Elon Musk was in court in Delaware last week defending his role in Tesla’s acquisition of failing solar panel installer SolarCity in 2016. That questionable decision – SolarCity was founded by his cousins; Musk was its biggest shareholder and served on the board of both companies – triggered a shareholder lawsuit. Of course, not all of Musk’s misguided notions land him in Delaware Chancery Court, but many don’t pan out precisely as planned. “If I wasn’t optimistic I don’t think I would have started an electric car company or a rocket company,” <a href="https://twitter.com/WillOremus/status/1415012678020513794?s=20" target="_blank" rel="noreferrer noopener">he told the court</a>.In the case of the $2.6 billion SolarCity deal, the solar roof revolution he predicted in 2016 hasn’t materialized. But neither has an affordably priced Tesla, an all-electric semi, a robotaxi network or next-gen low-cost, high-capacity batteries. Ahead of a ruling in the SolarCity case, here’s a roundup of some of Musk’s bigger swings – and misses – from the last five years.  



<h2 class="wp-block-heading" id="h-35-000-model-3">$35,000 Model 3</h2>



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1024x683.jpg" alt="" class="wp-image-51852" width="379" height="252" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-2048x1366.jpg 2048w" sizes="auto, (max-width: 379px) 100vw, 379px" /><figcaption>The general assembly of the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018. (Photo by Mason Trinca for The Washington Post via Getty Images)</figcaption></figure></div>



<h4 class="wp-block-heading" id="h-the-35-00-price-point-was-touted-for-years-as-the-model-3-s-key-appeal-no-longer-just-a-auto-for-the-rich-telsa-would-finally-make-a-mass-market-car-but-after-model-3-went-into-production-it-was-only-available-at-that-price-intermittently-before-being-scrubbed-currently-the-cheapest-version-starts-at-40-000-and-after-taxes-registration-and-add-ons-usually-sells-for-closer-to-50-000-meanwhile-starting-prices-for-tesla-s-bigger-model-s-and-x-have-risen-to-85-000-and-95-000-respectively-and-they-really-cost-more-than-100-000-with-options-taxes-and-delivery-charges">The $35,00 price point was touted for years as the Model 3’s key appeal. No longer just a auto for the rich, Telsa would finally make a mass-market car. But after Model 3 went into production it was only available at that price intermittently before being scrubbed. Currently the cheapest version starts at $40,000 and after taxes, registration and add-ons usually sells for closer to $50,000. Meanwhile, starting prices for Tesla’s bigger Model S and X have risen to $85,000 and $95,000, respectively, and they really cost more than $100,000 with options, taxes and delivery charges.</h4>



<div class="wp-block-image"><figure class="alignright is-resized"><img decoding="async" src="https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F60e8c1aec3268da90bbd4e49%2F0x0.jpg%3FcropX1%3D820%26cropX2%3D3181%26cropY1%3D0%26cropY2%3D2362" alt="Tesla-Semi_IR_8219-14-Courtesy Tesla" width="-471" height="-471"/><figcaption>TESLA</figcaption></figure></div>



<h2 class="wp-block-heading"> Tesla Semi</h2>



<h4 class="wp-block-heading">Musk’s ambitions go beyond passenger vehicles and in November 2017 he unveiled his futuristic electric truck, promising it would go 500 miles per charge and be available around the end of 2019. As of July 2021, Tesla hasn’t announced a firm launch date or production site for the Semi and in June Jerome Guillen, the long-time head of the truck program, unexpectedly resigned.</h4>



<h2 class="wp-block-heading">Tesla Roadster</h2>



<h4 class="wp-block-heading">Unveiled in November 2017 along with the Semi, Musk said the Roadster would arrive in 2020, be the fastest production car ever made and go as far as 620 miles per charge. The anticipated tech wonder is expected to cost about $200,000 but there’s no firm launch date. </h4>



<h2 class="wp-block-heading">Tesla Giga Berlin</h2>



<h4 class="wp-block-heading">Musk wanted Tesla’s first European battery CK plant to open in July 2021. While much of the physical construction is complete, the plant lacks regulatory approval to begin operations, has stoked opposition from local environmentalists and faces fines related to water and sewerage issues. The current hope is that the plant will be open by early 2022.</h4>



