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Meet Pavel Durov, the tech billionaire who founded Telegram

Pavel Durov, the founder of Telegram, is worth $15.5 billion.

The Russian-born tech mogul fled from Moscow 10 years ago and now lives in Dubai.

French police arrested Durov amid an investigation into criminal activity by users of Telegram.

Editor's note: This story first appeared in March 2022 and has been updated to reflect the most recent financial figures and Durov's arrest in France.

Pavel Durov is the founder and owner of messaging app Telegram.

Durov, who was born in St. Petersburg in Soviet Russia, is worth $15.5 billion, according to Forbes.

The tech entrepreneur cofounded encrypted-messaging service Telegram with his brother Nikolai in 2013. The brothers were born into a family of intellectuals, according the Digital-Life-Design Conference website. Durov spoke at the conference in January 2012.

Much of Durov's wealth comes from Telegram, which has 950 million active users and is valued at over $30 billion.

Before founding Telegram, Durov founded a Russian social network called Vkontakte.

Durov created the network in 2006 and sold a 12% stake for $300 million in 2015.

The site brought him fame: He became known as Russia's "biggest celebrity entrepreneur," according to The New York Times. But it also came with political trouble when Durov refused the Kremlin's demands to access Vkontakte data on Ukrainian protest leaders.

Durov said he was fired in April 2014 from his position as the CEO of Vkontakte as state-backed entities sought to control the network, Reuters reported. The Mail.Ru group, which is owned by oligarch Alisher Usmanov, bought the network for $1.47 billion later that year.

Usmanov's press service told Business Insider the group sold Vkontakte. State-run insurer Sogaz now owns it.

Durov told the Times he was forced to leave Moscow in 2014 after a SWAT team appeared at his home.

Durov's conflicts with the Kremlin didn't end with Vkontakte.

In 2018, Telegram was banned in Russia after Durov denied the Kremlin access to user data. In response to the ban, hundreds of people protested, some of whom held signs of Durov illustrated as a saint (pictured above). The app was reinstated in Russia two years later.

Today, Telegram is playing a major role in the war in Ukraine.

Durov vowed in a Telegram post in March 2022 to protect the data of Ukrainian users. Durov is of partial Ukrainian descent, according to the post.

"When I defied [the Kremlin's] demands, the stakes were high for me personally," Durov wrote. "I stand for our users no matter what. Their right to privacy is sacred."

Durov also launched a cryptocurrency wallet, called Fragment, in 2002. Durov has said the wallet "took only 5 weeks and 5 people including myself to put together."

Durov said some $50 million worth of usernames were purchased less than a month after Fragment launched.

Durov now lives in Dubai, where Telegram's operations are based.

Durov moved to Dubai in 2017 and relocated Telegram's operations to an office in Dubai's Media City, according to Bloomberg. The network had been previously been based in Berlin.

In an interview with Bloomberg in December 2017, Durov said moving to Dubai afforded him "better ways to use [his] money to benefit society," as the city has no personal income tax .

According to the Russian edition of Forbes , Durov obtained citizenship in the United Arab Emirates in February 2021 and was naturalized as a French citizen in August 2021.

In January 2018, Durov wrote on Twitter that Telegram is "unlikely to ever consider any location be [its] permanent base."

Durov has a lively social media presence.

In August 2017, Durov's Instagram post parodying Russian President Vladimir Putin went viral.

Durov's post on Instagram, aptly named the "Putin Shirtless Challenge," called for users to post photos of themselves bare-chested in the style of Putin.

"Two rules from Putin — no photoshop, no pumping. Otherwise you're not an alpha," Durov wrote in the post in August 2017. Over 3,000 posts with Durov's hashtag were uploaded on Instagram.

Despite having 2.5 million followers on X, Durov doesn't follow anyone, but once followed Elon Musk.

While not much is known about Durov's assets, he's been known to share the occasional yacht shot on Instagram.

Durov shared a photo from the deck of a Lurssen yacht off the coast of Italy in 2016.

The cost of a Lurssen yacht starts at about $1 million and can run as high as $185 million, according to Yacht World . Durov never confirmed if he owned the Lurssen yacht in the photo.

Durov said in an Instagram post in August 2016 that while he wasn't a "fan of giant Lurssen yachts," he liked the manufacturer's sailing vessel.

Durov posted another photo of a superyacht on Instagram in 2015. And in another post in 2022 on his official Telegram account, Durov claimed he doesn't own any private jets, yachts, cars, or houses, adding that he is "unlike most billionaires."

Durov's profile was once found on Tinder in 2017.

