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‘No One Likes Working with Elon Musk,’ Says Supposed SpaceX Engineer

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An anonymous SpaceX engineer took to the keyboard to answer the question of what it’s like working with Elon Musk recently, divulging secrets of the crazy workplace Musk operates.

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The supposed engineer said on Quora:

I’ve been an engineer with SpaceX for over five years now. I’ve seen and helped the company grow from less than 500 people in to the powerhouse it is now.”

The engineer provided no proof that they worked for SpaceX, but went on to craft a story about how hard it is for engineers to work for Elon Musk. While it’s important to point out that people on the Internet do lie and that this could clearly be a case of fraud, it’s also reasonable speculation to believe that if the person identified themselves they would be immediately fired.

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Musk’s Version of Reality is Highly Skewed

Elon Musk

Elon Musk

The supposed engineer said SpaceX is awesome, and doubts that there is a cooler company in the world, but said that what’s been discussed in the past about Elon Musk is just one part of the story. They were on a mission to tell their side; a side not seen all too often. They explained:

This side of what it’s like to work with Elon shows that no one likes working with Elon. You can always tell when someone’s left an Elon meeting: they’re defeated. These are some of the hardest working and brightest people in the world, mind you. And they are universally defeated.

They said that the reason so many of the world’s highly accomplished engineers leave Elon Musk’s office broken, tail between their legs, is because of Musk’s high standards. The anonymous engineer said Musk’s version of reality is highly skewed, much like Steve Job’s “reality distortion field.”

Also read: Tesla Roadster Range Doubled to 400 Miles With Battery Upgrade

“If you believe that a task should take a year then Elon wants it done in a week. He won’t hesitate to throw out six months of work because it’s not pretty enough or it’s not ‘badass’ enough.”

Included in the story was the notion that Elon Musk didn’t allow for any time outside of the office. According to the supposed engineer, Musk couldn’t care less.

“If you want a family or hobbies or to see any other aspect of life other than the boundaries of your cubicle, SpaceX is not for you and Elon doesn’t seem to give a damn.”

They continued, claiming Musk once said that not enough of the engineers were working on Saturdays during a company-wide talk. Nothing they ever do seems to be good enough, forcing them to find their own value without praise throughout their 80-hour work week.

“In order to continue working with Elon, you have to learn to ignore almost everything he says and you have to be prepared to be jabbed over and over.”

Elon Musk has not commented on the allegations, though a good place to monitor is his Twitter account that he actively uses. Elon Musk will hold a Reddit AMA on 5 January at 9PM EST, which will be a good opportunity to ask him to comment. Of course Hacked journalists will attend the AMA and report selected highlights.

Again, these allegations were made by an anonymous person providing no proof that they work at SpaceX. Reasonable speculation stands that they could be hiding their identity, but it shouldn’t be taken as a fact.

Images from Wikimedia Commons and Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Clay Gillespie a writer and reporter for many different platforms across the tech industry. He holds a B.S. in Public Relations from Ball State University, and freelances for different clients in technology and cryptocurrency. For more information, visit his personal website, claygillespie.com.




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Walmart’s Flipkart Deal: The Dawn of a New Day in India

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It’s the dawn of a new day in India, particularly cross-border investment, thanks to Walmart’s groundbreaking controlling stake in Bengaluru-based e-commerce darling Flipkart. Walmart has tried for years to no avail to enter the South Asian country, until now.

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As a result of the deal, Walmart now has five seats on the online retailer’s board and is poised to play an influential role on the direction of the company — including a possible Flipkart IPO — setting the tone for further investments into the region in the interim.

It’s $16 billion deal values Flipkart at a whopping $21 billion and helps the Arkansas-based big-box retailer to compete more fiercely with Amazon, considering that the integration goes smoothly. Walmart has chosen a controversial target company to kick things off. Flipkart has been at the center of a saga ironically surrounding a previous cross-border investment.

Amazon is fighting back, however, as evidenced by it reaching into the belly of western India including Gujarat’s Bhuj, where some residents don’t even have online access. Amazon is taking an Etsy-like approach there with a focus on handmake craft items that are unique to this corner of the world.

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No doubt corporations around the world have it on their radar as a possible harbinger of more cross-border investment activity to unfold in the region.

Gopal Jain of Mumbai-based private equity firm Gaja Capital told The Financial Times: “India continues to be perceived in global boardrooms as a tough place to do business in.” But he also said that as a result of this deal, global executives have gone from “being on the heels to being on the toes.”

India’s Cross-Border Investment

The overhaul of India’s international investment has been two decades in the making. And while India Prime Minister Narendra Modi says his administration has opened the doors to foreign investment, there still hasn’t been much evidence of that. For instance, cross-border M&A into India totaled $14.5 billion last year, lagging the performance of other developing countries including Brazil and China by as much as 50%, as per Dealogic data cited in the FT.

Indeed, the last time that a deal of anything close to the size of Walmart’s Flipkart acquisition was more than a decade ago in the telecom space when Vodafone took a majority position in Hutchison Essar. That deal left a sour taste in the mouths of would-be pursuers given hostile tax environment in which Vodafone was forced to operate.

Prime Minister Modi has the opportunity to prove to the rest of the world that India indeed is open for investment. If the Walmart deal can somehow help to shake the stigma that is attached to foreign investment into India, as evidenced by the “tax terrorism” that’s been attached with the region, it, in fact, could reflect the dawn of a new day for cross-border M&A in India.

