Category Archives: Elon Musk

Jeff Bezos is once again the richest man in the world.

Thanks to the drop inTesla Inc's (NASDAQ: TSLA), whose stock fell 2.4% on Wednesday, the founder of Amazon Inc. (NASDAQ: AMZN) regained his place at the top of the worlds richest people chart, according to the Bloomberg Billionaires Index.

With a personal fortune of $191 billion, Bezos stands up to Elon Musk ($190 billion), who ranked number one for six weeks. Musk's rise to number one took place in early January 2020, when Tesla's shares rose 743% over the year, with a $106 billion increase.

The Other Fat Cats:Microsoft Corporation (NASDAQ: MSFT) co-founder Bill Gates has a net worth of $137 billion, thanks to which he took the third place in the ranking, followed byLVMH Moet Hennessy Louis Vuitton SA (OTC: LVMUY) CEO Bernard Arnault with $116 billion, andFacebook Inc.(NASDAQ: FB) CEOMark Zuckerberg, ranking fifth thanks to his $104 billion.

Space Challenge:This is a challenge by means of equity destined to move into orbit. In fact, the two richest people also own two aerospace research companies: Blue Originand SpaceX.On February 2nd, Bezos stepped down from his role as CEO of Amazon to pursue his other activities, and referring to Blue Origin he said: This is the most important job I am doing.

See Also: Elon Musk's SpaceX Gets 60% Higher Valuation In Latest Funding Round At $74B: Report

Blue Origin will be wrestling with Musk's Space X, which has managed to establish itself in recent years. Both are now competing on several strategic contracts within the US space missions.

ThisarticleoriginallyappearedonFinancialounge.comand was translated from Italian to English.It does not represent the opinion of Benzinga and has not been edited.

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2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Surpassing Elon Musk, Jeff Bezos Is Again The World's Richest Person - Benzinga

The SpaceX Falcon 9 lifting off from Kennedy Space Center in May last year.

When you think of billionaire entrepreneur Elon Musk, chances are good that you also think of his electric car company Tesla or his space-exploration venture SpaceX (to say nothing of his history of stirring up controversy on social media, or smoking weed with Joe Rogan). Maybe you just know him as the richest person on Earth, having passed Jeff Bezos to take the top spot a month ago.

Before long, something else might come to mind when you think of Musk: a venture called Starlink that seeks to sell internet connections to almost anyone on the planet by way of a growing network of private satellites orbiting overhead.

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After years of development within SpaceX -- and after securing nearly $885.5 million in grant funds from the Federal Communications Commissionat the end of 2020 -- Starlink's progress seems to be accelerating in 2021. In January, after about three years' worth of successful launches, the project surpassed 1,000 satellites delivered into orbit. Earlier in February, Musk's company disclosed that Starlink now serves more than 10,000 customers. Now, the service is in the process of expanding preorders to even more potential customers, with people currently living without access to high-speed internet as one of the top priorities.

All of that makes Starlink well worth keeping an eye on in 2021. For now, here's everything you should know about it.

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Technically a division within SpaceX, Starlink is also the name of the spaceflight company's growing network -- or "constellation" -- of orbital satellites. The development of that network began in 2015, with the first prototype satellites launched into orbit in 2018.

In the years since, SpaceX has deployed over 1,000 Starlink satellites into orbit across more than 20 successful launches. In January, for its first Starlink mission of 2021,SpaceX launched 60 satellites into orbit from Kennedy Space Center using the landable, relaunchableFalcon 9 orbital rocket. Subsequent launches, includingfour more in February -- two of which have already been completed successfully -- will bring the total number of satellites launched to 1,265.

That's the idea, yes.

Just like existing providers of satellite internet like HughesNet or ViaSat, Starlink wants to sell internet access -- particularly to people in rural areas and other parts of the world who don't already have access to high-speed broadband.

SpaceX's Starlink hardware includes a satellite dish and router, which you'll set up at home to receive the signal from space.

"Starlink is ideally suited for areas of the globe where connectivity has typically been a challenge," the Starlink website reads. "Unbounded by traditional ground infrastructure, Starlink can deliver high-speed broadband internet to locations where access has been unreliable or completely unavailable."

All you need to do to make the connection is set up a small satellite dish at your home to receive the signal and pass the bandwidth on to your router. Starlink offers an app forAndroid andiOS that uses augmented reality to help customers pick the best location and position for their receivers.