Bloomberg reported that Durov was "half-naked" in his profile photo on the dating app.

"Not looking for anything serious or not serious here," he wrote on his profile, according to Bloomberg. "Just playing with the app."

Durov was once married to Daria Bondarenko, who he met at university, according to Russia Beyond , citing a documentary on Durov by filmmaker Rodion Chepel.

Durov once said Silicon Valley has "limited cultural life."

Durov was writing in response to journalist and YouTuber Yury Dud's film about Silicon Valley. The film has garnered 52 million views on YouTube.

In the post , Durov listed seven reasons he did not want to move to Silicon Valley.

"The US is not the best place to live or run an IT business," Durov wrote. "Local programmers are expensive, spoiled and often unable to focus on work due to the flow of outside suggestions and ideas."

Durov also described the United States as a "police state" and said he was attacked in San Francisco in June 2015 by thieves who wanted to steal his phone.

Durov is dedicated to keeping Telegram secure for all its users, no matter who they are or what they are doing.

—Pavel Durov (@durov) March 18, 2017

Telegram is the "app of choice" for terror networks like ISIS, according to the Middle East Media Research Institute . But Durov has so far refused to limit access to the app or moderate its content to deter any certain group.

"We cannot make messaging technology secure for everybody except terrorists," Durov said in an interview with CNN in February 2016. "It's either secure or not secure."

Durov is also something of an instigator on his personal accounts.

In 2014, for example, when the Russian state called for a ban on Vkontakte, Durov's response was to post a photo of a dog in a hoodie on Twitter .

When Vkontakte was accused of hosting pornography, he changed his Twitter handle from "VK CEO" to "Porn King," according to The Calvert Journal . And in 2017, he shared his passport photo on Twitter, writing that it's "strangely suitable for media articles about terrorists using Telegram."

French police arrested Durov in 2024 amid an investigation into Telegram.

French authorities arrested Durov near Paris on August 24, 2024 amid an investigation into criminal activity on Telegram. Police nabbed Durov at Le Bourget airport as he tried to depart on his private jet.

An arrest warrant said Telegram had been used for money laundering, drug trafficking, and crimes against minors, among other offenses, the Associated Press reported.

Elon Musk, the owner of X who has also resisted moderating content, called the incident evidence of "dangerous times."

Read the original article on Business Insider

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Here's Everything You Need To Know About Tesla's Self-Charging Model Y Yacht

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Tesla has been doing great in the automotive industry, and their new move could be in a new direction - superyachts. Elon Musk, the CEO and founder of Tesla, has been offering the world a futurism pathway . Some of his  projects include the Hyperloop , the Boring Company, SpaceX, Neuralink, and of course, the newest car models being produced one after the other by Tesla.

Reports indicate that when Musk started thinking about making a superyacht, he planned to launch a new company with a new name solely for yachts. However, as of now, this new creation is going to be established by Tesla itself. The model's name might come across as confusing as there is already a car model with the term 'Y.' The speculation is that Y stands for a yacht.

The upcoming creation is indeed a marvel to behold. Tesla keeps continuing in the journey to a technological revolution once again. Musk has come up with something that might have seemed impractical as a concept. Tesla's self-charging model Y yacht is the first electric model of its kind, and it comes with a host of attractive features.

The self-charging Tesla Model Y is the brainchild of Indian designer Dhruv Prasad . Reports suggest that Prasad had designed this beauty back in 2017, and ever since then, the Tesla company has been attempting to execute it.

Tesla's exclusive model of a superyacht is designed to resemble a squid-like form. Its sleek design ensures a bulk-free and fast-moving vehicle. The hull of this ship is about 131 feet or 40 meters long. The shape is that of a giant squid because it is narrow at the tip and broad at the rear. There is no physical wheel made of hardwood as it is all remote-controlled.

The superstructure of this yacht is like most other vessels. It covers the top deck while creating interior space for the deck below. However, this yacht's striking feature is a small deck at the back for sunbathing or enjoying the sea. The small and private deck is directly connected to the lower deck. The private deck at the end is also a perfect launching ground for small boats and water transports.

Tesla's Model Y yacht comes with two decks, one on the top of the superstructure and one below. There is no provision to build more decks because the superstructure's surface, which forms the ceiling to the lower deck, has circular holes for daylight to lighten up this space. At night or in the absence of sunlight, LED lights will lighten up the lower deck space. The floors of the decks are made of hardwood.

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There might be only three decks on this yacht if one considers the small deck at the back to be a separate one. However, the space on this vessel is not less. The interiors of the lower deck are massive in size. This yacht is more suited for throwing parties than for an extended stay, and the interior spaces are large enough to organize nightlife activities. There are bars and lounges for the guests to be comfortable and amuse themselves.

