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<ul class="summary-list"><li>Baiju Bhatt, the cofounder of trading app Robinhood, has a new space startup.</li><li>Aetherflux aims to launch a constellation of satellites to transmit solar power to Earth using infrared lasers.</li></ul>When Baiju Bhatt co-founded the stock trading app <a target="_blank" class="" href="https://www.businessinsider.com/robinhood-collapse-what-happened-retail-investing-meme-stocks-future-finance-2022-2">Robinhood</a> in 2013 with his college best friend, Vlad Tenev, the aim was to "democratize finance for all."Robinhood's no-fee, gamified approach to investing made capital markets more accessible than ever before, leading to an IPO in 2021.After over a decade at the company, Bhatt stood down as Robinhood's chief creative officer in March to pursue what was described at the time as "other entrepreneurial interests."In October, Bhatt announced he was launching Aetherflux, a Silicon Valley-based space startup.Aetherflux aims to create a constellation of satellites in low Earth orbit (LEO) that will collect solar power and beam it down to receptors on Earth using infrared lasers.Just as <a target="_blank" class="" href="https://www.businessinsider.com/inside-starlink-spacex-satellite-internet-business-constellation-fleet-elon-musk-mars">Elon Musk's Starlink</a> constellation has transformed communications, Bhatt hopes Aetherflux will revolutionize energy, he told Business Insider in an interview.The receptors will be just 10 meters in diameter, Bhatt said, meaning they can be placed virtually anywhere and theoretically provide power to remote locations that would otherwise be too expensive or dangerous to reach."If we succeed, we unlock a renewable energy source for humanity that can be delivered virtually anywhere," he wrote in a <a target="_blank" class="" href="https://www.linkedin.com/pulse/allow-me-re-introduce-myself-baiju-bhatt-nu1ic/?trackingId=xecx1MNjQxGa6fapJvT2fA%3D%3D">LinkedIn post</a> announcing Aetherflux.If it works, far more solar power can be captured in orbit than through the atmosphere at ground level, and there would be no nighttime or weather disruptions to the power source. It would also free up land used for solar farms on Earth.Aetherflux plans to start by powering military operations in remote locations or remote mining operations, Bhatt said.<div type="image" title="A profile of Baiju Bhatt smiling in a black t-shirt in front of a beige background." height="3553" width="5324" msid="114432481" hostid="261" sizebytes="611312"></div>Bhatt hopes that a single receptor will one day be able to capture enough power for a small neighborhood of homes. He added that they'd need around 100 satellites to provide continuous power to one location.The idea of space-based solar power has existed for decades, but theories have generally rested on large constructions being sent into orbit and using microwaves to transmit energy.In January 2023, the California Institute of Technology launched a solar space-power demonstrator satellite into orbit for a yearlong mission to test out a range of potential approaches.Caltech's president, Thomas F. Rosenbaum, <a target="_blank" class="" href="https://www.caltech.edu/about/news/space-solar-power-project-ends-first-in-space-mission-with-successes-and-lessons">said the project</a> had shown them that solar power beamed from space "is still a future prospect" but that it "should be an achievable future."Aetherflux wants to do things differently by using infrared lasers and a modular approach.The science has already been demonstrated; it's just going to be an engineering and economic feat to prove it can be done from space, Bhatt said.To begin with, Aetherflux plans to send a single satellite into orbit by the first quarter of 2026 to demonstrate that solar energy transmission is possible.<h2 id="f76e6857-d783-49d8-94bf-ab950b9759df">The right time to be in space</h2>Though the career jump from finance to the space industry may seem unusual, Bhatt said space has been his "lifelong calling."NASA was a part of Bhatt's childhood. His father moved to the US from India to pursue physics and got a job at NASA's Langley Research Center in the 1990s studying atmospheric sciences.With a bachelor's in physics and a master's in mathematics, both from Stanford, Bhatt thought he'd be a physicist too. So, Robinhood was a "bit of a detour," he told BI.He is still a board member but has stepped back from day-to-day operations.One lesson Bhatt said he learned from running the trading app was how powerful capitalism could be in accelerating innovation."If you can take a problem that's been stagnating and you can create a capitalist system around it where people can make money doing something, you'll see the rate of progress really speed up," he said.<div type="image" title="Baiju Bhatt (right) and Vlad Tenev, founders of the online brokerage Robinhood." height="4160" width="6240" msid="114432476" hostid="261" sizebytes="601100"></div>After meeting with people working on power for DARPA at the beginning of this year and seeing the <a target="_blank" class="" href="https://www.businessinsider.com/why-spacex-starship-launch-five-huge-deal-space-travel-2024-10">timeline Starship is on</a>, Bhatt decided that the best opportunities were now in space.Since 2009, the sum of private investments in space startups has soared from essentially nothing to $327.3 billion, according to the latest "<a target="_blank" href="https://spacecapital.docsend.com/view/9d69zpfz4ddms3ry">Space Investment Quarterly</a>" report published by venture capital and angel-investment firm Space Angels.The industry's value is expected to continue booming. <a target="_blank" class="" href="https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/space-the-1-point-8-trillion-dollar-opportunity-for-global-economic-growth">McKinsey</a> estimates that the global space economy will be worth $1.8 trillion by 2035, accounting for inflation, up from $630 billion in 2023."It's hard to find something more exciting and impactful than space," said Matthew Weinzierl, a professor of the economics of space at Harvard Business School and coauthor of the upcoming book "Space to Grow.""This really is a new frontier, one where technological innovation can create new markets and solve real problems, often in ways we haven't thought of before," he said.Weinzierl said that in the past two decades, the US government has created pathways for commercial players, enabling market forces to take hold."Prices to orbit have dropped, launch availability has soared, and a wave of entrepreneurs are finding new ways to create value," he said.<div type="image" title="SpaceX's Super Heavy booster as it returned to its launch site, with the sun rising in the background." height="1031" width="1920" msid="114432482" hostid="261" sizebytes="52022"></div>With so many more commercially available products, space has <a target="_blank" class="" href="https://www.businessinsider.com/starship-launch-success-elon-musk-vision-cheap-space-travel-closer-2024-3#:~:text=%22With%20Starship%2C%20SpaceX%20is%20poised,in%20an%20email%20on%20Thursday.">never been cheaper</a>.Aetherflux is an example of how companies are using off-the-shelf solutions to speed up development. Its satellites are purchased readymade from satellite bus provider <a target="_blank" href="https://www.businessinsider.com/palmer-luckey-anduril-apex-defense-tech-space-satellite-surveillance-2024-10">Apex</a>, the high-powered lasers it plans to use are commercially available, and it'll be using <a target="_blank" href="https://www.businessinsider.com/spacex-launch">SpaceX</a> as a launch partner for its 2026 mission."The part that we're building is the actual optical design, the control systems, and the power transmission link, as well as the ground station," said Bhatt.<h2 id="5dda5318-030a-431a-91ff-f205b537a068">The future of Aetherflux</h2>When he spoke with BI, Bhatt had just moved into a lab facility in the Bay Area. With a team of 10 employees, he will begin iterating ground tests, developing the system design, and working with regulators.He's self-funding the project "completely," he told BI. As one of Robinhood's cofounders, Bhatt's net worth spiked after its IPO in 2021. He is worth around $1.7 billion, <a target="_blank" class="" href="https://www.forbes.com/profile/baiju-bhatt/">Forbes reports.</a>Although access to space has become more routine and affordable, Weinzierl said there is still a lot of uncertainty around the industry. Some of the ideas and businesses being developed today won't survive, but they'll be "the foundation that tomorrow's entrepreneurs will learn from and build on," he said.A self-proclaimed science nerd, Bhatt named his startup after a 19th-century theory about a pervasive medium called the aether, which physicists believed light traveled through."Einstein came along in 1905 and was basically like, nah, that stuff's all wrong. Light is the same in every reference frame," said Bhatt.So Aetherflux is named after a disproven scientific theory? Yes, Bhatt agreed with amusement. But he's "laser-focused" on the first mission and adamant that Aetherflux won't fall into the same bracket as its namesake."Space is hard," he admitted, "but we're committed to demonstrating this and making it happen."