Starlink's service is only available in select regions at this point, but the service now boasts more than 10,000 customers, and the coverage map will continue to grow as more satellites make their way into the constellation. Eventually, Starlink hopes to blanket the entire planet in a usable high-speed Wi-Fi signal.

"Users can expect to see data speeds vary from 50 to 150 megabits per second and latency from 20 to 40 milliseconds in most locations over the next several months," Starlink's website says, while also warning of brief periods of no connectivity at all. "As we launch more satellites, install more ground stations and improve our networking software, data speed, latency and uptime will improve dramatically."

Starlink has begun accepting preorders from customers interested in joining the company's "Better Than Nothing" beta program. The cost of the service is billed at $99 per month, plus taxes and fees, plus an initial payment of $499 for the mountable satellite dish and router that you'll need to install at home.

Starlink says that it's taking orders from customers on a first-come, first-served basis and that some preorders could take as long as six months to fulfill.

Fiber, or internet delivered via ground-laid fiber-optic cable, offers upload and download speeds that are indeed much faster than satellite internet -- but, as companies like Google will tell you, there's nothing fast about deploying the infrastructure necessary to get fiber to people's homes. That's not to say that there's anything simple about shooting satellites into space, but with fewer sharp-elbowed competitors -- and with a lot less red tape to cut through -- there's every reason to believe that services like Starlink will reach the bulk of underserved communities long before fiber ever will. Recent FCC filings also suggest that Starlink could ultimately double as a dedicated phone service, too.

And don't forget that this is Elon Musk we're talking about. SpaceX is the only company on the planet with a landable, reusable rocket capable of delivering payload after payload into orbit. That's a mighty advantage in the commercial space race. On top of that,Musk said in 2018 that Starlink will help provide SpaceX with revenue needed to fund the company's long-held ambition to establish a base on Mars.

If that day arrives, it's also likely that SpaceX will try to establish a satellite constellation on the red planet, too. That means that Starlink customers are potentially doubling as guinea pigs for the Martian wireless networks of the future.

"If you send a million people to Mars, you better provide some way for them to communicate," said SpaceX President Gwynne Shotwell in 2016, speaking about the company's long-term vision for Starlink. "I don't think the people who go to Mars are going to be satisfied with some terrible, old-fashioned radios. They'll want their iPhones or Androids on Mars."

Still, with top speeds currently pegged at 150Mbps, Starlink's satellite internet won't be anywhere near the gigabit speeds fiber is capable of anytime soon -- and that's due to the sheer distance each transmission needs to travel on its round trip from your home to the stratosphere. It's a factor that also jacks up latency, which is why you'll often notice awkward lulls in the conversation if you're talking to someone over a satellite connection.

That said, Starlink promises to improve upon existing expectations for satellite connections by placing satellites into orbit at lower altitudes than before -- 60 times closer to the Earth's surface than traditional satellites, per the company's claims. This low-earth orbit approach means that there's less distance for those Starlink signals to travel -- and thus, less latency. We'll let you know how those claims hold up once we're able to test the Starlink network out for ourselves.

That's definitely one of the downsides to satellite internet. Per Starlink's FAQ, the receiver is capable of melting snow that lands on it, but it can't do anything about surrounding snow build-up and other obstructions that might block its line of sight to the satellite.

"We recommend installing Starlink in a location that avoids snow build-up and other obstructions from blocking the field of view," the FAQ reads. "Heavy rain or wind can also affect your satellite internet connection, potentially leading to slower speeds or a rare outage."

There's plenty of concern about the proliferation of privately owned satellites in space, and controversy in astronomical circles about the impact low-orbiting satellites have on the night sky itself.

This long-exposure image of a distant galaxy group from Arizona's Lowell Observatory is marred by diagonal lines from light reflecting off Starlink satellites, shortly after their launch in 2019.

In 2019, shortly after the deployment of Starlink's first broadband satellites, the International Astronomical Union released an alarm-sounding statement warning of unforeseen consequences for stargazing and for the protection of nocturnal wildlife.

"We do not yet understand the impact of thousands of these visible satellites scattered across the night sky and despite their good intentions, these satellite constellations may threaten both," the statement reads.