<div class="wp-block-image"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1024x683.jpg" alt="" class="wp-image-51854" width="697" height="465" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-2048x1365.jpg 2048w" sizes="auto, (max-width: 697px) 100vw, 697px" /><figcaption>2: A sign marks Tesla Strasse (Tesla Street) at the construction site of the new Tesla Gigafactory near Berlin on September 02, 2020 near Gruenheide, Germany. (Photo by Sean Gallup/Getty Images)</figcaption></figure></div>



<h2 class="wp-block-heading">Tesla Full Self Driving&nbsp;</h2>



In October 2016 Musk announced that all Teslas were being built with the necessary computing power, sensors and cameras to allow them to eventually operate autonomously. At that time, he estimated that Full Self Driving capability would arrive in two to three years. The $10,000 feature, an enhancement of the company’s Autopilot system, was released in beta form in July, but after a series of horrific, fatal accidents Tesla now warns drivers that it “<a href="https://twitter.com/tesla_raj/status/1413764413165772803" target="_blank" rel="noreferrer noopener">may do the wrong thing at the worst time</a>” and that they need to use it with “additional caution”–suggesting that it isn’t ready for primetime.



<h3 class="wp-block-heading">Tesla Robotaxi Network</h3>



Musk said at Tesla’s Autonomy Day in October 2019 that by the end of 2020 “for sure, we will have over a million robotaxis on the road. … The fleet wakes up with an over-the-air update. That&#8217;s all it takes.” As a result of that capability, Tesla owners would be able to earn money from their vehicles by making them available for an autonomous, on-demand ride service the company would oversee. That hasn’t happened and there’s no indication that will be possible–or legal– in the near term.



<h3 class="wp-block-heading">Tesla Next-Generation Battery Cells</h3>



Musk touted a larger, beer-can size 4680 lithium battery cell in September 2020 that he claimed would be 56% cheaper and have five times the energy of the company’s current cells. He said pilot production of small batches at a lab in Silicon Valley was underway and that the company might be able to scale up to high-volume production within a year or two. Timing for production is unclear, but delays in manufacturing the cell appear to be part of the problem with launching Tesla’s Semi and Roadster. 



<h3 class="wp-block-heading">Tesla Solar Production And Jobs&nbsp;</h3>



New York spent $950 million to build and equip a solar panel factory in Buffalo that SolarCity had big plans for. In exchange for the state’s generosity, the company was to create at least 1,460 jobs there. The future looked promising after Tesla purchased SolarCity in late 2016 and in December of that year Tesla said it “entered into a long-term agreement with Panasonic to manufacture photovoltaic cells at our Gigafactory 2 in Buffalo, New York, with negotiated pricing provisions and the intent to manufacture 1 gigawatt of solar panels annually.” But in the years since, output of panels at the plant has been unclear. In 2020 Tesla reported delivering just 205 megawatts of solar panels, a quarter of what SolarCity installed in 2016. Tesla has also had difficulty maintaining the required headcount at the factory. Panasonic abandoned the facility last year, further reducing employment at the facility. Tesla has been given numerous extensions by the state. As of Memorial Day, it had 1,058 employees at the plant, and has until the end of 2021 to meet the 1,460-worker target or pay a $41 million penalty.



By Alan Ohnsman, Forbes Staff

Elon Musk, CEO of SpaceX and chairman of Tesla Motors at Tesla’s headquarters in San Carlos Tuesday Oct. 24, 3008.  Silicon Valley icon Musk became a billionaire founding PayPal, but he’s out to do something even more important – help humanity reach beyon

Elon Musk’s Biggest Tesla Blunders Of The Last Five Years

MacKenzie Scott, the philanthropist and ex-spouse of Amazon CEO and founder Jeff Bezos, announced a new round of donations Tuesday, totaling some $2.7 billion to 286 organizations around the U.S. She detailed her thought process and the list of recipients in a&nbsp;<a href="https://mackenzie-scott.medium.com/seeding-by-ceding-ea6de642bf" target="_blank" rel="noreferrer noopener">Medium blog post</a>.&nbsp;&nbsp;