The marvelous circular tables in the lower deck's central region appear to have no seats. A creation by Elon Musk's team is bound to a few tricks. With a remote control system, the tables can go in circular motions to open up into seats. The upper deck is also quite spacious and open. There are glass rooms with beds, and these private areas have spa and massaging rooms as well. The captain might get their private bedroom as speculations suggest.

Last but not least is the Model Y's self-charging mechanism, which makes it stand out amongst luxury superyachts. The concept is to make this ship function on hydroelectricity and solar power.

The plan uses the turbine bearing the Tesla icon to charge the engines with the hydroelectric power produced by the ocean currents. This will keep the yacht charged as long as it is on the ocean waters. However, there is also solar energy which should work as a backup. The solar panels have been installed on the superstructure to absorb energy from the sun easily.

When the yacht is not moving, and there is no hydroelectricity generation, the ship can function upon solar energy. However, if you plan to set out on a cloudy day, that should not be a problem because the primary source of electricity for this vessel is the hydropower produced by its turbine.

Musk and his team have not revealed the cost of this yacht yet. However, it can be expected that this beast will come at a fancy price. With features like these, it can't help but feel like it will be worth it.

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Tesla’s 2024 shareholder meeting: all the news about Elon Musk’s $50 billion payday

By Andrew J. Hawkins , transportation editor with 10+ years of experience who covers EVs, public transportation, and aviation. His work has appeared in The New York Daily News and City & State.

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Tesla’s 2024 shareholder meeting is a bit different than meetings past. Investors are being asked to weigh in on the question of Elon Musk’s massive pay package, which is estimated to be as high as $50 billion.

But it isn’t the first time shareholders have voted on whether to approve Musk’s unusual compensation package. Earlier this year, a Delaware court judge voided his $56 billion pay in response to a shareholder lawsuit.

Shareholders will also vote on proposals to move Tesla’s legal home from Delaware to Texas and to reappoint two board members: James Murdoch and Kimbal Musk, Elon’s brother.

The vote is widely seen as a referendum on Musk’s tumultuous leadership at Tesla. Retail investors widely support Musk, while some institutional shareholders have said they would oppose the plan, calling it excessive.

Musk has threatened to remove Tesla’s work on AI and robotics if he doesn’t receive a larger share of the company’s stock. And Tesla’s board has implied that he could leave the company altogether if the pay package isn’t approved.

Andrew J. Hawkins

Tesla is moving to Texas. Kimbal Musk and James Murdoch have been reappointed to the board. And, of course, Elon Musk has won re-approval for his massive $50 billion pay package.

Tesla shareholders approve Elon Musk’s massive pay package

Tesla shareholders voted today to reapprove Elon Musk’s gigantic pay package, after a Delaware court judge voided it earlier this year . Investors also approved a proposal to move the company’s legal home from Delaware to Texas and to reappoint two board members: James Murdoch and Kimbal Musk, Elon’s brother.

The vote was widely seen as a referendum on Musk’s leadership during a time of great upheaval for Tesla, which has seen its stock price slide on news of shrinking sales, softening demand, and declining revenue . The company has laid off at least 10 percent of its workforce, its vehicle lineup is aging and in need of a shake-up, and the success of Musk’s bet on AI and robotics is far from certain .

Both proposals are opposed by the board and are unlikely to be adopted. But I’ll say it again, the annual shareholder meeting is one of the few Tesla events where outside, competing voices pierce the bubble.

This is a timely one, considering all the allegations that have been leveled at Tesla over the years regarding racism, gender discrimination, retaliation, and harassment. It won’t succeed, but its still striking to hear it all detailed by a shareholder at an extremely Musk-friendly event.

Another shareholder is excoriating Tesla’s board as lacking sufficient independence from Musk. “I believe the Tesla board of directors is the most conflicted, least independent, and most incapable board of directors in the history of business,” the shareholder says in a prepared statement. Tesla’s board recommends against his proposal too.

James McRitchie is presenting a proposal that is opposed by Tesla’s board. “The Musk premium is already eroding,” he said. “Tesla is Musk’s liquid piggy bank. Since it’s publicly traded, his other companies are not either. He sticks around long enough to use our shareholder capital to fund his other ventures, or he shifts his attention sooner if we reject his pay package, and turn off a money tap.”

Denholm defends the board, which has been accused by Delaware court as too chummy with Musk, as taking its fiduciary duties seriously. “With those responsibilities in mind, we continuously set the highest standards for ethical behavior, corporate citizenship and corporate governance.”