Since then, Starlink has begun testing a variety of new designs intended to reduce the brightness and visibility of its satellites. At the start of 2020, the company tested a "DarkSat" satellite that included a special, nonreflective coating. Later, in June of 2020, the company launched a "VisorSat" satellite that features a special sunshade visor. In August, Starlink launched another batch of satellites -- this time, all of them were equipped with visors.

"We want to make sure we do the right thing to make sure little kids can look through their telescope," Shotwell said. "It's cool for them to see a Starlink. But they should be looking at Saturn, at the moon ... and not want to be interrupted."

"The Starlink teams have worked closely with leading astronomers around the world to better understand the specifics of their observations and engineering changes we can make to reduce satellite brightness," the company website reads.

We'll continue to cover Starlink's progress from a variety of angles here on CNET, so stay tuned. You should also be sure to read Eric Mack's excellent profile of Starlink -- among other issues, it takes a close look at the project's goals and challenges, as well as the implications for underserved internet consumers, and for astronomers concerned with light pollution obstructing views in the night sky.

Beyond that, we expect to begin testing Starlink's network for ourselves at some point later this year. When we know more about how the satellite service stacks up as an internet provider, we'll tell you all about it.

Excerpt from:

Starlink explained: What to know about Elon Musk's satellite internet venture - CNET

One is the richest person on the planet; the other has been leader of Russia since 2000. And they could be about to meet in a way suited to the year 2021.On Sunday, Tesla and SpaceX CEO Elon Musk invited Vladimir Putin to join him for a chat on a new social media platform named Clubhouse.

It is an idea that began on Twitter - as Mr Musk simply wrote to the Kremlins account Would you like to join me for a conversation on Clubhouse?

He followed the message with another in Russian, writing: It would be a great honour to speak with you.

And it seems to have piqued the Kremlins interest as spokesperson Dmitry Peskov discussed the invitation in a subsequent conference call.

He told Reuters reporters: In general, this is of course a very interesting proposal, but we need to understand what is meant, what is being proposed... first we need to check, then we will react.

Perhaps the most eyebrow-raising aspect is that Mr Putin, a former KGB officer, once described the internet as a CIA project and has for years styled himself as suspicious of modern technology.

Mr Peskov said: We want to figure it out first. President Putin does not personally use social networks directly, he doesnt have them.

Clubhouse, a San Francisco-based audio only app that was launched last year, requires newcomers to be invited by existing users before they can join.

It offers a selection of audio chat rooms that are divided by topic.

READ MORE:Iraq attack: Joe Biden poised after deadly rocket siege on air base

I think its just Elon Musk being Elon Musk.

Billionaire Musk is an ever-present voice on Twitter and has been particularly vocal on the topic of cryptocurrencies of late.

In reference to his plans to populate Mars, he promoted the idea of a new currency, telling his followers: There will definitely be a MarsCoin!"

It would be the worlds first extraterrestrial currency.

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Elon Musk's offer to chat with Vladimir Putin described as 'very interesting' by Kremlin - Daily Express

Elon Musk wants the Tesla Roadster to hover with rocket technology.

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Tesla CEO Elon Musk says he wants the companys Roadster to hover. According to theNew York Post, he made the remark on anepisodeof Joe Rogans podcast, which was released on Thursday.

Musk said hes working on adding rocket technology to the Tesla Roadster so that it can hover over the ground without, you know, killing people. He also said he thought they could make the sports cover hover but not too high. He suggested a height of about 1 meter above the ground.

If you plummet, you blow out the suspension, but youre not gonna die, he said.

Tesla has been working on updating the Roadster for several years. The car was the automakers first mass-market electric car. According to Musk, theautomakerexpects to finish engineering for the updated Roadster this year and start shipping it next year.

Musk said if Tesla is successful at making the Roadster hover, the car would be able to move through the air while floating over the ground. They are currently experimenting with the technology. He suggested that the automaker would offer a SpaceX option package, a reference to Musks space travel company. The package will fit the Roadster with a pressurized fuel vessel and a bunch of thrusters.

If Tesla is not successful at making the Roadster hover, Musk said the car could still feature rear thrusters that would make it ultra-fast. He told Rogan the thrusters would make the Roadster move like a bat out of hell even if it doesnt get hovering capabilities.