“Sitting down to write this post, I felt stuck,” Scott writes. “I want to de-emphasize privileged voices and cede focus to others, yet I know some media stories will focus on wealth.” (Duly noted by us here at&nbsp;Forbes.) By&nbsp;<a href="https://www.forbes.com/profile/mackenzie-scott/?sh=b4d7725243d0">our estimate</a>, Scott’s fortune—after distributing the latest gifts—stands at $57 billion as of 10:30 am ET, which makes her the 22nd richest person in the world.&nbsp;



Scott says she wished she could have titled her post “286 Teams Empowering Voices the World Needs to Hear,” because she and her team are “attempting to give away a fortune that was enabled by systems in need of change.” With that, Scott jumps into the&nbsp;<a href="https://www.nytimes.com/2021/06/13/opinion/warren-buffett-billionaire-taxes.html" target="_blank" rel="noreferrer noopener">billionaire debate</a>&nbsp;that’s long simmered amid recent explosive reporting by&nbsp;<a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax" target="_blank" rel="noreferrer noopener">ProPublica</a>&nbsp;revealing that the world’s richest—including her ex-husband—pay very little in taxes relative to their wealth.



“We are governed by a humbling belief that it would be better if disproportionate wealth were not concentrated in a small number of hands, and that the solutions are best designed and implemented by others,” Scott writes. She says she focused her latest donations on higher education, groups bridging divides through interfaith support, arts and culture, anti-poverty organizations led by people of color and grassroots groups supporting local communities.



Scott didn&#8217;t disclose the specific dollar amount of each grant she made. But she did say that in total, she dispersed $2.739 billion. If the grants are equal in size, that means each of the 268 organizations received about $10 million. One recipient, the Children’s Defense Fund,&nbsp;<a href="https://www.childrensdefense.org/2021/childrens-defense-fund-receives-20-million-from-mackenzie-scott-and-dan-jewett/" target="_blank" rel="noreferrer noopener">says</a>&nbsp;they received $20 million, “the largest single contribution” in its history. Global health organization&nbsp;<a href="https://www.forbes.com/sites/kerryadolan/2018/03/12/backed-by-a-band-of-philanthropists-nonprofit-makes-dramatic-progress-in-reducing-childhood-deaths/?sh=36a9069a237e">Muso</a>&nbsp;received $15 million, likewise its largest donation to date, according to a press release. The BOMA Project, which aims to end poverty in rural Africa, received&nbsp;<a href="https://bomaproject.org/2021/06/15/philanthropist-mackenzie-scott-donates-10m-to-the-boma-project/" target="_blank" rel="noreferrer noopener">$10 million</a>.



Fascinating, though, are Scott’s donations to groups that enable philanthropic giving or aid. Like Kiva, which makes microloans. Or Give Directly, which gives cash to the very poor in African countries. Another recipient, the National Council of Nonprofits, told&nbsp;Forbes&nbsp;their unrestricted grant will help their work supporting tens of thousands of nonprofits across the country. “Grateful for the tremendous trust that MacKenzie and Dan [Jewett, her husband] have in our work does not even begin to describe how we are feeling today,” CEO and president Tim Delaney says.



In keeping with Scott’s stated belief of ceding control of money for the best results in disseminating wealth, she gave to the Decolonizing Wealth Project, which redistributes wealth to Black, Indigenous and other philanthropic initiatives led by people of color. A gift was also made to Homeboy Industries, a Los Angeles-based nonprofit that rehabilitates former gang members and helps them become contributing members of society.



Among Scott’s education recipients is DonorsChoose, a nonprofit that lets teachers crowdfund for their classrooms. Founder Charles Best told&nbsp;Forbes&nbsp;that Scott’s gift was “overwhelming,” and said her Tuesday blog post “will surely be cited as one of the most powerful philanthropic manifestos ever written.” Scott also donated to numerous colleges and universities.