Robinhood's cofounder has joined the rapidly growing commercial space race, and wants to beam solar power from satellites to earth

<ul class="summary-list"><li>AES Corporation introduces Maximo, an AI-powered robot that installs solar panels.</li><li>The company said Maximo will help speed up renewable energy transition and wouldn't replace humans.</li></ul>Installing solar panels can be back-breaking work, so one of the largest renewable energy companies is using robots to do the heavy lifting.AES Corporation on Tuesday introduced "Maximo," an AI-powered robot that can lift solar panels and precisely place them into long rows. The robot will be used to construct the largest solar farm with battery storage in the US, which will help power Amazon's data centers."We are really focused on speed," Chris Shelton, AES' chief product officer, said during a call with reporters. "And by speed, we mean speed for the customers — so getting these projects online faster —and speed for the energy transition. The more [solar] we can deploy, the more we can reduce overall carbon in the economy."AES said Maximo can install solar panels twice as fast as humans and at half the cost. The robot was tested in various outdoor conditions at projects in New York, Virginia, Ohio, and Louisiana and has installed about 10 megawatts of energy to date. Amazon's solar farm in Kern County, California, is expected to have 200 times that capacity.The automation comes as analysts predict there won't be enough workers to keep pace <a target="_blank" class="" href="https://www.businessinsider.com/solar-careers-in-demand-workforce-shortage-2024-7">with the rapid rise in solar demand</a>, especially now that the Biden administration is pouring hundreds of billions of dollars into renewable energy under the Inflation Reduction Act. In 2021, the administration <a target="_blank" class="" href="https://www.energy.gov/eere/solar/solar-workforce-development#:~:text=According%20to%20the%20Solar%20Futures,and%201%2C500%2C000%20workers%20by%202035.">forecasted that the solar workforce</a> needed to at least double to 500,000 workers by 2035 to reach a national goal of 100% carbon-free electricity that year.Amazon and other big tech companies are driving a lot of the demand for renewable energy. They have ambitious climate goals, yet are building out power-hungry data centers to store our data and develop AI. In some states, those power demands <a target="_blank" class="" href="https://www.businessinsider.com/data-centers-energy-demand-utilities-green-renewable-2023-10">are delaying the closure of dirty power plants</a>.Quickly scaling up solar farms and battery storage is key to keeping corporate climate promises. But adding Maximo to solar sites could also fuel concerns that robots will dim human job prospects, just as automation replaced some factory jobs.Ron Rodrique, vice president of project management at AES Clean Energy, said Maximo isn't replacing human solar installers at the company's projects."Maximo is not out there to replace the panel installers or other people that we have on our sites," Rodrique said. "This is really about that safety aspect of taking away some of the heavy lifting that people have to do."<div type="image" title="A robot places a solar panel on a long row." height="4320" width="8192" msid="112166073" hostid="261" sizebytes="2650150"></div>Lifting 60-pound solar panels repeatedly, in some cases 200 panels a day, in desert heat takes a toll on the body. If that isn't a requirement of the job, Rodrique said a broader range of workers could apply, including people with disabilities.AES said Maximo has one person driving the robot while another monitors and controls its movements with a single button press.The project with Amazon is just the beginning. If all goes well, AES expects Maximo to help clear a huge backlog of solar projects over the next three years, with the largest customers being data center hyperscalers.