The Tesla CEO explained that at a minimum, he believes they should be able to include a thruster that appears when the license plate flips down, similar to how thrusters were equipped on James Bonds vehicles. The rocket thruster would apply three tons of thrust, according to Musk.

The Roadster has been in the works since before 2017 when Tesla initially revealed it. As a publicity stunt the next year, SpaceX launched a rocket carrying Musks own Roadster into space. The sports car floated past Mars for the first time in the fall.

Tesla is part of theEntrepreneur Indexbecause Musk is one of the companys co-founders, and other co-founders are also involved in leading the company. According to a study, one of the characteristics offounder-led companiesis that they are more innovative, and that certainly holds true of Musk and Tesla. Getting the Tesla Roadster to hover would be quite an innovation as technology currently stands.

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Elon Musk Wants to Make the Tesla Roadster Hover - Entrepreneur

Issued on: 12/02/2021 - 20:34

Video testimony before the US Senate has thrust an unsung hero into the limelight. On January 6, Capitol Police officer Eugene Goodman directed rioters away from lawmakersandin one instancesaved Republican Senator Mitt Romney from the wrath of the mob. What to make of Donald Trump's second impeachment trial?

This Friday is Union Day in Myanmar,a national holiday, marked by the biggest turnout yet after seven days of growing protests against last week's coup. Protesters are defying martial law and rubber bullets. The junta marked Union Day by releasing prisonersbut it was clearly not enough to dissuade citizens from marching, nor was the warning to civil servants from the night before.

Another tangible win for women's rights came with the conditional release of Saudi activist Loujain al-Hathloul. She had spearheaded the right to drive movement.

Why is Bitcoin's value suddenly skyrocketing? And why has Elon Musk in this speculative frenzy announced that you'll be able to buy his cars using the cryptocurrency? The Tesla founder announced a massive bet on Bitcoin in a regulatory disclosure.

Produced by Alessandro Xenos, Juliette Laurain and Laura Burloux.

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The world this week - Trump impeachment trial, Myanmar protests, Saudi activist released, Bitcoin and Elon Musk - FRANCE 24

Founder of Amazon as well as space company Blue Origin, Jeff Bezos, speaks about the future of commercial space travel.

Brent Lewis | Denver Post | Getty Images

The satellite internet projects of the two richest men on the planet continue to spar behind the scenes with federal regulators, with Amazon on Thursday clarifying its position in response to recent accusations from Elon Musk and SpaceX that Jeff Bezos' company is attempting to "stifle competition" in the sector.

Representatives of Amazon spoke to Federal Communications Commission officials earlier this week, doubling down on its position that the FCC should not approve SpaceX's modification request for parts of its Starlink satellite network. Amazon and SpaceX are working to build space-based internet networks called Kuiper and Starlink, respectively by launching thousands of satellites into orbit, known in the industry as a constellation.

While Amazon emphasized that it "supports the ability of operators to modify their system designs," the company argued that SpaceX's proposed changes to Starlink are too significant to be considered as a simple modification by the FCC. Rather, Amazon says the FCC should consider Starlink as a "newly designed system" and include it in a broader regulatory processing round that was open when SpaceX submitted the request last year.

"Doing so would be consistent with Commission precedent, protect the public interest, encourage coordination, and promote competition," Amazon corporate counsel Mariah Dodson Shuman wrote in a letter to the FCC.

Amazon is not alone in pushing back on Starlink's modification request, with satellite operators Viasat, SES and Kepler Communications also filing objections.

60 Starlink satellites deploy into orbit after the company's 17th mission.

SpaceX

Amazon's concern with SpaceX's modification focuses around issues of safety and interference, with the company arguing that the Starlink change "would significantly increase interference to Kuiper" and other satellite systems, while also making Starlink "more susceptible to interference from Kuiper" and others.

SpaceX Director David Goldman told the FCC in January that Starlink's modification would "be able to achieve the advantages of lower altitudes without causing a significant increase in interference." Additionally, Goldman highlighted that Amazon representatives have had "30 meetings to oppose SpaceX" but "no meetings to authorize its own system," which he interpreted as an attempt to stifle competition.

But, while SpaceX argued that Amazon and other companies "cherry pick data ... to reach misleading claims of interference," Kuiper's Shuman alleged that SpaceX "omitted" comparative data from its analysis. Shuman said that data shows Starlink's modification "increases interference into Kuiper" connectivity stations on the ground.