Another recipient, Faith in Action, told&nbsp;Forbes&nbsp;they look forward to using their multi-million donation “toward continued investments in Black and Brown communities” as part of their mission to help people of religious faith work towards more just and equitable societies. “This gift is transformative for Faith in Action,” executive director, the Reverend Alvin Herring, says. “As we center the leadership of everyday folks who aren’t looking for the limelight, we are grateful to Ms. Scott for investing in organizations led by people directly impacted by the issues we care so deeply about.”



Arts organizations receiving funds include the legendary Apollo Theater in Harlem, the Alvin Ailey American Dance Theater, Jazz at Lincoln Center and the L.A. Arts Endowment Fund, among others.



Tuesday marks Scott’s third major round of donations. By&nbsp;Forbes’ estimate, she gave away&nbsp;<a href="https://www.forbes.com/sites/denizcam/2021/04/06/how-mackenzie-scott-gave-away-nearly-6-billion-last-year-and-ended-up-richer/?sh=4a551b4068cc">nearly $6 billion</a>&nbsp;in 2020 to 500 organizations. Scott is also a&nbsp;<a href="https://givingpledge.org/Pledger.aspx?id=393" target="_blank" rel="noreferrer noopener">signee</a>&nbsp;of the Giving Pledge, promising to give away half of her fortune to charitable causes during her lifetime, or after her death.

