![WalterIsaacson's tweet photo. The infatuation of @elonmusk with the name https://t.co/92gi3zsHin goes way back. Here are some excerpts from my upcoming book, https://t.co/JaeIDTq8FO
"When his cousin Peter Rive visited in early 1999, he found Musk poring over books about the banking system. “I’m trying to think about what to start next,” he explained. His experience at Scotiabank had convinced him that the industry was ripe for disruption. So in March 1999, he founded https://t.co/92gi3zsHin.
His concept for https://t.co/92gi3zsHin was grand. It would be a one-stop everything-store for all financial needs: banking, digital purchases, checking, credit cards, investments, and loans. Transactions would be handled instantly, with no waiting for payments to clear. His insight was that money is simply an entry into a database, and he wanted to devise a way that all transactions were securely recorded in real time. “If you fix all the reasons why a consumer would take money out of the system,” he says, “then it will be the place where all the money is, and that would make it a multitrillion-dollar company.”
Musk was able to entice the influential head of Sequoia Capital, Michael Moritz, to make a major investment in https://t.co/92gi3zsHin. Moritz then facilitated a deal with Barclay’s Bank and a community bank in Colorado to become partners, so that https://t.co/92gi3zsHin could offer mutual funds, have a bank charter, and be FDIC-insured.
One of Musk’s management tactics, then as later, was to set an insane deadline and drive colleagues to meet it. He did that in the fall of 1999 by announcing, in what one engineer called “a dick move,” that https://t.co/92gi3zsHin would launch to the public on Thanksgiving weekend. In the weeks leading up to that, Musk prowled the office each day, including Thanksgiving, in a nervous and nervous-making frenzy, and slept under his desk most nights. One of the engineers who went home at 2 a.m. Thanksgiving morning got a call from Musk at 11 a.m. asking him to come back in because another engineer had worked all night and was “not running on full thrusters anymore.” Such behavior produced drama and resentments, but also success. When the product went live that weekend, all the employees marched to a nearby ATM, where Musk inserted an https://t.co/92gi3zsHin debit card. Cash whirred out and the team celebrated.
One driver of growth was a feature that they originally thought was no big deal: the ability to send money by email. That became wildly popular, especially on the auction site eBay, where users were looking for an easy way to pay strangers for purchases.
[After a merger, with a company cofounded by Peter Thiel and Max Levchin, the company became known as PayPal.] "Musk insisted that the company’s name should be https://t.co/92gi3zsHin, with PayPal as merely one of its subsidiary brands. He even tried to rebrand the payment system X-PayPal. There was a lot of pushback, especially from Levchin. PayPal had become a trusted brand name, like a good pal who is helping you get paid. Focus groups showed that the name https://t.co/92gi3zsHin, on the contrary, conjured up visions of a seedy site you would not talk about in polite company. But Musk was unwavering, and remains so to this day. “If you want to just be a niche payment system, PayPal is better,” he said. “But if you want to take over the world’s financial system, then X is the better name.”
Levchin and Musk soon clashed on an issue that sounded technical but was also theological: whether to use Microsoft Windows or Unix as the main operating system. Musk admired Bill Gates, loved Windows NT, and thought Microsoft would be a more reliable partner. Levchin and his team were appalled, feeling that Windows NT was insecure, buggy, and uncool. They preferred using various flavors of Unix-like operating systems, including Solaris and the open-source Linux.
One night well after midnight, Levchin was working alone in a conference room when Musk walked in primed to continue the argument. “Eventually you will see it my way,” Musk said. “I know how this movie ends.”
“No, you’re wrong,” Levchin replied in his flat monotone. “It just isn’t going to work in Microsoft.”
“You know what,” said Musk. “I will arm-wrestle you for it.”
Levchin thought, correctly, that this was the stupidest imaginable way to settle a software-coding disagreement. Plus, Musk was almost twice his size. But he was loopy from working late hours and agreed to arm-wrestle. He put all his weight into it and promptly lost. “Just to be clear,” Levchin told him, “I’m not going to use your physical weight as any sort of a technical decision input.”
Musk laughed and said, “Yeah, I get it.” But he prevailed.
[Musk told me, even before he took control of Twitter, that he planned to rebrand it https://t.co/92gi3zsHin and to try to make it a platform that would fulfill his original vision from 1999. A passage from later in the book:]
In the days leading up to his takeover of Twitter at the end of October 2022, Musk’s moods fluctuated wildly. “I am very excited about finally implementing https://t.co/92gi3zsHin as it should have been done, using Twitter as an accelerant!” he texted me out of the blue at 3:30 one morning. “And, hopefully, helping democracy and civil discourse while doing so.” He said that he would turn it into the combination of financial platform and social network he had envisioned twenty-four years earlier for https://t.co/92gi3zsHin, and he added that he planned to rebrand it with that name, which he loved. A few days later, he was more somber. “I will need to live at Twitter HQ. This is a super tough situation. Really bumming me out :( Sleep is difficult.”