An AI-powered robot is helping install Amazon's largest solar farm 

Climate Action 15: 2024's top global innovators powering green solutions

Earthlings, brace yourselves for a double punch from the Sun! Two massive <keyword id="20069327" type="General" weightage="20" keywordseo="coronal-mass-ejections" source="keywords">coronal mass ejections</keyword> (CMEs) are headed our way, following a series of intense <keyword id="20115291" type="General" weightage="20" keywordseo="solar-flares" source="keywords">solar flares</keyword> from the active sunspot AR3842. The peak of the Sun’s 11-year <keyword id="20511166" type="General" weightage="20" keywordseo="solar-cycle" source="keywords">solar cycle</keyword> is just around the corner and our star is no better than a cranky baby that can be set off at the slightest provocation. As we approach this <keyword id="21640841" type="General" weightage="20" keywordseo="solar-maximum" source="keywords">solar maximum</keyword>, expected in 2025, <keyword id="21889283" type="General" weightage="20" keywordseo="sunspots" source="keywords">sunspots</keyword>, solar flares and CMEs become more frequent. Sunspots like AR3842 — the cause for the most recent attacks — are areas of intense magnetic activity, often serving as the launchpads for powerful flares and CMEs. And CMEs are massive expulsions of plasma and magnetic field from the Sun's corona. On October 3rd, it produced the most powerful <keyword id="429902" type="General" weightage="20" keywordseo="solar-flare" source="Orion">solar flare</keyword> of Solar Cycle 25 to date, classified as an X9.1. This intense burst of radiation ionised the Earth's upper atmosphere, and has since caused a temporary radio blackout over Africa and the South Atlantic. That’s not all, it has also spit out two back-to-back CMEs. The first <keyword id="19930797" type="General" weightage="20" keywordseo="CME" source="keywords">CME</keyword> is expected to hit our planet today, October 4, potentially sparking moderate <keyword id="21529997" type="General" weightage="100" keywordseo="geomagnetic-storms" source="keywords">geomagnetic storms</keyword>. However, the real fireworks are anticipated on October 6 — when the second, more powerful CME arrives. This solar storm could trigger strong G3-class geomagnetic storms, which could lead to stunning <keyword id="21047058" type="General" weightage="20" keywordseo="auroras" source="keywords">auroras</keyword> at mid-latitudes. Images from the Solar and Heliospheric Observatory (SOHO) confirm the CME's potency, aligning with NOAA's forecasts for a strong geomagnetic storm. As these powerful solar storms approach, officials are trying their best to stay updated on the latest information and be prepared for potential disruptions. Keep an eye on weather forecasts and be ready for the possibility of auroras, especially if you live in higher latitudes.

Double Trouble: Sun hurls powerful coronal mass ejections at Earth; radio blackouts, GPS disruptions, auroras likely over the weekend!

<keyword id="22948419" type="General" weightage="20" keywordseo="Reflect-Orbital" source="keywords" meta.keywordsubtype="org" meta.entityname="Reflect Orbital" meta.hostid="261" meta.entityid="Reflect Orbital">Reflect Orbital</keyword>, a California-based startup, has set its sights on a futuristic goal: providing "<keyword id="22948420" type="General" weightage="100" keywordseo="sunlight-on-demand" source="keywords">sunlight on demand</keyword>" using orbiting mirrors in space. The company's vision is to address one of the biggest challenges in <keyword id="19915217" type="General" weightage="20" keywordseo="solar-energy" source="keywords">solar energy</keyword> — the inability to generate power after sunset or during cloudy days — by using a fleet of <keyword id="20279522" type="General" weightage="20" keywordseo="small-satellites" source="keywords">small satellites</keyword> equipped with highly reflective <keyword id="22948421" type="General" weightage="20" keywordseo="Mylar-mirrors" source="keywords">Mylar mirrors</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">How the technology works</h3>Reflect Orbital plans to deploy 57 small satellites into low-Earth orbit. Each satellite will be outfitted with a 33-square-foot reflective Mylar mirror. These mirrors are designed to reflect sunlight down to Earth, targeting <keyword id="20658734" type="General" weightage="20" keywordseo="solar-farms" source="keywords">solar farms</keyword> and extending their operational hours by providing an extra 30 minutes of sunlight after sunset or before sunrise. The mirrors will focus sunlight into a concentrated beam, directed by solar farm operators using a simple interface, where users can log in, provide GPS coordinates, and request sunlight. <div type="twitter" handle="bennbuilds" handlename="bennbuilds" favoritecount="0" retweetcount="0" id="1826682383514697993"></div>The idea is to make solar energy more available when it’s most needed — not just during daylight hours, but also in the early morning and evening when electricity demand is typically higher. This could potentially increase the efficiency and profitability of <keyword id="20423867" type="General" weightage="20" keywordseo="solar-power-generation" source="keywords">solar power generation</keyword>, as energy produced during these periods can be sold at higher rates. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Potential challenges</h3>Despite the excitement around this technology, there are several challenges that Reflect Orbital will need to overcome. Weather conditions such as thick clouds or storms could obstruct the reflected sunlight, limiting its effectiveness. Seasonal changes that affect the angle and duration of sunlight might also present difficulties. Additionally, the potential environmental impact, including light pollution and interference with astronomical observations, has raised concerns among scientists and environmentalists. <div type="Article" hostid="261" msid="112805908" title="How will Sunita Williams’ body have changed when she returns from space in February 2025?" mstype="2" mssubtype="0"></div>Reflect Orbital is aware of these challenges and has designed the mirrors to minimise light pollution. The company has also tested its technology using a hot air balloon, which successfully simulated the satellite mirrors' effect by reflecting sunlight down to a solar farm. According to co-founder <keyword id="22948422" type="General" weightage="20" keywordseo="ben-nowack" source="keywords">Ben Nowack</keyword>, the company was able to generate "500 watts of energy per square metre" of solar panel, which is about "half the brightness of the sun." <div type="twitter" handle="bennbuilds" handlename="bennbuilds" favoritecount="0" retweetcount="0" id="1767961251186163857"></div>Reflect Orbital is still in the early stages, with plans to launch its first test satellite in 2025. Interest in the project has been strong, with over 30,000 applications already submitted by individuals and organisations eager to participate in the initial offering of "sunlight on demand." This ambitious project could mark a significant step forward in renewable energy technology if successful, providing a novel solution to the intermittent nature of solar power and helping to accelerate the transition to <keyword id="21313059" type="General" weightage="20" keywordseo="sustainable-energy-sources" source="keywords">sustainable energy sources</keyword>.