Prior to the votes on Musk’s pay package or the reincorporation in Texas, Denholm is touting Tesla’s sustainability and safety bonafides. She said that the company recovered enough battery materials to build 43,000 RWD Model Ys. On safety, she claims that Tesla vehicles with driver assist technologies engaged “have only a one vehicle accident per 5.64 million miles driven compared to the US.”

On time, too, which is rare for a Tesla event. Tesla board Robyn Denholm is up first, talking about the company’s wins for 2023-2024, including the Model Y becoming the best-selling vehicle in the world, and the release of the Cybertruck.

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Watch Tesla’s annual stockholder meeting livestream

Tesla is holding its annual shareholder meeting in Austin, Texas, today, where investors will decide the fate of CEO Elon Musk’s enormous $50 billion compensation package .

The event is not just about Musk’s payday. Tesla’s board is portraying it as a pivotal moment in the company’s effort to secure Musk’s attention span, which is divided between X Corp., SpaceX, Neuralink, and his other companies. It also hinges on the question of whether Musk can steer Tesla back on track .

The Tesla CEO appears heading to victory in today’s shareholder vote over his enormous pay package . Musk posted two graphs on X last night which showed both proposals — the one of his compensation, and the other on reincorporating Tesla in Texas — ahead by wide margins. But the results aren’t final yet, and things could still go pear-shaped. After all, this is Tesla we’re talking about. Tune in at 3:30 pm CT if you want to watch Musk dive into a pile of cash, Scrooge McDuck-style.

Tesla’s $50 billion question comes down to the wire

On Thursday, Tesla shareholders will face a stark choice: approve Elon Musk’s enormous pay package, the largest ever awarded to a chief executive, or risk him picking up his ball and going home. 

The shareholder meeting on Thursday is a referendum on Musk’s tumultuous leadership, in which he took a relatively niche startup, wrested it away from its founders , and turned it into what is arguably one of the most consequential car companies in modern history. To reward him for this feat, shareholders are being asked to cast an unprecedented vote on Musk’s compensation — to the tune of $50 billion — for the second time. And in a post on X late Wednesday , Musk said the vote was close to approval.

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On June 13th, Tesla shareholders will decide the fate of Musk’s compensation package, which is estimated to be worth as much as $56 billion. It will be the  second time  that shareholders will vote on the CEO’s pay, after  a Delaware judge voided the first one  earlier this year on the grounds that the approval process was “deeply flawed.” And now the company is engaged in a full-court press to convince shareholders to approve his compensation, as well as a proposal to reincorporate Tesla in Texas to circumvent the oversight of Delaware’s courts.

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Elon Musk won’t get his $55 billion pay package after all

Elon Musk isn’t going to get that $55 billion pay package after all, a Delaware Court of Chancery judge has ruled . The ruling means Tesla’s board will need to come up with a new proposal.

The ruling threatens Musk’s fortune if it makes it through an appeal, Bloomberg reports. Without the options in that package, Musk may only be the third-richest man in the world.

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Tesla on trial

As if he doesn’t have enough going on, Elon Musk will find himself in court later this week defending his $56 billion pay package from allegations by Tesla shareholders that it was rigged with easy performance targets.

And that’s not all! On Tuesday in Los Angeles, a Tesla Model S owner is on trial for manslaughter in a case that experts are calling it a first-of-its-kind legal test of the responsibility of a human driver in a car with advanced driver-assist technology like Tesla’s Autopilot.

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Tesla becomes most valuable automaker as more workers contract COVID-19

Tesla’s stock price hit $1,000 for the first time on Wednesday, meaning the Silicon Valley company has now passed Toyota in market capitalization and is the most valuable automaker in the world by that metric.

This comes as at least six Tesla employees have tested positive for COVID-19 in California since CEO Elon Musk reopened the company’s facilities there last month — initially in violation of stay-home orders, and then with the blessing of local officials — according to new reports from The Washington Post and Electrek . An employee at Tesla’s Buffalo, New York solar panel factory also tested positive for COVID-19 after that facility reopened, as The Verge previously reported .

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Private planes, mansions and superyachts: What gives billionaires like Musk and Abramovich such a massive carbon footprint

Distinguished Professor and Provost's Professor of Anthropology; Director of the Open Anthropology Institute, Indiana University

Ph.D. Candidate in Anthropology, Indiana University

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Tesla’s Elon Musk and Amazon’s Jeff Bezos have been vying for the world’s richest person ranking all year after the former’s wealth soared a staggering US$160 billion in 2020, putting him briefly in the top spot .

