on 10 criteria, including vision, market strategy, partnerships, production strategy, technology, product quality and staying power. According to the report, General Motors Co. and Waymo, the auto unit of Alphabet, are the top two AV investment opportunities in the market today. Tesla and Apple are the two biggest laggards in the AV race, according to Navigant's rankings.

Investors are acutely aware of Tesla's production and distribution disadvantages compared to legacy automakers like GM, but Navigant is also highly critical of Tesla's technology. "The autopilot system on current products has stagnated and, in many respects, regressed since it was first launched in late 2015," Navigant says in the report, according to Ars Technica. "More than one year after launching V2, Autopilot still lacks some of the functionality of the original, and there are many anecdotal reports from owners of unpredictable behavior."

Bitcoin

Bitcoin's Fluctuations Are Too Much For Even Ransomware Cybercriminals (theguardian.com) 84

Bitcoin's price swings are so huge that even ransomware developers are dialling back their reliance on the currency, according to researchers at cybersecurity firm Proofpoint. From a report: Over the last quarter of 2017, researchers saw a fall of 73% in payment demands denominated in bitcoin. When demanding money to unlock a victim's data, cybercriminals are now more likely to simply ask for a figure in US dollars, or a local currency, than specify a sum of bitcoin. Just like conventional salespeople, ransomware developers pay careful attention to the prices they charge. Some criminals offer discounts depending on the region the victim is in, offering cheaper unlocking to residents of developing nations, while others use an escalating price to encourage users to pay quickly and without overthinking things. But a rapidly oscillating bitcoin price plays havoc with those goals, Proofpoint says.
Businesses

Apple Gives Employees $2,500 Bonuses After New Tax Law (bloomberg.com) 275

Apple told employees that it's issuing a bonus of $2,500 of restricted stock units, following the introduction of the new U.S. tax law. "The iPhone maker will begin issuing grants to most employees worldwide in the coming months," reports Bloomberg. Apple also announced today that it would bring back most of its cash from overseas and spend $30 billion in the U.S. over the next five years. From the report: Apple confirmed the bonuses in response to a Bloomberg inquiry Wednesday. The Cupertino, California-based company joins a growing list of American businesses that have celebrated the introduction of corporate-friendly tax law with one-time bonuses for staff. AT&T, Comcast, JetBlue, and Wal-Mart also said they were giving bonuses.
Crime

Facebook Is a 'Living, Breathing Crime Scene,' Says Former Tech Insider (nbcnews.com) 144

An anonymous reader quotes a report from NBC News: With more than 2 billion users, Facebook's reach now rivals that of Christianity and exceeds that of Islam. However, the network's laser focus on profits and user growth has come at the expense of its users, according to one former Facebook manager who is now speaking out against the social platform. "One of the things that I saw consistently as part of my job was the company just continuously prioritized user growth and making money over protecting users," the ex-manager, Sandy Parakilas, who worked at Facebook for 16 months, starting in 2011, told NBC News. During his tenure at Facebook, Parakilas led third-party advertising, privacy and policy compliance on Facebook's app platform. "Facebook is a living, breathing crime scene for what happened in the 2016 election -- and only they have full access to what happened," said Tristan Harris, a former design ethicist at Google. His work centers on how technology can ethically steer the thoughts and actions of the masses on social media and he's been called "the closest thing Silicon Valley has to a conscience" by The Atlantic magazine.

In response to the comments, Facebook issued a statement saying it is a "vastly different company" from when it was founded. "We are taking many steps to protect and improve people's experience on the platform," the statement said. "In the past year, we've worked to destroy the business model for false news and reduce its spread, stop bad actors from meddling in elections, and bring a new level of transparency to advertising. Last week, we started prioritizing meaningful posts from friends and family in News Feed to help bring people closer together. We have more work to do and we're heads down on getting it done."

Google

Project Fi Creates Its Own Version of An Unlimited Plan (theverge.com) 61

Google's Project Fi mobile virtual network operator (MVNO) has launched a new feature called Bill Protection that will cap your $10 per GB data bill at $60 a month, while still allowing you to use as much data as you want, essentially creating its own version of an unlimited data plan. The Verge reports: Prior to today, Project Fi users were charged $10 per GB no matter how much data they used, which could become quite costly for heavy users. Bill Protection should help alleviate those worries for most users. Google says those who use up to 15GB of data in a month won't experience any throttling, but if they cross that threshold -- Google says less than 1 percent of its users pass that mark -- they will "experience slower data" with speeds going down to 256kbps. If you don't want to be throttled when you pass 15GB in a month, Google says you can pay the usual $10 per GB to opt out of the slower speeds. It also noted that Bill Protection for Project Fi users on group plans will kick in at different usage levels, depending on the size of your group.

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