Space startup Reflect Orbital plans to sell "sunlight on demand" — how will it work?

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Looking for a new way to jumpstart your mornings? (Besides reading this newsletter, of course.) Retired Navy SEAL Jocko Willink <a target="_blank" href="https://www.businessinsider.com/former-navy-seal-military-morning-routine-helps-him-in-business-2024-10">shared his daily routine</a> that keeps the now-business owner focused.Speaking of new, we've got a cool tool for you to play around with: AI-powered search. We're using generative AI to help easily find all of our great stories. <a target="_blank" href="https://www.businessinsider.com/">Check it out on our homepage</a>.In today's big story, inside Amazon's internal pitch for turning to nuclear power <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">to meet its growing energy needs</a>.What's on deck:<ul><li>Markets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-q3-earnings-elon-musk-profit-margins-guidance-2024-10">Tesla's stock had a monster day</a> following its stellar earnings report.</li><li>Tech: In an exclusive interview, <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">Marc Benioff bashes Microsoft's Copilot</a>.</li><li>Business: The <a target="_blank" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">good and bad about the economy</a> less than two weeks from the election.</li></ul>But first, let's power up.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Nuclear needs</h2><div type="image" title="Amazon logo with smoke coming out." height="1250" width="2500" msid="114590276" hostid="261" sizebytes="87984"></div>What's bigger than tech's ambitious plans for generative AI? The amount of energy needed to power it.That's led Big Tech to consider nuclear power to address its skyrocketing energy requirements.Business Insider's Eugene Kim has a report on <a target="_blank" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">how Amazon navigates its nuclear ambitions</a>. In a signal of how serious Amazon is about going nuclear, the company pitched the energy source to CEO Andy Jassy this June, according to a company document he obtained.Since then, Amazon has led a $500 million financing round for a company developing modular nuclear reactors. It also agreed to purchase power from Talen Energy's nuclear-powered data center in March.And it's not alone.Microsoft and Google have invested in the sector, and OpenAI CEO Sam Altman backed a nuclear reactor startup.The stakes are high for tech players to get energy. Eugene previously reported on how Amazon's dreams of building a data center empire <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">face the realities of electricity, water, and labor constraints</a>.Should those data center efforts continue to struggle, companies' big bets on generative AI could also falter.<div type="image" title="Protesters at Three Mile Island." height="470" width="700" msid="114590280" hostid="261" sizebytes="35920"></div>A tech-nuclear relationship is mutually beneficial.Tech companies need cost-efficient, reliable energy sources <a target="_blank" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10">that won't increase their carbon footprint</a>, writes BI's Hasan Chowdhury. Nuclear power ticks that box better than other clean energy options like solar or wind.Nuclear power, meanwhile, <a target="_blank" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">is an industry in desperate need of some love</a>, BI's Daniel Geiger and Ellen Thomas previously reported. With at least one commercial nuclear plant closing every year since 2013, the sector has welcomed the interest."We're seeing customers approach us at a rate that we haven't seen in my history with this industry," Jim Burke, CEO of nuclear owner Vistra, said back in March.Naturally, there are skeptics. A byproduct of nuclear power is radioactive waste. The transportation and storage of that remains a hot-button issue. High-profile incidents involving power plants like Chernobyl and Fukushima also drew criticism and stoked fears around the globe.Big Tech hasn't shied away from it. In September, Microsoft cut a deal with Constellation Energy to get power from <a target="_blank" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">part of the Three Mile Island nuclear plant</a>, home to the worst commercial nuclear accident in US history.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Exclusive: Maven Clinic is swapping out its finance chiefs <a target="_blank" href="https://www.businessinsider.com/mavens-cfo-out-as-womens-health-startup-gets-fresh-funding-2024-10">as the women's health unicorn looks ahead to an IPO</a>.</li><li>The 'whale' placing huge bets on a Trump win is a French national with <a target="_blank" href="https://www.businessinsider.com/polymarket-donald-trump-betting-odds-whale-french-trader-harris-polls-2024-10">extensive trading experience</a>.</li><li>The New York Liberty celebrated its first-ever championship and record-breaking WNBA season <a target="_blank" href="https://www.businessinsider.com/new-york-liberty-wnba-championship-parade-photos-2024-10">with a jubilant party</a>.</li><li>Former Avenue employee accused of 'blackmailing' billionaire Marc Lasry countersues, claiming sexual harassment <a target="_blank" href="https://www.businessinsider.com/billionaire-marc-lasry-accused-of-sexual-harassment-in-countersuit-2024-10">including forced kissing, groping, and comments about her body</a>.