Axel Springer award ceremony

MacKenzie Scott Just Gave Away Another $2.7 Billion

The gentle sea breeze, the glint of classic cars, swaying sugarcane plantations, and horses trotting around – while this might seem like the description of a picture postcard, this is the everyday life of Viju Gowreesunkur, an entrepreneur in the island nation of Mauritius.
This sugarcane planter, who has a vintage car collection that is the pride of the island, also knows a thing or two about horses. He grew up with them, and today, even owns a few.
Mauritius occupies a significant place in Africa’s horse industry. The country boasts an average racing population of 450 horses, and has an important equestrian link with South Africa. All of the nation’s racehorse imports – 150 every year – come from South Africa.
“A lot of South African jockeys ride in Mauritius. The traveling time to Mauritius is only three hours by air. The horses adapt well with our climate. A lot of South Africans are immigrating to Mauritius, and horse racing can be a main social activity for the expatriates,” sums up Gowreesunkur.
<a href="http://www.forbesafrica.com/sport/2013/08/01/racing-into-history/" target="_blank" rel="noopener">READ MORE: Racing Into History</a>
In South Africa, the horseracing industry contributes R2.71 billion ($226 million) annually to its GDP. Efforts are on to ramp up those numbers.
And as with the expatriates taking to horse racing in Mauritius, here too, it’s no longer the pastime of only the privileged few.
“These days, horse racing is no longer the domain of royalty, and with this shift came the glorious possibility that anything is possible and that the richest races could be won just as easily by a working man as by a multi-millionaire,” says Adrian Todd, Managing Director of SA Equine Health and Protocols NPC, in South Africa.
Mick Goss, the CEO of Summerhill Stud in South Africa’s KwaZulu-Natal province, says while owning racehorses can be an aspirational endeavor, it can also arise from a deep-seated connectivity with animals in general, or horses in particular.
“The result is that racehorses are owned by people from across the social and economic spectra, from the wealthy to the determined,” says Goss. In its 40th year, Summerhill Stud is one of the country’s top horse breeders, and it has produced several champion racehorses.
<div id="attachment_35865" style="width: 1034px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-35865" class="wp-image-35865 size-large" src="https://www.forbesafrica.com/wp-content/uploads/2018/04/AHS-114-1024x681.jpg" alt="" width="1024" height="681" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/04/AHS-114-1024x681.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2018/04/AHS-114-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/04/AHS-114-600x399.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/04/AHS-114-768x511.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/04/AHS-114.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" />Approximate annual cost to maintain a horse on a styud farm in South Africa: $5,000. Photo supplied.</div>
Goss had humble beginnings starting the stud farm. He came from a family of generations of horsemen and was previously a lawyer, when after 17 years, he gave up law to start out with nothing in the horse business but “a deep-seated will to make it work”.
“I inherited the horse ‘disease’, for which there is no known vaccine,” he jests.
Today, his farm runs a school of management excellence in equine studies, the only one of its kind in the southern hemisphere, he says, and the results have been “extraordinary”.
Goss says South Africa is set for a record year.
“2018 will be a game-changing year,” he says, with respect to the efforts now being made to rejig the racing and breeding industries “with substantial investments towards the normalization of export protocols with international trading partners”.
There is significant demand for South Africa-based horses in the international market for their quality and affordability. A case in point being that in the past, at the $10 million Dubai World Cup, the richest day in international thoroughbred racing held in March every year, South African-trained horses have won at many levels.
“We have produced winners at the highest level in almost all of the major racing jurisdictions of the world. It is little surprise that our horses are as sought -after as they are internationally, more so as they cost a fraction of their counterparts from other major racehorse-producing countries,” says Goss.
But there are challenges, including strict export restrictions, quarantine controls and prevalence of the African Horse Sickness (AHS).
“The current onerous export restrictions make it difficult for the racing and breeding industry to expand and very hard for our horses to travel and compete internationally,” says Todd.
The country has been severely curtailed in its ability to export horses due to AHS.
South African horses have to endure a quarantine of up to six months before they reach their country of destination.
“Compare this with the delivery of 30 days of horses acquired in countries like Australia and New Zealand, destined for South Africa,” says Goss. “From this, you can deduce the obstacles South African horse people face in the export of their products.”
AHS is a vector-borne viral disease, and has affected South African horse exports since the 1960s.
Goss says he has only suffered one loss to AHS in 40 years on his farm, but says, if properly managed, the losses can be avoided.
“Proliferation of game farms around the country has meant concentrations of zebra in close proximity to horse farms, which has exacerbated the problem,” says Goss.
“The reason is many zebras are carriers of the virus, though they have an inbuilt immunity against it, and while the disease itself is not contagious, it can be carried from one animal to another by a vector.”
Thankfully, there have been breakthroughs in its detection.
“The latest technologies mean that we are able to detect AHS within a matter of hours nowadays and with the quarantine protocols we now have in place, we can guarantee we are unlikely ever to export infected horses,” says Goss.
<a href="http://www.forbesafrica.com/sometime-in-africa/2013/11/01/love-mountain-hate-horse/" target="_blank" rel="noopener">READ: Love The Mountain Hate The Horse</a>
“With new scientific developments and a new Polymerase Chain Reaction test to detect AHS within hours, South Africa is busy working towards a much shorter period of quarantine of possibly 16 days. This will obviously open the door to the world market and allow the entire horse industry to grow to its full potential,” says Todd.
This test has been developed by Professor Alan Guthrie and colleagues at the Faculty of Veterinary Science’s Equine Research Centre in the University of Pretoria, which has improved the lab diagnosis of AHS by increasing the sensitivity of detection and shortening the time required for the diagnosis.
Equine experts like Todd are optimistic the strides taken by the industry will make this year more successful for the horse industry.
Currently, horses are exported from Cape Town’s Kenilworth Racecourse, which serves as a quarantine, transit and export station. The horses are required to serve a three-month quarantine period in Mauritius on top of the three weeks already spent in quarantine in Cape Town, before going on to their final destination.
“The opening of export protocols will allow the industry to unlock a potential billion rand market. This in turn will lead to an expansion of the industry and a significant increase in rural employment…,” says Todd.
The platforms and opportunities are plenty.
In December, FORBES AFRICA visited the Turffontein Racecourse in the southern suburbs of Johannesburg for the glitzy Gauteng Sansui Summer Cup. Dating back 128 years, and along with the Durban July and the Sun Met in Cape Town, it’s one of the big three races on the South African horse racing calendar, with a prize money of R1.25 million ($104,373) up for grabs.
In South Africa, horse-lovers come from all walks of life.
“From rural communities who use horses for transport, to families who buy ponies for their children to ride for fun, to show jumpers and wealthy [South African] businessmen like Dr Richard Maponya who loves horseracing,” elaborates Peter Gibson, the CEO of Racing South Africa.
Prices range greatly depending on the breed and what it will be used for, but buying a thoroughbred racehorse could set you back by an average of over R300,000 ($25,000).
Furthermore, it takes R50,000 ($4,000) to R60,000 ($5,000) a year to maintain a horse on a stud farm.
“Thoroughbred studs are cash guzzlers, and you need to surround yourself with people that are capable of contributing towards the capital needs of the business by way of their support as clients, as well as developing strong relationships with the financial institutions that support you,” says Goss.
“The horse breeding and racing industries by their very nature are among the most labor-intensive activities in South Africa, and according to a recent audit of the industry by Grant Thornton, it employs in excess of 100,000 people, either directly or in those businesses that provide services to racing and breeding.”
Hopefully, in the years to come, the “cash guzzlers” will repay the favor, in leaps and bounds.