Here is Musk with Peter Thiel and the https://t.co/92gi3zsHin card in 1999, and celebrating with Pappy van Winkle, @pappyvanwinkle , the world's best Bourbon, on the day he bought Twitter:](https://pbs.twimg.com/media/F1wDN2LXwAAFE3k.jpg)
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If you're in college trying to break into tech @AndrewYNg, the most respected voice in AI, just laid out the only roadmap you need.
Today, we @HindenburgRes are releasing 11 emails we sent to Deloitte's senior leaders, spanning nearly 5 months, that documented flagrant signs of fraud at Tingo Group, one of the most spectacular Big 4 audit failures of our time.
Most companies committing fraud engage in a handful of fake transactions, making red flags hard to spot for auditors. By comparison, Tingo fabricated the existence of an entire multi-billion-dollar conglomerate.
Our letters pointed this out clearly and repeatedly, but Deloitte stood by and failed to act despite being presented with overwhelming evidence.
https://t.co/xXfcj5XBoL
Following our initial public report on Tingo in June 2023, which documented evidence of widespread fraud, we were surprised in the months that followed that Deloitte continued to stand by its clean audit opinion of the company.
We first wrote Deloitte in August, sending emails to Tingo's audit partners at Deloitte Israel along with senior leaders at Deloitte's parent entity.
We initially hoped Deloitte would take action. When it eventually became clear that Deloitte would do nothing, we focused on thoroughly documenting its spectacular professional negligence.
In December, the SEC filed a 71-page complaint against Tingo and its CEO, writing "The scope of the fraud is staggering."
While Deloitte's unqualified audit opinion reported that Tingo had $461.7 million in cash at year end, bank statements referenced in the SEC complaint showed Tingo actually had less than $50.
The SEC alleged that Tingo's key operating subsidiary was “virtually entirely fabricated”. Criminal charges were unsealed shortly thereafter.
Deloitte has continued to remain silent throughout Tingo's collapse. We believe they owe the investing public an explanation and hope they are eventually forced to address their unfathomable failure to uphold basic auditing standards.
We hope this unfortunate experience serves as a wakeup call to investors about the role of auditors. Auditors often generate revenue from client companies for simply performing administrative 'check the box' functions. Many just take management's word, no matter how obvious the lies may be. Tingo is the worst example we have seen.
$TIO $TMNA
Tickets for today's World Cup opener in Ahmedabad are still available online. But more than 80% seats (in grey) seem to be unavailable or sold out. Did everyone decide not to show up? What's happening? 🤔
10 years ago I was pretty skeptical about the true utility of cannabis as a medicine. Then I went on an investigative journey to speak to scientists around the world, visit labs and have long deep conversations with patients. Bottom line: it is not a panacea, nothing is. But I am convinced it can help people. It can heal people. And just because it doesnt help everyone… does not mean it shouldn’t be available to anyone.
https://t.co/jWt6L6cQ3R
The infatuation of @elonmusk with the name https://t.co/92gi3zsHin goes way back. Here are some excerpts from my upcoming book, https://t.co/JaeIDTq8FO
"When his cousin Peter Rive visited in early 1999, he found Musk poring over books about the banking system. “I’m trying to think about what to start next,” he explained. His experience at Scotiabank had convinced him that the industry was ripe for disruption. So in March 1999, he founded https://t.co/92gi3zsHin.
His concept for https://t.co/92gi3zsHin was grand. It would be a one-stop everything-store for all financial needs: banking, digital purchases, checking, credit cards, investments, and loans. Transactions would be handled instantly, with no waiting for payments to clear. His insight was that money is simply an entry into a database, and he wanted to devise a way that all transactions were securely recorded in real time. “If you fix all the reasons why a consumer would take money out of the system,” he says, “then it will be the place where all the money is, and that would make it a multitrillion-dollar company.”
Musk was able to entice the influential head of Sequoia Capital, Michael Moritz, to make a major investment in https://t.co/92gi3zsHin. Moritz then facilitated a deal with Barclay’s Bank and a community bank in Colorado to become partners, so that https://t.co/92gi3zsHin could offer mutual funds, have a bank charter, and be FDIC-insured.
One of Musk’s management tactics, then as later, was to set an insane deadline and drive colleagues to meet it. He did that in the fall of 1999 by announcing, in what one engineer called “a dick move,” that https://t.co/92gi3zsHin would launch to the public on Thanksgiving weekend. In the weeks leading up to that, Musk prowled the office each day, including Thanksgiving, in a nervous and nervous-making frenzy, and slept under his desk most nights. One of the engineers who went home at 2 a.m. Thanksgiving morning got a call from Musk at 11 a.m. asking him to come back in because another engineer had worked all night and was “not running on full thrusters anymore.” Such behavior produced drama and resentments, but also success. When the product went live that weekend, all the employees marched to a nearby ATM, where Musk inserted an https://t.co/92gi3zsHin debit card. Cash whirred out and the team celebrated.