A Project Kuiper engineer sets up a a prototype antenna for a test.

Amazon

Both companies' satellite networks represent ambitious projects, with SpaceX, like Amazon, saying its network will cost about $10 billion or more to build. SpaceX leadership has previously estimated that Starlink could bring in as much as $30 billion a year, or more than 10 times the annual revenue of its rocket business.

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Amazon responds to Elon Musk's accusations of impeding SpaceX's Starlink satellite internet plans - CNBC

THE CHANGING FORTUNES OF THE WORLDS RICHEST

F

ollowing strong earnings reports and bullish new takes from Wall Street analysts, tech stocks soared this week, padding the fortunes of worlds richest. The top ten gainers added a combined $74 billion to their net worths.

Tesla CEO Elon Musk was the weeks biggest gainer with $11.5 billion. Tesla shares climbed 7.4% this week after Piper Sandler analyst Alexander Potter gave it a $1,200 price target, anticipating strong growth. Tesla outperformed strong showings by the S&P 500 and Dow Jones Industrial Average, which rose 4.6% and 3.9%, respectively.

Google founders Sergey Brin and Larry Page gained $10.4 billion and $10 billion, respectively, after a strong week for Google parent company, Alphabet. Alphabets stock jumped more than 14% this week after falling 3.4% last week. The company reported strong earnings on Tuesday, bolstered by a comeback in its digital advertising business, which took a serious hit during the pandemic.

Amazon gained 4.6% this week after last weeks 2.7% loss, and Jeff Bezos added $7.7 billion to his net worth, even after announcing on Tuesday that he would step down as CEO of the company later this year, after 26 years at the helm. Bezos is leaving on a high. Amazons stock has risen by more than 63% in the past year, as ecommerce boomed during the pandemic. At the end of 2020, Amazon had its biggest quarter ever, bringing in more than $125 billion in revenue. Bezos, who will focus on side companies like Blue Origin and The Washington Post, will become executive chair of Amazons board. Amazon Web Services chief Andy Jassy will replace him as CEO.

SHANGHAI, CHINA - JULY 26: Colin Huang Zheng, founder and CEO of Pinduoduo, speaks during the company's listing ceremony at Shanghai Tower on July 26, 2018 in Shanghai, China. (Photo by VCG/VCG via Getty Images)

Bezos was not the only ecommerce billionaire to have a positive week. Pinduoduo founder Colin Huang got $10.7 billion richer this week after the stock gained more than 18%. The discount ecommerce platform, whose shares trade on Nasdaq, is becoming increasingly popular in China, challenging the dominance of established giants like Alibaba and JD.com. With a net worth of $69.1 billion, Huang has more than quadrupled his fortune in the past year. He now ranks as the 16th richest person in the world, and the third richest man in China.

There are now four Chinese billionaires who rank in the top 20 richest people in the world. A year ago, there were only two Tencent chair Ma Huateng and Alibaba cofounder Jack Ma. Huateng and Ma still rank in the top 20, at No. 15 and No. 20, respectively, and are now joined by Huang and No. 6 richest Zhong Shanshan, who had a stunning rise in 2020 thanks to the blockbuster IPO of his bottled water company, Nongfu Spring.

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Elon Musk Is $11.5 Billion Richer This Week As Tech Stocks Soar - Forbes

NASA is teaming up with Elon Musks SpaceX on a two-year astrophysics mission to help better understand the birth of the universe and the development of galaxies.

NASA on Thursday revealed it has awarded a contract to SpaceX for the launch of SPHEREx, which stands for Spectro-Photometer for the History of the Universe, Epoch of Reionization, and Ices Explorer.

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The spacecraft is due to launch via a SpaceX Falcon 9 rocket in June 2024 from Space Launch Complex-4E at Vandenberg Air Force Base in California. The total cost to launch SPHEREx is about $98.8 million.

NASA says the spacecraft will survey the sky in near-infrared light, which is not visible to the human eye, as a tool to help answer questions about the origins of the universe and how galaxies form.

It also will search for water and organic molecules essentials for life as we know it in regions where stars are born from gas and dust, known as stellar nurseries, as well as disks around stars where new planets could be forming, NASA said in a news release.

The mission will gather data from more than 300 million galaxies and more than 100 million stars in the Milky Way galaxy.