Brave-Tin-Soldier-retouched-cover-pic-online

The South African Horse Industry: A Potential Billion Rand Market

After another public relations debacle for Facebook—in which a Trump-affiliated data firm was accused of improperly gleaning information on more than 50 million users—the company’s stock plummeted nearly 7%, through 1pm Eastern Time on Monday, erasing $37 billion of market value. The decline had the biggest impact on Mark Zuckerberg, Facebook’s cofounder and CEO, whose net worth fell $5.1 billion.
Zuckerberg, who owns about 16% of Facebook&#8217;s shares, is now worth an estimated $69.5 billion, according to Forbes’ <a href="https://www.forbes.com/billionaires/list/#version:realtime" target="_blank" rel="noopener">real-time</a> rankings of the world’s billionaires. He is currently the seventh-richest person on the planet, down from fifth, after falling behind Zara cofounder Amancio Ortega and Carlos Slim Helu, Mexico’s richest person.
<a href="http://www.forbesafrica.com/billionaires/2018/03/07/forbes-billionaires-2018-meet-richest-people-planet/" target="_blank" rel="noopener">READ MORE: Forbes Billionaires 2018: Meet The Richest People On The Planet</a>
It’s the latest in a string of bad news for Facebook. Last year it was blamed for, among other things, facilitating misinformation, contributing to polarization in Britain, Austria, Italy and elsewhere and enabling foreign political interference. Already, 2018 has been no less turbulent.
On March 17, news broke that data firm Cambridge Analytica—which worked as a consultant for Donald Trump’s presidential campaign—allegedly ”harvested private information from the Facebook profiles of more than 50 million users without their permission.” The <a href="https://www.nytimes.com/2018/03/17/us/politics/cambridge-analytica-trump-campaign.html" target="_blank" rel="noopener" data-ga-track="ExternalLink:https://www.nytimes.com/2018/03/17/us/politics/cambridge-analytica-trump-campaign.html">report</a>, published in the New York Times, has exacerbated concerns that the social media giant can be exploited for partisan gain. On Sunday, March 18, lawmakers in both the United States and United Kingdom <a href="https://www.nytimes.com/2018/03/18/us/cambridge-analytica-facebook-privacy-data.html" target="_blank" rel="noopener" data-ga-track="ExternalLink:https://www.nytimes.com/2018/03/18/us/cambridge-analytica-facebook-privacy-data.html">pressed Facebook</a> for more details on the matter.
In the Times report, Facebook&#8217;s deputy general counsel, Paul Grewal, called the incident &#8220;a scam — and a fraud.” “We will take whatever steps are required to see that the data in question is deleted once and for all — and take action against all offending parties,” he added. Cambridge Analytica was suspended from the platform soon after.
The data consultancy has been in the headlines since Trump’s victory in November 2016. The firm had targeted voters and helped tailor political messaging for his campaign. Amid the post-election upheaval Cambridge Analytica’s CEO, Alexander Nix, <a href="https://www.forbes.com/sites/denizcam/2017/12/09/trump-campaigns-data-vendor-cambridge-analytica-says-it-is-moving-away-from-u-s-politics/#a86615a584af" target="_blank" rel="noopener">told Forbes</a> in December 2017 that the company would de-emphasize its political work in the U.S. He further stated that the business had “no involvement with Russians,” an assertion that was also disputed in the <a href="https://www.nytimes.com/2018/03/17/us/politics/cambridge-analytica-russia.html" target="_blank" rel="noopener" data-ga-track="ExternalLink:https://www.nytimes.com/2018/03/17/us/politics/cambridge-analytica-russia.html">Times</a> this week.
<a href="http://www.forbesafrica.com/current-affairs/2017/09/08/facebook-says-fake-accounts-likely-tied-russia-bought-100000-political-ads/" target="_blank" rel="noopener">READ MORE: Facebook Says Fake Accounts Likely Tied To Russia Bought $100,000 In Political Ads </a>
Zuckerberg, 33, founded Facebook in 2004 as a 19-year-old student at Harvard. He dropped out during his sophomore year to focus full-time on the company, which quickly expanded past its initial niche on college campuses. Today Facebook boasts more than 2 billion monthly active users.
The business’ revenue has swelled in turn, to $40.7 billion in 2017. Together with Google, Facebook accounts for over 60% of online advertising dollars, according to <a href="https://www.statista.com/chart/12179/google-and-facebook-share-of-ad-revenue/" target="_blank" rel="noopener" data-ga-track="ExternalLink:https://www.statista.com/chart/12179/google-and-facebook-share-of-ad-revenue/">Statista</a>. As the firm’s financial and social power continues to intensify, some have called for regulatory intervention. This week’s tumult will do nothing to ease that pressure. &#8211; Written by <a href="https://www.forbes.com/sites/noahkirsch/" target="_blank" rel="noopener" data-ga-track="contrib block byline">Noah Kirsch</a>, FORBES STAFF