Musk isn’t alone in seeing a significant increase in wealth during a year of pandemic, recession and death. Altogether, the world’s billionaires saw their wealth surge over $1.9 trillion in 2020, according to Forbes.

Those are astronomical numbers, and it’s hard to get one’s head around them without some context. As anthropologists who study energy and consumer culture, we wanted to examine how all that wealth translated into consumption and the resulting carbon footprint.

Walking in a billionaire’s shoes

We found that billionaires have carbon footprints that can be thousands of times higher than those of average Americans.

The wealthy own yachts, planes and multiple mansions, all of which contribute greenhouse gases to the atmosphere. For example, a superyacht with a permanent crew, helicopter pad, submarines and pools emits about 7,020 tons of CO2 a year, according to our calculations, making it by the far worst asset to own from an environmental standpoint. Transportation and real estate make up the lion’s share of most people’s carbon footprint, so we focused on calculating those categories for each billionaire.

To pick a sample of billionaires, we started with the 2020 Forbes List of 2,095 billionaires. A random or representatives sample of billionaire carbon footprints is impossible because most wealthy people shy away from publicity , so we had to focus on those whose consumption is public knowledge. This excluded most of the superrich in Asia and the Middle East .

We combed 82 databases of public records to document billionaires’ houses, vehicles, aircraft and yachts. After an exhaustive search, we started with 20 well-known billionaires whose possessions we were able to ascertain, while trying to include some diversity in gender and geography. We have submitted our paper for peer review but plan to continue adding to our list.

We then used a wide range of sources, such as the U.S. Energy Information Administration and Carbon Footprint , to estimate the annual CO2 emissions of each house, aircraft, vehicle and yacht. In some cases we had to estimate the size of houses from satellite images or photos and the use of private aircraft and yachts by searching the popular press and drawing on other studies . Our results are based on analyzing typical use of each asset given its size and everything else we could learn.

We did not try to calculate each asset’s “ embodied carbon ” emissions – that is, how much CO2 is burned throughout the supply chain in making the product – or the emissions produced by their family, household employees or entourage. We also didn’t include the emissions of companies of which they own part or all, because that would have added another significant degree of complexity. For example, we didn’t calculate the emissions of Tesla or Amazon when calculating Musk’s or Bezos’ footprints.

In other words, these are all likely conservative estimates of how much they emit.

Your carbon footprint

To get a sense of perspective, let’s start with the carbon footprint of the average person.

Residents of the U.S., including billionaires, emitted about 15 tons of CO2 per person in 2018. The global average footprint is smaller, at just about 5 tons per person.

In contrast, the 20 people in our sample contributed an average of about 8,190 tons of CO2 in 2018. But some produced far more greenhouse gases than others.

The jet-setting billionaire

Roman Abramovich, who made most of his $19 billion fortune trading oil and gas, was the biggest polluter on our list. Outside of Russia, he is probably best known as the headline-grabbing owner of London’s Chelsea Football Club.

Abramovich cruises the Mediterranean in his superyacht, named the Eclipse , which at 162.5 meters bow to stern is the second-biggest in the world, rivaling some cruise ships. And he hops the globe on a custom-designed Boeing 767 , which boasts a 30-seat dining room. He takes shorter trips in his Gulfstream G650 jet, one of his two helicopters or the submarine on his yacht.

He maintains homes in many countries, including a mansion in London’s Kensington Park Gardens, a chateau in Cap D’Antibes in France and a 28-hectare estate in St. Barts that once belonged to David Rockefeller . In 2018, he left the U.K. and settled in Israel , where he became a dual citizen and bought a home in 2020 for $64.5 million.

We estimate that he was responsible for at least 33,859 metric tons of CO2 emissions in 2018 – more than two-thirds from his yacht, which is always ready to use at a moment’s notice year-round.

Massive mansions and private jets

Bill Gates, currently the world’s fourth-richest person with $124 billion, is a “modest” polluter – by billionaire standards – and is typical of those who may not own a giant yacht but make up for it with private jets.

Co-founder of Microsoft, he retired in 2020 to manage the Bill and Melinda Gates Foundation, the world’s largest charity, with an endowment of $50 billion.

In the 1990s, Gates built Xanadu – named after the vast fictional estate in Orson Welles’ “Citizen Kane” – at a cost of $127 million in Medina, Washington. The giant home covers 6,131 square meters, with a 23-car garage, a 20-person cinema and 24 bathrooms. He also owns at least five other dwellings in Southern California, the San Juan Islands in Washington state, North Salem, New York, and New York City, as well as a horse farm , four private jets, a seaplane and “a collection” of helicopters .