The contract is the latest NASA has awarded SpaceX over the past several years. SpaceX last year launched astronauts to space for the first time. It was the first privately designed and built spacecraft to launch astronauts to space and the first time NASA had launched its own astronauts since the end of the space shuttle program in 2011.

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NASA chooses Elon Musk's SpaceX for nearly $100M mission to map the beginning of our universe | TheHill - The Hill

Going green is increasingly becoming a way to make bank.

Elon Musk, the CEO of Tesla, is the richest of the billionaires who owe their fortune to technologies that reduce carbon emissions in the atmosphere, according to an analysis by Bloomberg Green that was published Tuesday.

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A full $180.7 billion of Musk's $199.2 billion net worth was deemed "green net worth" by Bloomberg.

Though Musk's fortune is largely thanks to electric vehicle maker Tesla, some is from his holdings in SpaceX, and rockets emit carbon dioxide into the atmosphere when they blast off. For this reason, Musk's wealth from SpaceX was not included in his "green" net worth.

Many of the rest of the so-called "green billionaires" are from China, according to Bloomberg Green, as China is a front-runner in the development and sale of technology to build clean energy economies.The list is also dominated by billionaires in the electric vehicle industry (and related component parts) and the solar energy industry.

For the ranking, Bloomberg Green used the net worth of each individual based on the Bloomberg Billionaires Index on Jan. 28, and also calculated the portion of their wealth driven by businesses that reduce greenhouse gas emissions. (In some cases, those numbers are one in the same.)

Further, if several business leaders made their fortune from a particular company, the billionaires and their collective net worths are grouped together in one entry by Bloomberg Green. (For example, Zeng Yuqun, Huang Shilin, Pei Zhenhua and Li Ping owe their status as billionaires to CATL, the battery maker. Bloomberg Green did not delineate how much of the total $60.7 billion in wealth generated from CATL is owned by each stakeholder.)

Here are the top global green billionaires, according to Bloomberg Green. For the complete list, see Bloomberg Green's ranking.

Elon MuskNet worth: $199.2 billionGreen net worth: $180.7 billionCountry: U.S.Company: Tesla, makes electric vehicles

Zeng Yuqun, Huang Shilin, Pei Zhenhua, Li PingNet worth: $61.6 billionGreen net worth: $ 60.7 billionCountry: ChinaCompany: CATL, the world's largest maker of electric vehicle batteries, supplies carmakers including Tesla, Toyota, BMW, Volvo

Li Zhenguo, Li Chunan, Li Xiyan, Zhong BaoshenNet worth: $16.1 billionGreen net worth: $16.1 billionCountry: ChinaCompany: Longi, the world's largest manufacturer of "solar wafers," which is what is used to build solar panels

Wang Chuanfu, Lv Xiangyang, Xia ZuoquanNet worth: $ 33.5 billionGreen net worth: $13.4 billion Country: ChinaCompany: BYD, electric vehicle maker currently converting Shenzhen, China's fleet of buses, taxis, and trucks into electric vehicles. Berkshire Hathaway, the investment company led by Warren Buffett, has owned a portion of BYD since 2008.

Liu JinchengNet worth: $10.9 billionGreen net worth: $10.9 billionCountry: ChinaCompany: Eve Energy, a supplier to electric vehicle manufacturers, including clients such as Daimler, BMW, and Xpeng

Other notable billionaires on the list include Anthony Pratt, the owner of Pratt Industries, and Aloys Wobben, the founder of Enercon. Pratt Industries is the largest privately held producer of 100% recycled paper and packages and is located in Georgia (though Pratt himself hails from Australia). Wobben built his first wind turbine in the 1970s and started the wind-turbine manufacturing company Enercon in 1984.

Climate tech making new, green fortunes is not likely to slow. A report released in September from PricewaterhouseCoopers found investment into the space is accelerating. In 2013, early-stage venture capital funding for climate tech funding was $418 million and in 2019, venture funding in climate tech was $16.1 billion, according to the report.

"The bottom line is that demand for climate tech is only going to accelerate. With global corporations, investors, and governments pledging to transition to net zero value chains, portfolios and jurisdictions, they are all betting on climate technology breakthroughs to be found, scaled and to transform industries and society," co-authors Celine Herweijer and Azeem Azhar wrote in the PricewaterhouseCoopers. "Demand is not yet at a stampede but the market is heating up and it's time for all stakeholders to help back the innovations the world really needs."