After Latest PR Nightmare, Mark Zuckerberg’s Net Worth Drops $5.1 Billion In Hours

A tough New York real estate market, a costly lawsuit and an expensive presidential campaign all contributed to the declining fortune of the 45th president. After months of digging through financial disclosures and public property records and conducting dozens of interviews, Forbes now estimates POTUS&#8217; net worth at $3.1 billion, down from $3.7 billion a year ago. He drops to No. 248 in the ranks of the richest people in America, down from No. 156 in 2016.
<a href="http://www.forbesafrica.com/politics/2017/10/12/50-minutes-oval-office-citizen-trump-barely-word-money/" target="_blank" rel="noopener">READ MORE: 50 Minutes In The Oval Office With Trump &#8211; And Barely A Word About His Money</a>
The biggest hit was to Trump&#8217;s real estate portfolio, which is weighted heavily toward New York City. Values of several Manhattan properties, particularly those on or near Fifth Avenue, have dropped, shaving nearly $400 million off his fortune. Some of his golf properties, including ones in Miami, Ireland and Scotland, have also declined in value, as some would-be guests stayed away, apparently offended by the president&#8217;s politics and bombast. Trump&#8217;s cash pile is down an estimated $100 million since last year, after he spent $66 million on his campaign and $25 million settling a lawsuit over Trump University. As always, we refined our estimates based on new information uncovered during months of reporting.
<a href="https://www.forbesafrica.com/lists/2017/10/18/forbes-400-2017-meet-richest-people-america/" target="_blank" rel="noopener">READ MORE: Meet The Richest People In America</a>
A handful of Trump&#8217;s assets rose in value in the past year, including the hotel-condo tower in Las Vegas that he owns with fellow Forbes 400 member Phil Ruffin and his minority stake in a downtown San Francisco office building, which continues to benefit from the red-hot real estate market there. &#8211; Written by <a href="https://www.forbes.com/sites/danalexander/" target="_blank" rel="noopener" data-ga-track="contrib block byline">Dan Alexander and </a><a href="https://www.forbes.com/sites/mattdrange/#46912f5c45b3" target="_self">Matt Drange</a>, FORBES STAFF

Tag: billions

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