</li><li>Putin once asked Elon Musk to not activate Starlink over Taiwan as a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/putin-elon-musk-starlink-taiwan-china-favor-xi-jinping-report-2024-10">favor to Xi Jinping</a>: report.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Name plates on blue background" height="900" width="1200" msid="114590272" hostid="261" sizebytes="60254"></div><ol><li>Welcome to the world of hedge funds, where job titles are made up and don't matter. Unlike its Wall Street peers, the $4.3 trillion hedge-fund industry <a target="_blank" href="https://www.businessinsider.com/an-inside-look-at-hedge-fund-job-titles-2024-10">has little uniformity regarding titles</a>. The naming free-for-all means employees and hiring managers can take advantage of using trumped-up titles.</li><li>Tesla's stock just went from 0 to 60. Shares of the EV giant <a target="_blank" href="https://markets.businessinsider.com/news/stocks/elon-musk-net-worth-gains-tesla-stock-price-earnings-tsla-2024-10">finished the day up almost 22%</a> after Wednesday's strong earnings report. Elon Musk added $30 billion to his net worth from the spike.</li><li>The election's biggest risk to the market isn't who wins but how long it takes to decide. BlackRock Investment Institute head Jean Boivin said <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-presidential-election-trump-harris-outlook-volatility-stock-sell-off-2024-10">a contested election would be bad news for investors</a>. He's not alone in his concerns, as others have pointed to short-term volatility when results were delayed in 2020 and 2000.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Salesforce CEO Marc Benioff." height="1333" width="2000" msid="114590275" hostid="261" sizebytes="41956"></div><ol><li>Marc Benioff isn't buying Microsoft's AI hype. In an exclusive interview with BI, <a target="_blank" href="https://www.businessinsider.com/marc-benioff-salesforce-ceo-interview-microsoft-ai-threatens-crm-lead-2024-10">the Salesforce CEO bashed Microsoft's AI Copilot</a>, calling it inaccurate and dubbing the tool "Clippy 2.0." Benioff's diss came after Microsoft recently announced new Dynamics 365 AI agents, directly competing with a new Salesforce product available today.</li><li>Keep your eyes on these 13 creator-economy startups. New startups are finding ways to break into an industry dominated by Big Tech. BI asked venture capitalists which new creator companies they felt showed promise. From advertising platforms to AI tech companies, <a target="_blank" href="https://www.businessinsider.com/promising-creator-economy-influencer-marketing-startups-per-top-vcs-2024-10">here's the startups to watch</a>.</li><li>A longtime safety researcher left OpenAI. Miles Brundage, who advised OpenAI leadership on safety and policy, <a target="_blank" href="https://www.businessinsider.com/another-safety-researcher-is-leaving-openai-2024-10">announced his departure</a> on X. The AGI Readiness team he oversaw will also be disbanded. Brundage's exit is the latest in a string of high-profile departures from the startup.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Ben Franklin flag on red background" height="900" width="1200" msid="114590270" hostid="261" sizebytes="100740"></div><ol><li>Here's what's going on with the economy ahead of the election. For many Americans, the state of the economy is top of mind heading into the polls. The good news? <a target="_blank" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">It's doing broadly well</a>. The unemployment rate remains relatively low, and inflation has slowed. Still, other not-so-great data points have voters feeling pessimistic.</li><li>The housing crisis, as explained by two swing states. Renters and homeowners in swing states have been disproportionately affected by rising housing costs. Two states, Pennsylvania and Arizona, exemplify the problem. While Arizona's population is surging, Pennsylvania's is shrinking — <a target="_blank" href="https://www.businessinsider.com/arizona-pennsylvania-swing-state-home-prices-surge-housing-shortage-2024-10">and neither can build enough homes</a>.</li><li>Behind the scenes of Emma Tucker's Wall Street Journal makeover. Tucker joined the legacy outlet in 2023 with a focus on diversifying and growing the paper's subscriber base. So far, it seems to be working, with subscriptions increasing by 11% over the past year. <a target="_blank" href="https://www.businessinsider.com/wall-street-journal-editor-emma-tucker-interview-peter-kafka-2024-10">She spoke with BI about how she's remaking the paper</a> — including reorganizing and cutting staff.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Jensen Huang says <a target="_blank" href="https://www.businessinsider.com/jensen-huang-tsmc-helped-fix-design-flaw-with-nvidias-blackwell-2024-10">a design flaw with Nvidia's Blackwell chips has been fixed</a> — with TSMC's help.</li><li>Why some CEOs are <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-bill-gates-ceo-avoid-criticizing-trump-2024-10">afraid of publicly criticizing Trump</a>.</li><li>Norway wants to ban under-15s from social media, and <a target="_blank" href="https://www.businessinsider.com/norway-ban-social-media-kids-under-15-backfire-2024-10">expects an 'uphill battle.'</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries will be arraigned on sex trafficking charges in federal court.</li><li>SpaceX's Crew-8 mission crew returns to Earth today.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London.