We estimated his annual footprint at 7,493 metric tons of carbon, mostly from a lot of flying.

The environmentally minded tech CEO

South African-born Elon Musk, CEO of Tesla Motors and SpaceX, has a surprisingly low carbon footprint despite being the world’s second-richest person, with $177 billion – and he seems intent on setting an example for other billionaires .

He doesn’t own a superyacht and says he doesn’t even take vacations .

We calculated a relatively modest carbon footprint for him in 2018, thanks to his eight houses and one private jet. This year, his carbon footprint would be even lower because in 2020 he sold all of his houses and promised to divest the rest of his worldly possessions .

While his personal carbon footprint is still hundreds of times higher than that of an average person, he demonstrates that the superrich still have choices to make and can indeed lower their environmental impact if they so choose.

His estimated footprint from the assets we looked at was 2,084 tons in 2018.

The value of naming and shaming

The aim of our ongoing research is to get people to think about the environmental burden of wealth.

While plenty of research has shown that rich countries and wealthy people produce far more than their share of greenhouse gas emissions, these studies can feel abstract and academic, making it harder to change this behavior.

[ Like what you’ve read? Want more? Sign up for The Conversation’s daily newsletter .]

We believe “shaming” – for lack of a better word – superrich people for their energy-intensive spending habits can have an important impact, revealing them as models of overconsumption that people shouldn’t emulate.

Newspapers, cities and local residents made an impact during the California droughts of 2014 and 2015 by “drought shaming” celebrities and others who were wasting water, seen in their continually green lawns . And the Swedes came up with a new term – “ flygskam ” or flying shame – to raise awareness about the climate impact of air travel.

Climate experts say that to have any hope of limiting global warming to 1.5 degrees Celsius above preindustrial levels, countries must cut their emissions in half by 2030 and eliminate them by 2050.

Asking average Americans to adopt less carbon-intensive lifestyles to achieve this goal can be galling and ineffective when it would take about 550 of their lifetimes to equal the carbon footprint of the average billionaire on our list.

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The $45 Billion Elon Musk Is Getting Isn’t for Being Good at His Job

It amounts to a corporate ransoming..

Usually, the reason a company pays a CEO in stock is to align that person’s incentives with those of the shareholders. If the big boss gets all their money in a guaranteed salary, there’s no reason for them not to get fat and happy and sit on a yacht. If their pay is in stock , to be awarded over many months and years, then their incentive is to work. The stock price goes up if the company does better, and the company does better if the CEO is at their desk and not on a yacht. This incentive structure is supposed to keep the CEO working for the betterment of the shareholders.

Tesla has offered a weird spin on the philosophy. Like most CEO pay deals, the one Elon Musk reached with Tesla in 2018 used the stock price to encourage Musk to work hard: The more Tesla’s market capitalization went up, the more equity in the company would go to Musk. When the parties made the deal, Tesla was a $50 billion company, and Musk owned 22 percent of it. If it became a $650 billion company, Musk could own 28 percent of it. Tesla hit that valuation in 2020 (though it has since decreased), and Musk has checked off enough boxes to collect a package currently valued at $45 billion.

It was a bit sleazy, though. Musk had cozy relationships with some of the Tesla board members who approved the plan, and it was a big plan. A shareholder sued, and the Delaware judge who heard the case noted that it was “the largest potential compensation opportunity ever observed in public markets by multiple orders of magnitude”: It was 251 times as large as the median peer compensation plan and more than 34 times as large as the closest comparison, which also went to Musk. Was Musk going to leave if he didn’t get all of it? No, the judge noted, and she invalidated his pay package under Delaware law.

Tesla’s board threw the issue back to shareholders this week, asking them to approve it in a direct vote. The shareholders voted yes. They wanted Musk to get everything he thought he was owed. Experts do not see it as a sure thing that the Delaware judge will turn around and allow the package to go through. Musk also won a vote to move Tesla’s incorporation from Delaware to Texas, where he thinks he’ll get more favorable treatment. That move is ( probably ) now official, and corporate lawyers will soon haggle over whether a Delaware judge even maintains the authority to weigh in on Musk’s pay.

However the saga winds up, there’s a tension. Tesla already got the stock-price increases it wanted. Being able to pay less to Musk now, in 2024, should be great for its shareholders. Musk being forced to accept a more reasonable pay package should make them happy because they get money back. Musk should still want to work hard because he still owns 13 percent of Tesla, the biggest source of his wealth. But that has not been the actual dynamic. At normal companies, the CEO works for the shareholders. At Musk’s companies, the shareholders work for the CEO in the hopes that he won’t turn his attention elsewhere and stiff them.

