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Around the World

Tesla investor sues Elon Musk for causing problems with his tweets

An investor in the US electric car maker, Tesla, has sued the company’s founder, Elon Musk over alleged erratic tweets.

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Tesla Investor Sues Elon Musk for Causing Problems with His Tweets

Elon Musk, the controversial multi-billionaire is being sued by an investor in his company. Musk is being accused by the investor of unsettling the markets and exposing his investors to high risk with his “erratic tweets”.

Chase Garrity an investor in the US electric car maker, Tesla, has sued the founder of the company for his erratic Twitter messaging which according to him, has exposed the company to high legal risks and billions in price losses.

The 105-page lawsuit was published in the US court of Delaware and it accuses Musk of violating the settlement negotiated with the US Securities and Exchange Commission in 2018.

READ: Battle of Titans: Elon Musk, Jeff Bezos share world’s richest title

The lawsuit also includes the entire Tesla board and its supervisory body for not calling Musk to order.

In May 2020 Musk caused a 14 billion dollar loss in market value on a single trading day with a series of unguarded tweets. He tweeted about Tesla’s market value being too high and how he was going to dispose of all physical assets.

The lawsuit stated that any further unbridled tweet from Musk would have dire consequences for Tesla’s future funding opportunities.

READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%

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What you should know 

  • Remember Nairametrics posted a story on how Musk tweets once again caused a serious ripple effect in the crypto world. His tweet helped Bitcoin gain $6000. He later invested heavily in Bitcoin.
  • Manager Magazine stated that analysts are not comfortable with such a move and view it as some kind of manipulation.
  • Musk in April last year posted a joke photo of Tesla going bankrupt. This once again unsettled investors.
  • Tesla Management has not released a statement on this fresh lawsuit.

I Am A Business Analyst And Digital Media Enthusiast Covering Wealth And Business Leaders. Follow Me On Twitter

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Around the World

Trump to return to social media with his own platform in 2 months

Over 2 months after he was banned from Twitter, Facebook, others, Donald Trump is working on making a return.

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U.S. budget suffers a deficit of $3.1 trillion in 2020, as pandemic slams the economy, President Trump to decide fate of TikTok in 24-36 hours, Vaccine, America's Trump finally bans TikTok, WeChat, US imposes visa ban on Nigerians for election-related activities, I am not going to do second debate - Trump

Former US President, Donald Trump, will be back on social media in the near future, over 2 months after he was banned from Twitter, Facebook, and others.

This follows plans by the former President to launch his own social media platform within the next 2 or 3 months.

This disclosure was made by Trump’s Senior Adviser, Jason Miller, on Sunday, March 22, 2021, during a chat with Fox News’ #MediaBuzz.

READ: President Biden revokes Trump’s ban for green card applicants in US

What Donald Trump’s Senior Adviser is saying

Jason Miller, who was a spokesman for Trump’s 2020 campaign, told the media network that the former President would soon get back to social media space with a new platform of his own that would completely redefine the game.

Miller, while talking to Fox News, said, “I do think that we’re going to see President Trump returning to social media in probably about two or three months here, with his own platform. And this is something that I think will be the hottest ticket in social media; it’s going to completely redefine the game, and everybody is going to be waiting and watching to see what exactly President Trump does.”

Although he did not provide more in terms of details, Miller revealed that Trump had been having high-powered meetings at his Florida resort, Mar-a-Lago, with various teams regarding the venture, and that numerous companies had approached Trump.

Miller said the new platform was going to be big, while also predicting that Trump would draw tens of millions of people.

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In case you missed it

  • It can be recalled that former President Trump was banned from Twitter after the January 6, attack on the Capitol by his supporters. He was accused of inciting his supporters after he rejected the US Presidential election result which he claimed was a fraud.
  • Twitter last week said it would seek public input on when and how it should ban world leaders, saying it was reviewing its policy and considering whether leaders should be held to the same rules as other users.

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The UK Royal Family is worth $28bn, here’s how they make their money

If you ever wondered the source of the wealth of the British royal family, here’s an insight into what you should know.

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Last month, CBS, an American foremost broadcast station paid Oprah Winfrey a staggering $7 million to obtain exclusive rights for her interview with the runaway royals. The interview went on to attract over 17.8 million viewers in the US alone.

The widely viewed interview has put the Royal family is in the eye of the storm following some steep accusations made by out-of-favour royals Prince Harry and Megan Markle.

One of the standout accusations according to Forbes was the cutting off of the annual $7.8 million disbursed to the Royal princes for their private family operations. Prince Harry’s son, Archie was also excluded from assuming the prince title and being a working Royal.

Experts at Forbes believe the bad publicity following the Oprah Winfrey interview is putting the UK Royal Family Business at risk. The UK Royal family is a standalone organization separated from the official UK Government.

Have you ever wondered how they make money?

READ: Queen Elizabeth II Isn’t As Rich As You Think

Royal Family Business 

The UK royal family business structure is known as “The Firm” or Monarchy LLC.

It is a $28bn business entity with over 1000 years of history. It is carefully managed by the senior members of the UK Monarchy.

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In this brief article, we are going to highlight 3 major ways the British Royal Family makes money annually.

Sovereign Grant 

The Sovereign Grant is the official funding provided by the UK government to its Monarchy.

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The Sovereign Grant covers the Queen’s costs of travel, security, staff and the upkeep of royal palaces. The Sovereign Grant is generated from the Crown Estate. The crown estate is a collection of prestigious UK farms and estates that generates millions of pounds every year. The UK government collects a huge chunk of it and gives the Queen 20% of it.

According to CNN Money, the Queen received £42.8 million ($58 million) free of tax from the Sovereign Grant in the 2016–2017 fiscal year.

The payment was projected to grow to £76.1 million ($103 million) in the latest fiscal year to help finance an extensive renovation of Buckingham Palace. Senior members of the Royal family are paid directly from the sovereign grant too.

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READ: Caught On Camera: British Prime Minister Tells Queen Nigeria Is “Fantastically Corrupt”

Media and Tourism 

The UK Royals are arguably the World’s biggest Influencers. According to Forbes, the televised wedding of Prince Harry and Meghan Markle added a whopping $1.5bn to the UK Economy via TV rights and tourism.

A UK brand valuation firm stated that the UK Royal family added an estimated $70 million to the media industry in 2017.

According to the BBC, the tourist board of Great Britain stated that the tourist attractions to the UK Royal family palaces pull in £550 million every year.

The Royal family also makes a lot of money through the goodwill of well-wishers and fans.

Real Estate 

The UK Royal family own an extensive real estate business, some dating back to 1265. The real estate holdings consist of residential and Agric farms pulling in good money annually. We are going to quickly highlight some notable ones below.

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  • The Duchy of Lancaster is a combination of commercial, agricultural and residential properties that dates back to 1265. It produced £19.2 million ($26 million) in income for the Queen in 2018.
  • The Buckingham palace a resident palace inherited by the queen with an estimated net worth of $5 billion.
  • Windsor Castle with an estimated worth of $236 million.
  • The Balmoral Castle with an estimated Net worth of $140 million.

Other senior notable members of the Royal Family own their own lucrative private real estate businesses which they earn good money from.

What to Know 

  • According to Forbes, the Queen’s personal wealth is estimated at $500 million thanks to her two estates, investments and jewellery.
  • The UK Royal Family is worth a combined $28 billion
  • According to the Sun, the Royal family lost about £18 million in tourism, due to the Coronavirus lockdown.

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