Big Tech goes nuclear: Amazon's pitch to use power plants shows the crucial role the energy source plays for AI

<ul class="summary-list"><li>TSMC has high power usage, and Taiwan's tight electricity supply will test its chip production.</li><li>Taiwan's sluggish electricity growth challenges the semiconductor industry's expansion.</li></ul>Taiwan's "sluggish growth" in its electricity supply will test the growth of <a target="_blank" href="https://businessinsider.com/tsmc-power-players-14-execs-leading-worlds-biggest-chipmaker-2024-9">TSMC, </a>the world's largest chipmaker, and also the <a target="_blank" href="https://www.businessinsider.com/chip-production-water-usage-tsmc-intel-2024-7">power-intensive</a> semiconductor industry's growth, according to a <a target="_blank" href="https://secure.signin.spglobal.com/oauth2/spglobal/v1/authorize?client_id=RTG_SPCOM_OIDC_SPA&amp;code_challenge=Bk9S7_SJyYqEOCxkOUBuTe2iWcW4uHfctng17EuplSU&amp;code_challenge_method=S256&amp;display=en&amp;nonce=dIYSe8rQGnsDHPvuatV7nJrZ2jty8y6ntny24ZnH4nCb2GKYIcvfr24OY6xPNxHc&amp;redirect_uri=https%3A%2F%2Fdisclosure.spglobal.com%2Fcallback&amp;response_type=code&amp;state=RznxF7r7DKgOtqv7T24s5fz1HXCswZMYPiH6GZ9RUlLjAknXngvBgS6KN7iYHE9P&amp;scope=openid%20email%20profile%20offline_access%20rtg_spcom%20ratings">new S&amp;P Global report</a> released last week.For the past four years, TSMC's total energy usage has grown 10%-20% annually due to its production scale and technology usage, and it's expected to surge this year, the analysts said. Compared to other chipmakers, TSMC's electricity consumption far outpaces its peers, such as Micron and <a target="_blank" class="" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Intel</a>, consuming more than <a target="_blank" class="" href="https://esg.tsmc.com/en-US/file/public/e-all_2023.pdf">24 billion kilowatt-hours in 2023</a>—almost equivalent to the entire city of <a target="_blank" class="" href="https://finance.yahoo.com/news/25-cities-highest-electricity-consumption-104528985.html">Phoenix</a>.The surge in energy consumption last year is likely due to the increase in 3nm semiconductor production, the analysts said.To develop cutting-edge chips at 7 nanometers or below, TSMC uses processes such as <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-08-25/energy-efficient-computer-chips-need-lots-of-power-to-make">EUV</a> or extreme ultraviolet lithography systems, which consume much more energy since making the chips smaller will require more energy-intensive manufacturing methods.TSMC consumes more than 8% of Taiwan's total electricity, and the report said that demand could triple by 2030. Taiwan's unique challenges could also create further ripples due to its limited available land for solar panels and its dependence on imported fossil fuels. This makes both citizens and chipmakers vulnerable to <a target="_blank" class="" href="https://www.ctee.com.tw/news/20240417700097-430104">power outages</a> from natural disasters that strain the electricity grid.In 2021, TSMC announced a commitment to reach net zero emissions <a target="_blank" href="https://pr.tsmc.com/english/news/2865">by 2050</a> through a <a target="_blank" href="https://esg.tsmc.com/file/public/2023-TCNFDReport-e.pdf">combination</a> of renewable energy certificates and power purchase agreements. Last year, the company pushed forward its deadline for 100% renewable energy consumption <a target="_blank" href="https://pr.tsmc.com/english/news/3067">to 2040</a> and upgraded to more efficient power transformers used for transferring electricity.Adding renewable energy supplies would help alleviate this problem, although the island's geography makes it difficult to increase solar and wind power sources. Local power providers have faced <a target="_blank" href="https://www.digitimes.com/news/a20240724PD214/taiwan-offshore-wind-supply-chain-market-government.html">procurement </a>regulation changes, <a target="_blank" class="" href="https://www.bloomberg.com/opinion/articles/2024-04-16/taiwan-s-wind-power-ambitions-are-in-peril">slowing down</a> the growth of offshore wind power.TSMC's risks will be controllable over the next three to four years since the company actively manages its power supply's stability, the analysts said. Still, the <a target="_blank" class="" href="https://www.businessinsider.com/ai-value-estimate-20-trillion-tech-wave">AI boom</a> will not slow down electricity demand anytime soon.

The world's largest chipmaker TSMC is about to be tested as it uses more and more power

The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers. Here's a breakdown of the key initiatives announced: <h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications. <h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power. <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div> <h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>. Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time. <h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials. <h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current 'Perform, Achieve and Trade' mode. <h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase. As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div> <h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change. <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div> <h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies. <h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

<keyword id="20357709" type="General" weightage="20" keywordseo="Tata-Power-Renewable-Energy" source="keywords">Tata Power Renewable Energy</keyword> Ltd (TPREL) has joined hands with state-owned <keyword id="22457046" type="General" weightage="20" keywordseo="NHPC-Renewable" source="keywords">NHPC Renewable</keyword> Energy Ltd (NHPC-REL) for installation of rooftop <keyword id="20297569" type="General" weightage="20" keywordseo="solar-projects" source="keywords">solar projects</keyword> on government buildings of central ministries, states, and union territories. "This collaboration represents a major step forward in our shared vision of a sustainable and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword> future. By leveraging our combined strengths, we are confident in achieving our goal of 100 per cent solarisation by 2025," Nanda said. A Memorandum of Understanding (MOU) in this regard was signed on July 17, 2024 between Deepesh Nanda, CEO &amp; MD of TPREL, and S P Rathour, CEO of NHPC-REL, TPREL said in a statement. "This initiative will not only help us meet our solarisation targets but also contribute significantly to reducing the carbon footprint of government buildings," NHPC CMD R P Goyal said. An arm of Tata Power, TPREL is a developer of renewable energy projects including solar, wind, hybrid, round-the-clock (RTC), peak, floating solar, and storage systems including battery storage. It owns, operates, and maintains these projects. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-m35-5g-with-6000mah-battery-launched-in-india-starting-at-16999/slidelist/111806447.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-m35-5g-with-6000mah-battery-launched-in-india-starting-at-16999/slidelist/111806447.cms" target="_blank">Samsung Galaxy M35 5G with 6,000mAh battery launched in India starting at ₹19,999</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a>