Naturally, doing business with one Musk company means having a bit of business with all Musk companies. He’s one of the most famous business figures ever. His behavior at one company might weigh on investor confidence in him at another (as was the case just last year ). Lots of people with lots of dollars have decided they’re OK with, or even enthusiastic about, him splitting time between companies. But Musk has a long history of making it a lot weirder than that . There was the time Tesla, at Musk’s urging, bought up a struggling solar company whose biggest shareholder happened to be Musk. There was the time Musk sold Tesla shares (thus pushing down the stock price) to finance his acquisition of Twitter. (There was also the time he planned to pledge Tesla shares as collateral when borrowing money for that transaction.) And there was the time, around the same time, that he took out a $1 billion personal loan from SpaceX.

What Musk does with his private companies is their business. But just last week , CNBC reported that Musk recently diverted thousands of A.I. chips from Nvidia away from Tesla (which has public shareholders) to his companies X and xAI (which do not). Everyone who owned a single share of Tesla was lacking not just Musk’s time and attention but also a place in his pecking order.

Musk may have merely been carrying out a threat. He said recently that he was uncomfortable growing Tesla to be a “leader in AI & robotics” if he did not own approximately 25 percent of the company. “Enough to be influential, but not so much that I can’t be overturned,” he said. “Unless that is the case, I would prefer to build products outside of Tesla.” So it was; Musk diverted A.I. resources to his other companies while Tesla shareholders were still weighing whether his big payout should go through. It amounts to a corporate ransoming by Musk against a public company, to the benefit of Musk and the private holders of his other businesses.

In this context, Tesla’s bending over backward for Musk is … still absurd, but in a different way. Musk and Tesla’s board nominally work for the people and institutions who own Tesla stock. Not exactly, though. The relationship between Musk and other Tesla shareholders is somewhere between hostage-taker and hostages and CEO and fellow owners of a business. Musk has a singular power to command the attention of retail investors. (Or, singular next to one Redditor and YouTuber .) The inference from Tesla’s catering to him is that the board believes that those investors are loyal more to him than to the company. Musk won’t leave Tesla, but he has already demonstrated he will neglect it for his other corporate children.

Those everyman investors are part of why Musk can get away with such naked corporate hoarding. Retail shareholders do not usually vote in company referendums, but they apparently turned out in droves for Musk’s pay package when some (not all) of their institutional counterparts wanted to send Musk to the poorhouse. Fandom does weird things to the human brain, and Musk is not the first beneficiary of the phenomenon. Taylor Swift fans urging people to listen to her album for the sake of growing her Spotify streaming stats do not get royalties in exchange. Fans will work hard to get billions of dollars into the hands of people they love. They just don’t tend to hand it over in the form of stock that dilutes their own holdings.

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Jul 11, 2023 | 3:48 PM EDT

Be it jaw-dropping stunts or humble activities, philanthropic feats, or gaming ventures, one name that gets stuck in the mind is, Jimmy Donaldson aka MrBeast . And it’s not new that he interacts with a number of people.

Recently Daniel Mac, a renowned YouTuber, had a humorous chat with MrBeast in a luxurious $50 Million yacht. So, how did things go between these two? Let’s find out in this article.

MrBeast: The Man of Many Talents

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Daniel Mac is famous for his iconic question, “What do you do for a living?” This is the question with which he starts conversations with people who have super-deluxe cars or other luxurious possessions.

Talking to the biggest YouTuber in the world, Mac didn’t make an exception. He started the interaction with his legendary question. To which Beast absolutely didn’t hesitate to reply. He said, “I make YouTube videos; I sell chocolate; I sell burgers.”

It’s worth mentioning that Mr. Beast’s YouTube channel has a staggering 116 million subscribers, which makes him the No. 1 YouTuber in the world. His chocolate company is known as ‘Beastables’ which makes chocolates purely from organic cocoa. And last but not least, he runs a virtual burger chain across the US and Europe named ‘MrBeast Burger.’

A Yacht Fit for the Elite

The whole interaction was going on a $50 million yacht. Although the yacht was not owned by MrBeast, he was just using this one for shooting one of his many spectacular videos. Daniel asked if he can own that yacht. In turn, Beast asked what he would get in return from Mac.  He replied, “Friendship”

And Beast didn’t seem pretty interested in the return gift from Mac.