See also:

Carbon capture technology has been around for decades here's why it hasn't taken off

The '1%' are driving climate change, but it hits the poor the hardest: Oxfam report

Executives from Jeff Bezos to Ford Motor Co.'s Bill Ford: Fighting climate change means job creation

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Tesla, Elon Musk and beyond: The green companies making billionaires - CNBC

Robinhood co-founder and co-CEO Vlad Tenev speaks onstage during the TechCrunch Disrupt New York event on May 10, 2016.

Noam Galai | Getty Images for TechCrunch

The co-founder of Robinhood took to invitation-only audio chat app Clubhouse to defend the investment platform's decision to restrict trading in GameStop and other volatile stocks.

GameStop shares have climbed more than 1,500% since the start of the year, fueled in no small part by a wave of retail investors inspired by the Reddit board WallStreetBets. Such investors piled into GameStop and other heavily shorted stocks, resulting in huge losses for some hedge funds.

Robinhood moved to restrict trading in several stocks, including GameStop and AMC Entertainment, on Thursday. Vlad Tenev, co-CEO at Robinhood, said at the time that the decision was aimed at protecting the firm and its customers.

In the session on Clubhouse late Sunday (Pacific time), Tesla CEO Elon Musk pressed Tenev on why the platform, a pioneer of commission-free trading, decided to restrict trading last week. The online brokerage firm limited trading in 13 equities, allowing clients to sell positions but not open new ones in certain securities, provoking fury from users.

"We had no choice in this case," Tenev said. "We had to conform to our regulatory capital requirements."

Tenev said Robinhood's operations team received a request at 3:30 a.m. PT on Thursday from the National Securities Clearing Corp. Robinhood and other brokers are required to meet certain deposit requirements from clearinghouses like NSCC each day. The amount required is based on factors such as volatility and concentration in certain securities, Tenev said.

Robinhood got a request for a security deposit of $3 billion from NSCC to back up trades, "an order of magnitude more than what it typically is," Tenev said. The company raised an additional $1 billion in emergency capital from existing investors in an effort to shore up its balance sheet and enable it to ease the trading curbs.

"Did something maybe shady go down here?" Musk asked Tenev. The Tesla chief has shown support for WallStreetBets on Twitter.

"I wouldn't impute shadiness to it or anything like that," Tenev responded. "The NSCC was reasonable subsequent to this."

Robinhood and the NSCC later agreed to reduce the $3 billion number down to around $1.4 billion, but Tenev said his firm was still forced to take action to limit trades.

Tenev's explanation of the situation echoed a blog post from Robinhood, in which the brokerage explained it put temporary buying restrictions on some securities due to a tenfold increase in clearinghouse deposit requirements.

Robinhood will continue to limit trading on Monday in short-squeeze names likeGameStop. Customers can only buy one share of GameStop's stock and five options contracts. However, the millennial-favored stock trading app did cut down its list of restricted stocks from as many as 50 to eight.

Asked by Musk whether there would be any further limits on trading in future, Tenev said: "I think there's always going to be some theoretical limit. We don't have infinite capital."

Musk also quizzed Tenev on whether Citadel Securities the largest market maker in options in the U.S. had pushed the firm to impose trading limits. Robinhood gains a significant chunk of its revenues from routing orders to market makers likeCitadel Securitiesand Virtu. Citadel,a separate hedge fund business, helped infuse close to $3 billion intoMelvin Capital, a hedge fund that bet against stocks like GameStop.

"To what degree are you beholden to Citadel?" Musk asked, to which Tenev replied: "There is a rumor that Citadel or other market makers pressured us into doing this and that's just false."

"This was a clearinghouse decision and it was just based on the capital requirements," Tenev added. "From our perspective, Citadel and other market makers weren't involved in that."

"Citadel Securities has not instructed or otherwise caused any brokerage firm to stop, suspend, or limit trading or otherwise refuse to do business," a Citadel Securities spokesperson told CNBC. "Citadel Securities remains focused on continuously providing liquidity to our clients across all market conditions."

CNBC's Lora Kolodny contributed to this report.

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Robinhood CEO explains to Elon Musk why his platform restricted trading last week - CNBC