Tata Power Renewable Energy, NHPC Renewable join hands for installation of rooftop solar projects

<ul class="summary-list"><li>The next Attorney General could well be billionaire tech founder Palmer Luckey's brother-in-law. </li><li>Luckey's sister, Ginger, is married to Matt Gaetz, who Donald Trump has tapped for the role.</li></ul>Billionaire tech founder <a target="_blank" class="" href="https://www.businessinsider.com/who-is-palmer-luckey">Palmer Luckey's</a> brother-in-law, Rep. <a target="_blank" class="" href="https://www.businessinsider.com/trump-nominates-matt-gaetz-attorney-general-2024-11">Matt Gaetz</a>, could be the next Attorney General.On Wednesday, President-elect <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">Donald Trump</a> said he would nominate Gaetz, the congressman for Florida's 1st district, for Attorney General."Matt will root out the systemic corruption at DOJ, and return the Department to its true mission of fighting Crime, and upholding our Democracy and Constitution," Trump wrote in a <a target="_blank" class="" href="https://truthsocial.com/@realDonaldTrump/posts/113477515639625474">Truth Social post</a>.Gaetz has resigned from Congress, but his post will have to be confirmed by the US Senate."Attorney General will look great on you my love," Gaetz's wife and Luckey's sister, <a target="_blank" class="" href="https://www.businessinsider.com/matt-gaetz-fiance-ginger-luckey-harvard-business-school-2021-4">Ginger</a>, said in a post on X on Wednesday.Ginger told the <a target="_blank" class="" href="https://www.dailymail.co.uk/news/article-9102343/Matt-Gaetz-engaged-Californian-food-analyst.html">Daily Mail</a> that she got engaged to Gaetz about 10 months after they met at Trump's Mar-a-Lago Club in March 2020.The couple <a target="_blank" href="https://www.businessinsider.com/matt-gaetz-ginger-luckey-elope-california-married-catalina-island-2021-8">married in August 2021</a> in Southern California. According to Ginger's <a target="_blank" href="https://www.linkedin.com/in/ginger-luckey-ab8410a8/">LinkedIn profile</a>, the UC Santa Barbara graduate works as a manager at KPMG.Luckey, a tech founder and <a target="_blank" class="" href="https://www.businessinsider.com/billionaire-palmer-luckey-profile-trump-facebook-meta-ten-takeaways-2024-8">Trump backer</a>, started Oculus VR in 2012.In 2014, he sold the firm to Meta for $2 billion in cash and stock as Mark Zuckerberg invested heavily in virtual and augmented reality to build the <a target="_blank" class="" href="https://www.businessinsider.com/what-is-the-metaverse-crypto-blockchain-gaming-vr-real-estate-2022-2">Metaverse</a>.But in 2016, Luckey was <a target="_blank" class="" href="https://www.businessinsider.com/palmer-luckey-comments-facebook-firing-mark-zuckerberg-2024-8">fired from Meta</a> following backlash over his political donations to a <a target="_blank" class="" href="https://www.businessinsider.com/palmer-luckey-anduril-trump-defense-tech-growth-2024-11">pro-Trump group</a>. Meta has maintained that Luckey's <a target="_blank" class="" href="https://www.businessinsider.com/facebook-denies-firing-oculus-founder-palmer-luckey-trump-2018-11">politics weren't a factor in his departure</a>.Luckey launched a defense startup called Anduril in 2017, which aims to bring artificial intelligence and tech innovation to the US military at scale.In 2020, Anduril landed a deal with the US Customs and Border Protection to deliver a <a target="_blank" class="" href="https://www.businessinsider.com/anduril-peter-thiel-backed-startup-trump-virtual-border-wall-2020-7">"virtual wall"</a> of some 200 solar-powered surveillance towers to monitor illegal passage into the US.More recently, it's been making waves in the defense industry by clinching key government contracts. In April, it beat out legacy contractors like Northrup Grumman and Lockheed Martin to take part in the US Air Force's <a target="_blank" class="" href="https://www.businessinsider.com/anduril-palmer-luckey-us-air-force-contract-defense-tech-startup-2024-4">Collaborative Combat Aircraft</a> program, which aims to buy 1,000 drones at $30 million each.In October, it secured a <a target="_blank" class="" href="https://www.anduril.com/article/anduril-industries-awarded-air-defense-production-contract-with-department-of-defense/">$250 million deal with the Pentagon </a>for 500 of its drones and portable electronic warfare equipment.<a target="_blank" class="" href="https://www.businessinsider.com/palmer-luckey-anduril-defense-startup-funding-tesla-weapons-factory-2024-8">Anduril's Series F round</a>, led by Peter Thiel's venture capital firm, valued the startup at $14 billion in August and secured $1.5 billion to build its first major factory.Representatives for Luckey at Anduril and Gaetz did not respond to a request for comment from Business Insider.