Feature image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 7 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. Full disclosure, she's invested in bitcoin.




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Netflix Shares Surge After Hours amid Record Growth in Subscriptions

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Netlix Inc. (NFLX) has proved it can raise prices and still attract a record number of new users. The Los Gatos, California-based streaming service added 7.41 million customers in the first quarter, smashing analysts’ forecasts by about 1.7 million.

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Netflix Earnings

In addition to adding a record number of subscribers, Netflix posted per-share earnings of 64 cents on revenue of $3.7 billion. Analysts in a consensus estimate called for earnings of 64 cents per share on sales of $3.69 billion.

International streaming dominated subscription growth with a net gain of 5.46 million new users. Europe and Latin America were largely responsible for the better than expected growth. U.S. additions totaled 1.96 million.

Netflix succeeded in adding new subscribers even as it hiked the price of its streaming service, a sign the company was delivering desirable content. In addition tot he 700 titles planned for release this year, the company is investing billions into original content. Moving to in-house production will allow Netflix to save money by avoiding hefty markups charged by rival studios.

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After falling 1.2% on Monday, share prices spiked 5.2% in after-hours trading. At $323.70 per share, the company should surpass $140 billion in market cap at the start of trading on Tuesday. That’s a 600% increase since 2014.

Share prices are recovering after a difficult stretch for so-called FAANG stocks, an abbreviation that represents Facebook, Apple, Amazon, Netflix and Google-parent Alphabet. FAANG investments lost more than $320 billion over a three-week stretch ending Apr. 2.

At the close:

Dominance of Over-the-Top Content

Netfix has established a dominant position in the market for over-the-top content, or OTT, which generally refers to internet-based streaming services. Cord cutters in the U.S. market alone topped 22 million between 2016 and 2017, bringing the total number of consumers without pay TV to about 57 million.

High-speed internet is not only disrupting traditional media, it is destroying it. This extends far beyond the entertainment segment to also include broadcast news and other mainstream media outlets.

OTT content could be worth $62 billion by 2020, putting companies like Netflix at the top of the heap for investors looking for promising plays during the tail end of the bull market.

The success of Netflix has spawned several paid and free alternatives, including emerging juggernauts like Amazon Prime Video, Hulu and Sling TV. Traditional media companies like HBO have also adopted the subscription streaming model.

As cord-cutting continues, price elasticity of demand could grow for streaming services. In other words, companies can charge more for their service without fear of lost revenue. That was certainly the case with Netflix during the past quarter.

 

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 410 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Revolut: Apps For Cryptocurrencies

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For the last few months, it seems like we have been transfixed in the collapse of crypto prices, trying to figure out what is going to cause the next move up.  The answer is not easy to find. So I thought it might be an interesting change of pace to look at a fintech company that is participating in the crypto movement but has a few other cool things going as well.

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This may not fatten your investment account immediately but it should take your mind off bitcoin for a few minutes.  After that, who knows.

Big Valuation

Revolut is a UK based payments company in business since July 2015.  Last summer Revolut founders Nikolay Storonsky and Vlad Yatsenko raised over $66 million in VC funding and another $23 million from crowdfunding.  Yes, the Crypto buzz had something to do with their success. But there is quite a bit more.

Storonsky must be pretty good with a pitch deck considering the implied $200-$400 million valuation of the company.  He and his partner have deep experience in the global payments business. Nikolay spent years as a currency trader with Credit Suisse so he understands the absurd level of fees charged by the current system.

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The technical wizardry, however, rests with his partner Yatsenko. Vlad spent over ten years building financial systems for major Wall Street investment banks.  He serves as the company’s CTO.

Crypto Link: An Interesting Approach

According to company literature, the Revolut app allows customers to open a current account in under a minute, and includes a prepaid contactless MasterCard debit card.  So far there is nothing unusual about Revolut. But wait, there’s more.

The firm launched personal international bank account numbers (IBANs) across Europe just recently, and plans to integrate virtual currencies like bitcoin, Ethereum and Litecoin in the future.  This includes plans to add a wealth of new services in the coming months from the integration of cryptocurrency to pay-as-you-go travel insurance at the tap of a button.

Even before this gets accomplished, Revolut offers a currency exchange with 25 different currencies and a peer-to-peer payments service.  As Storonsky tells his story, “ . . . what we are demonstrating goes beyond banking.”

The one question investors are raising is how all these wonderful free services will be monetized.  An announcement this week should provide at least some answers.

CNP Fraud Prevention

Revolut has a new product aimed at tackling online card fraud. The mobile-only bank unveiled a virtual card that wipes a user’s card details and introduces new details each time they make a payment.

When people make an online payment, they enter card details and most often online retailers hold onto the data. This is where fraudsters have a field day.

In the trade it is known as Card Not Present (CNP) fraud.  As online shopping has increased steadily, CNP fraud has risen exponentially – something like 50% annually.

What happens is, every time you make a transaction, Revolut software deletes the card details so it’s impossible to make any transaction after that.  Just in case you were wondering, all the data remains in the browser of the customer. So the quality of customer service is not sacrificed.

Full Disclosure  

Revolut is not your typical ICO (i.e., all whitepaper and no product).  It is not fueled by any cryptocurrency or token. I first came across Revolut following their VC round last year and was impressed with the valuation, background of the founders and the business model.  I have no vested interest in the company. Someday the VC will want to cash out most likely through an IPO. So Revolut is a name you will want to keep track of.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 76 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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