One driver of growth was a feature that they originally thought was no big deal: the ability to send money by email. That became wildly popular, especially on the auction site eBay, where users were looking for an easy way to pay strangers for purchases.
[After a merger, with a company cofounded by Peter Thiel and Max Levchin, the company became known as PayPal.] "Musk insisted that the company’s name should be https://t.co/92gi3zsHin, with PayPal as merely one of its subsidiary brands. He even tried to rebrand the payment system X-PayPal. There was a lot of pushback, especially from Levchin. PayPal had become a trusted brand name, like a good pal who is helping you get paid. Focus groups showed that the name https://t.co/92gi3zsHin, on the contrary, conjured up visions of a seedy site you would not talk about in polite company. But Musk was unwavering, and remains so to this day. “If you want to just be a niche payment system, PayPal is better,” he said. “But if you want to take over the world’s financial system, then X is the better name.”
Levchin and Musk soon clashed on an issue that sounded technical but was also theological: whether to use Microsoft Windows or Unix as the main operating system. Musk admired Bill Gates, loved Windows NT, and thought Microsoft would be a more reliable partner. Levchin and his team were appalled, feeling that Windows NT was insecure, buggy, and uncool. They preferred using various flavors of Unix-like operating systems, including Solaris and the open-source Linux.
One night well after midnight, Levchin was working alone in a conference room when Musk walked in primed to continue the argument. “Eventually you will see it my way,” Musk said. “I know how this movie ends.”
“No, you’re wrong,” Levchin replied in his flat monotone. “It just isn’t going to work in Microsoft.”
“You know what,” said Musk. “I will arm-wrestle you for it.”
Levchin thought, correctly, that this was the stupidest imaginable way to settle a software-coding disagreement. Plus, Musk was almost twice his size. But he was loopy from working late hours and agreed to arm-wrestle. He put all his weight into it and promptly lost. “Just to be clear,” Levchin told him, “I’m not going to use your physical weight as any sort of a technical decision input.”
Musk laughed and said, “Yeah, I get it.” But he prevailed.
[Musk told me, even before he took control of Twitter, that he planned to rebrand it https://t.co/92gi3zsHin and to try to make it a platform that would fulfill his original vision from 1999. A passage from later in the book:]
In the days leading up to his takeover of Twitter at the end of October 2022, Musk’s moods fluctuated wildly. “I am very excited about finally implementing https://t.co/92gi3zsHin as it should have been done, using Twitter as an accelerant!” he texted me out of the blue at 3:30 one morning. “And, hopefully, helping democracy and civil discourse while doing so.” He said that he would turn it into the combination of financial platform and social network he had envisioned twenty-four years earlier for https://t.co/92gi3zsHin, and he added that he planned to rebrand it with that name, which he loved. A few days later, he was more somber. “I will need to live at Twitter HQ. This is a super tough situation. Really bumming me out :( Sleep is difficult.”
Here is Musk with Peter Thiel and the https://t.co/92gi3zsHin card in 1999, and celebrating with Pappy van Winkle, @pappyvanwinkle , the world's best Bourbon, on the day he bought Twitter:
![WalterIsaacson's tweet photo. The infatuation of @elonmusk with the name https://t.co/92gi3zsHin goes way back. Here are some excerpts from my upcoming book, https://t.co/JaeIDTq8FO
"When his cousin Peter Rive visited in early 1999, he found Musk poring over books about the banking system. “I’m trying to think about what to start next,” he explained. His experience at Scotiabank had convinced him that the industry was ripe for disruption. So in March 1999, he founded https://t.co/92gi3zsHin.
His concept for https://t.co/92gi3zsHin was grand. It would be a one-stop everything-store for all financial needs: banking, digital purchases, checking, credit cards, investments, and loans. Transactions would be handled instantly, with no waiting for payments to clear. His insight was that money is simply an entry into a database, and he wanted to devise a way that all transactions were securely recorded in real time. “If you fix all the reasons why a consumer would take money out of the system,” he says, “then it will be the place where all the money is, and that would make it a multitrillion-dollar company.”
Musk was able to entice the influential head of Sequoia Capital, Michael Moritz, to make a major investment in https://t.co/92gi3zsHin. Moritz then facilitated a deal with Barclay’s Bank and a community bank in Colorado to become partners, so that https://t.co/92gi3zsHin could offer mutual funds, have a bank charter, and be FDIC-insured.