Palmer Luckey, Anduril's founder, will have an Attorney General for a brother-in-law if Matt Gaetz gets confirmed

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> used his money, power, and influence to help reelect former President Donald Trump.</li><li>Now, he'll likely benefit from ties to the president-elect, potentially getting a government role.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10">Elon Musk's campaign supporting Donald Trump</a> has paid off — and the billionaire has a lot to gain over the next four years.Musk has spent months strengthening his ties to Trump, using his platform on X to advocate for him and <a target="_blank" rel="" class="" href="https://www.businessinsider.com/elon-musk-trump-gop-spending-130-million-2024-10">investing over $130 million</a> in pro-Trump efforts. He even pledged a daily $1 million giveaway to swing-state voters who sign his petition supporting free speech and gun rights.Business Insider spoke with experts ahead of the election about Musk's involvement in the campaign. Some suggested <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-presidential-election-stakes-2024-11">Musk's actions might be a risk-hedging strategy</a> to secure Trump's backing if he wins. Cary Coglianese, a law professor and the director of the Penn Program on Regulation at the University of Pennsylvania, said Musk might merely view himself as capable of "turning around the federal government."Regardless of his underlying motivations, the billionaire will likely benefit from Trump's second tenure in the White House. Erik Gordon, the area chair of entrepreneurial studies at the University of Michigan's Ross School of Business, put it simply: "Friends of the winner share in the winnings."<h2 id="c8c459a7-1b80-42f8-b955-732421bc83ca">Trump has supported Musk's idea for a 'Department of Government Efficiency'</h2>Trump has agreed to incorporate Musk's proposal to establish a "<a target="_blank" rel="" class="" href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10">Department of Government Efficiency" led by Musk</a>. The president-elect has said this would conduct a "complete financial and performance audit of the entire federal government."The role could give Musk influence over agencies he has long lamented, such as the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-slams-sec-says-no-one-reviews-tweets-2018-12">Securities and Exchange Commission</a>, which is investigating <a target="_blank" class="" href="https://www.businessinsider.com/sec-unhappy-musk-no-testimony-spacex-launch-court-documents-2024-9">his 2022 acquisition of Twitter, now called X,</a> and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-and-sec-battle-timeline-2019-3#september-27-2018-the-sec-sues-musk-2">sued him in 2018 over a tweet in which he claimed he had the funding to take Tesla private</a>.At a recent rally in Pittsburgh, Musk <a target="_blank" class="" href="https://x.com/elonmusk/status/1850251178074100034">said</a> he had discovered there were 428 federal government agencies. "What the hell do you need 428 agencies for? Why do you even need 100? This is crazy," he said. During <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-autonomous-vehicle-federal-regulation-trump-white-house-2024-10">a town hall in Pennsylvania on October 18</a>, he suggested laying off federal employees.Musk has already suggested using the role to his advantage. During <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10#tesla-s-third-quarter-earnings-call-kicks-off">Tesla's most recent earnings call</a>, Musk suggested that if there were a government efficiency commission, he would help push the state-by-state approval process forward with a "federal approval process for autonomous vehicles."<h2 id="e141ee11-d856-4c65-89b2-d765ca80ea04">What a Trump win means for Musk's business empire</h2>Aside from direct influence within the government, a Trump presidency could lead to a lot of wins for Musk's business empire, which includes <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a>, <a target="_blank" href="https://www.businessinsider.com/spacex-elon-musk">SpaceX</a>, <a target="_blank" href="https://www.businessinsider.com/elon-musk-the-boring-company">The Boring Company</a>, <a target="_blank" class="" href="https://www.businessinsider.com/neuralink-elon-musk-microchips-brains-ai-2021-2">Neuralink</a>, and X. Many of these companies heavily rely on federal approvals, regulations, subsidies, or contracts — and Trump has pledged a lighter regulatory landscape with <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariff-trade-tax-proposal-inflation-interest-rates-outlooks-predictions-2024-7">reduced corporate and personal taxes</a>.Gordon said that, under Trump, regulators would allow Musk "more freedom to develop advanced technologies."Regulatory leniency could be crucial for Tesla, especially as investors closely watch Musk's commitment to secure approval for fully autonomous vehicles in Texas and California.Francesco Trebbi, a professor of business and public policy at the University of California Berkeley, told BI a Trump presidency may help SpaceX procure large contracts with the Department of Defense. The company has recently made <a target="_blank" class="" href="https://www.businessinsider.com/why-spacex-starship-launch-five-huge-deal-space-travel-2024-10">major strides in space travel</a> and that kind of support could help it maintain a competitive edge over rivals like Blue Origin.<h2 id="33466282-862b-4e01-96b4-6caf090490a5">Some risks ahead</h2>While Musk has a lot to gain over the next four years, his alignment with Trump doesn't come without risk — and there's no guarantee everything will go as planned.Trump intends to retract unspent funds from the Inflation Reduction Act, or IRA, to "rapidly defeat inflation and lower prices," according to Karoline Leavitt, the campaign's national press secretary. <a target="_blank" class="" href="https://www.businessinsider.com/tesla-tax-credit">The IRA provides advantages to Tesla</a>, such as a $7,500 tax credit for new electric vehicles and tax credits for solar installations.Coglianese said Musk was also "banking on a president who will want to or be willing to repay Musk for his loyalty." He said it's not always clear, though, that Trump's strongest supporters get everything they want.He cited the example of billionaire investor Carl Icahn, who acted for Trump as an unpaid advisor in his first term. Icahn reportedly secured some <a target="_blank" class="" href="https://www.reuters.com/article/us-usa-biofuels-epa-icahn-exclusive/exclusive-us-epa-grants-biofuels-waiver-to-billionaire-icahns-oil-refinery-sources-idUSKBN1I10YB/">relief from the Environmental Protection Agency for an oil refinery he owned</a> but <a target="_blank" rel="" class="" href="https://www.businessinsider.com/carl-icahn-has-quit-working-for-trump-2017-8">ended up resigning</a> amid criticism over potential conflicts of interest.Joan MacLeod Heminway, a law professor at the University of Tennessee, told BI that there are "ethical rules mandating compliance" with a number of obligations, like conflict-of-interest reporting."Elon Musk may not want to take on these obligations," Heminway said.

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