Here’s the video:

After this Mac was kicked out of the boat by the assistants of MrBeast. Don’t take it too seriously though as this was all a playful act between Beast and Mac and done purely in a sarcastic and humorous way. And this funny and light-hearted incident marked the end of a short but entertaining interview.

This humorous interaction between MrBeast and Daniel Mac is a treat to watch for all the Beast fans out there. This interaction proves Beast’s humbleness and modesty, despite being one of the biggest philanthropists and Youtubers in the world.

Read More: Elon Musk Extends a Negotiable Offer to YouTube Star MrBeast to Bring His Epic Videos to the Twitter World

This short but entertaining interaction made all of us chuckle. Didn’t it?

Watch this Story: MrBeast Amazes Many Top Stars after Achieving 100 Million Subscribers

EssentiallySports is a digital-first sports media house that surfaces the best stories on America's favorite sports celebrities with a fan's perspective to 30+ M average monthly readers.

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Elon Musk fιnally takes a vacatιon, onboard the $50 mιllιon Zeus superyacht

Just because Musk doesn’t personally own a superyacht doesn’t mean that he can’t enjoy one. He and hιs frιend Arι Emanuel, the CEO of Wιllιam Morrιs Endeavor, Emanuel’s wιfe, and a small group of frιends, are currently enjoyιng themselves off the ιsland of Mykonos ιn Greece. Page Sιx has photos of the Tesla CEO onboard Zeus, takιng a dιp, enjoyιng a drιnk, and chattιng wιth frιends. You know, regular people vacatιon stuff.

Zeus ιs a storιed and beautιful superyacht, desιgned on commιssιon for Televιsa busιnessman Emιlιo Azcárraga and buιlt by Blohm + Voss on a desιgn by Martιn Francιs. Inιtιally named Eco, ιt was delιvered ιn 1991. New owner Larry Ellιson renamed ιt Katana ιn 1999. It became Enιgma ιn 2004 under Aιdan Barclay’s ownershιp and, as of 2017, when bιllιonaιre Yιannakιs Theophanι Chrιstodoulou bought ιt, ιt’s known as Zeus.

The orιgιnal brιef asked for a hιgh-speed vessel that would provιde outstandιng amenιtιes, ιncludιng a custom tender, a Maule turbo-prop float plane, and storage and dιsplay for a very specιal Harley-Davιdson. Some of these amenιtιes have been upgraded ιn recent refιts, ιncludιng the conversιon of the aft deck ιnto a basketball court, but the performance remaιns as ιmpressιve as back ιn the day. Powered by twιn dιesel engιnes and a central GE LM1600 gas turbιne that kιcks ιn at hιgh speeds, Zeus can top 35 knots (40 mph/65 kph) easιly.

Zeus mιght be an “old” superyacht, but ιt more than justιfιes ιts $50 mιllιon prιce tag – and the $20,000 a week charter rate. And ιt’s more than suιted for the bιllιonaιre lιfestyle.

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Is Elon Musk the most humble billionaire of our times? After selling his mega-mansion in the Bay area, the third-richest person in the world is now happily living out of a tiny 400 square foot towable $50,000 shack

Does having truckloads of money mean you live like majesty in a mansion? Apparently not! If Elon Musk’s latest ‘move’, pun intended, is anything to go by, the richest of the rich can also survive in a simple home. Musk is setting a new example of sorts as the SpaceX CEO has chosen to move into a $50,000 prefabricated house that’s only about 400 square feet, on-site at the company’s South Texas testing facilities. It’s the truth, Elon Musk now lives in a home so tiny, it can be towed by a Tesla Model X. so deep is Musk’s dedication to funding a Mars colony that he plans to sell all his houses; the latest being his last remaining house, located in California’s Bay Area.

Musk’s new crib is a 20 by 20 foot home called the “Boxabl Casita”. Living in the tiny pad gives him full access to SpaceX’s developments, and Musk seems to enjoy living in it, “It’s kinda awesome though,” he added. The pre-fabricated, towable, 400-square-foot dwelling is easy to transport and install, and it can be relocated relatively easily. The Boxabl Casita is durable, too, being made of concrete panels and steel and the 20×20 unit such as the one that Elon Musk owns is priced at only $50,000. Elon Musk is clearly a visionary and a practical man who chose to live in a 20×20 unit after being the world’s third-richest person.

Elon Musk lives very modestly by billionaire standards. Only 1 residential house (plus 1 for events). @ElonMusk uses less resources than most multi-millionaires despite working way harder. Plus $ sitting in stocks, makes each $ outside worth more exactly proportionally. — Matt Wallace ⚠️ (@MattWallace888) June 9, 2021

[Via – Teslarati ]

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