One of Musk’s management tactics, then as later, was to set an insane deadline and drive colleagues to meet it. He did that in the fall of 1999 by announcing, in what one engineer called “a dick move,” that https://t.co/92gi3zsHin would launch to the public on Thanksgiving weekend. In the weeks leading up to that, Musk prowled the office each day, including Thanksgiving, in a nervous and nervous-making frenzy, and slept under his desk most nights. One of the engineers who went home at 2 a.m. Thanksgiving morning got a call from Musk at 11 a.m. asking him to come back in because another engineer had worked all night and was “not running on full thrusters anymore.” Such behavior produced drama and resentments, but also success. When the product went live that weekend, all the employees marched to a nearby ATM, where Musk inserted an https://t.co/92gi3zsHin debit card. Cash whirred out and the team celebrated.
One driver of growth was a feature that they originally thought was no big deal: the ability to send money by email. That became wildly popular, especially on the auction site eBay, where users were looking for an easy way to pay strangers for purchases.
[After a merger, with a company cofounded by Peter Thiel and Max Levchin, the company became known as PayPal.] "Musk insisted that the company’s name should be https://t.co/92gi3zsHin, with PayPal as merely one of its subsidiary brands. He even tried to rebrand the payment system X-PayPal. There was a lot of pushback, especially from Levchin. PayPal had become a trusted brand name, like a good pal who is helping you get paid. Focus groups showed that the name https://t.co/92gi3zsHin, on the contrary, conjured up visions of a seedy site you would not talk about in polite company. But Musk was unwavering, and remains so to this day. “If you want to just be a niche payment system, PayPal is better,” he said. “But if you want to take over the world’s financial system, then X is the better name.”
Levchin and Musk soon clashed on an issue that sounded technical but was also theological: whether to use Microsoft Windows or Unix as the main operating system. Musk admired Bill Gates, loved Windows NT, and thought Microsoft would be a more reliable partner. Levchin and his team were appalled, feeling that Windows NT was insecure, buggy, and uncool. They preferred using various flavors of Unix-like operating systems, including Solaris and the open-source Linux.
One night well after midnight, Levchin was working alone in a conference room when Musk walked in primed to continue the argument. “Eventually you will see it my way,” Musk said. “I know how this movie ends.”
“No, you’re wrong,” Levchin replied in his flat monotone. “It just isn’t going to work in Microsoft.”
“You know what,” said Musk. “I will arm-wrestle you for it.”
Levchin thought, correctly, that this was the stupidest imaginable way to settle a software-coding disagreement. Plus, Musk was almost twice his size. But he was loopy from working late hours and agreed to arm-wrestle. He put all his weight into it and promptly lost. “Just to be clear,” Levchin told him, “I’m not going to use your physical weight as any sort of a technical decision input.”
Musk laughed and said, “Yeah, I get it.” But he prevailed.
[Musk told me, even before he took control of Twitter, that he planned to rebrand it https://t.co/92gi3zsHin and to try to make it a platform that would fulfill his original vision from 1999. A passage from later in the book:]
In the days leading up to his takeover of Twitter at the end of October 2022, Musk’s moods fluctuated wildly. “I am very excited about finally implementing https://t.co/92gi3zsHin as it should have been done, using Twitter as an accelerant!” he texted me out of the blue at 3:30 one morning. “And, hopefully, helping democracy and civil discourse while doing so.” He said that he would turn it into the combination of financial platform and social network he had envisioned twenty-four years earlier for https://t.co/92gi3zsHin, and he added that he planned to rebrand it with that name, which he loved. A few days later, he was more somber. “I will need to live at Twitter HQ. This is a super tough situation. Really bumming me out :( Sleep is difficult.”
Here is Musk with Peter Thiel and the https://t.co/92gi3zsHin card in 1999, and celebrating with Pappy van Winkle, @pappyvanwinkle , the world's best Bourbon, on the day he bought Twitter:](https://pbs.twimg.com/media/F1wDN2oWwAAZX_5.jpg)
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Congratulations Sachin paaji - double khushi
Is anyone else’s Oculus Quest also just sitting in a corner of the room unused? 😢
Trip to India got wasted
@EdKrassen We’ve started a “save-a-celebrity fund” to pay their $8. We take this matter very seriously.
DC management bringing Rishabh Pant to team after seeing their batting performance in first match.
How bad do things look? https://t.co/MWDkMvuj3O
Hello @ShekharRavjiani your version of Hanuman Chalisa was removed from @SpotifyUSA. I am not sure the contract side of it but I request you to look into it and get it added back. Since past 2-3 years, your Hanuman Chalisa is my most listen bhajan on Spotify.
Me amplifying everything coming from Dad before the Goa trip
Time for Surya Kumar Yadav to visit Mahakaleshwar Temple
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