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Jeff Bezos wants to build permanent outposts on the moon and colonize space. Richard Branson wants to make spaceflight as commonplace as air travel. Elon Musk wants to settle Mars to make humanity multiplanetary.

IBX’s Kam Ghaffarian wants to go even further: the stars.

“There’s this common denominator of combining altruism, to do something purposeful and good, and combine it with capitalism to make a positive impact,” he told CNBC’s Morgan Brennan at the Space Symposium in Colorado Springs. “The vision for IBX is protecting our home, our planet, and then finding new homes and stars and everything involved to do that. So, on the space side, if we say that the ultimate destiny for humanity is interstellar travel, and going to the stars, then we need to take a lot of intermediary steps to do that.”

It might sound farfetched if it wasn’t for his track record. Ghaffarian has been instrumental in ushering in the new space economy, having co-founded and invested in a cadre of commercial space ventures.

Publicly traded Intuitive Machines, where Ghaffarian is co-founder and executive chairman, recently made history when its Odysseus spacecraft successfully landed on the moon, becoming the first commercial lander to do so.

Ghaffarian is also the co-founder and chairman of Axiom Space, which now regularly sends private astronauts on commercial missions to the International Space Station — the first company allowed to connect modules and provide full-service missions to the ISS — as it works to build its own space station.

With Quantum Space, where he’s also the executive chairman, the focus is on deep space commerce and communication through a superhighway of satellites stretching from earth orbit to the moon and beyond; X-Energy, which he founded, has developed operating nuclear reactors that it says are “designed to be intrinsically safe,” as well as nuclear propulsion capabilities.

His family office, IBX (which stands for “Imagine, Believe, Execute”) sits at the center of this space exploration constellation.

“We’ve got to do all the intermediate steps. I’m with Elon [Musk] and Jeff [Bezos], both my dear friends, to be able to first do the LEO [low earth orbit], be able to go to the moon and Mars, because we’ve got to do those before we can go interstellar,” Ghaffarian explained on CNBC’s Manifest Space podcast.

Follow and listen to CNBC’s “Manifest Space” podcast, hosted by Morgan Brennan, wherever you get your podcasts.

Unlike other high-profile billionaires building commercial space companies, Ghaffarian made his fortune through the space industry, and rather than focusing on access to space, he’s leveraging those falling costs to build out infrastructure and business activities in space.

The Iran-born entrepreneur, who emigrated to the U.S. some four and a half decades ago, co-founded a government services company called Stinger Ghaffarian Technologies that became a top contractor for NASA before KBR acquired it in 2018.

“If you create a company that is fantastic, and you develop unbelievable technologies, but nobody wants to buy it, or there is no business case, then you will have not made any difference,” Ghaffarian said. “How do you create a business model where you are purposeful, you’re making a difference, but also … can provide return to the investors in a massive way?”

Ghaffarian believes the space economy will be worth trillions of dollars — and sooner than many realize. He sees the technological leaps forward in artificial intelligence and quantum computing as crucial to unlocking the full potential of space.

He said microgravity-based pharmaceutical research and industrial manufacturing, sustainable propulsion and energy sources, and the building out of lunar infrastructure will be some of the capabilities and services in greater demand in the coming years.

“It’s normal for people to not quite appreciate it. …. When did people appreciate the AI revolution — 10 years ago? Not really, right? And all of a sudden, now we have this herd mentality that everybody’s jumping in” said Ghaffarian, who also cited the early days of Alphabet, Amazon, Apple, Tesla and SpaceX, even air travel, as templates for the space world. “I think we are in the beginning of that in this space exploration and space ecosystem, space economy, and it’s still not there, but my belief is that it is taking off and it’s going to grow rapidly, and I truly believe that they’re underestimating the size of the market.”

As investors catch on, the space billionaire’s ventures will continue to shoot for the stars.

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Pedego launches three new ‘groundbreaking’ e-bikes including Moto, Cargo, and Trike

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May 1, 2024

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Pedego launches three new 'groundbreaking' e-bikes including Moto, Cargo, and Trike

Pedego, one of the earliest electric bike brands to enter the US market well over a decade ago, has announced one of its biggest new e-bike rollouts yet. The company launched three new models consisting of the Moto, Cargo, and Trike.

The company referred to the bikes a “three groundbreaking additions” as they offer new performance, technology, and frame styles that we haven’t seen before from Pedego.

“This is officially the next generation of electric bicycles,” said Pedego CEO Brian Stech. “Built to exceed the industry’s highest standards, each bike is outfitted with cutting-edge technology available only to Pedego customers, offering riders industry-leading safety, increased range, numerous customization options, and ultimately a superior riding experience for all.”

The new Pedego Moto ($3,995) is a moped-style e-bike of similar appearance to bikes like the Juiced Scorpion and other popular step-through moped e-bikes.

The full-suspension design includes dual rear coil-over shocks, adding to the motorcycle vibe. A large 48V battery with 920Wh of capacity is found mounted in the psuedo-double-wishbone frame leading up to the fixed rear bench-style saddle.

Fat tires allow riders to hit the trails more comfortably or simply roll over pockmarked streets and urban trails commonly strewn with obstacles.

A 10-speed SRAM transmission gives the few riders who will actually pedal this e-bike a wide range of gears to choose from.

Shipped in Class 2 mode with a top speed of 20 mph (32 km/h), the e-bike is listed as “Class 3 ready”, meaning higher speeds can likely be unlocked.

The Pedego Cargo ($3,995) is a longtail cargo e-bike that features an extended rear rack.

Referred to as a “sport utility e-bike” by the company, a number of accessories are included to help make the Cargo ideal for carrying children or gear. Wooden side panels add to the looks and functionality, as do the fold-up running boards that provide a platform for groceries but can fold in to make the bike more narrow when not in use.

Options for either 460Wh or 672Wh batteries give riders a choice between battery sizes to choose just how far they want to go. A range extender battery accessory can be added under the rear bench, though, for riders who occasionally want to travel further but don’t always need that much battery for daily rides.

An 11-liter waterproof storage bag is mounted behind the seat tube, offering on-board storage that can help keep riders’ belongings dry.

Fat tires combined with front suspension should make for quite a comfortable ride, even when the terrain isn’t ideal. Just like the Moto, the new Pedego Cargo comes with a 20 mph (32 km/h) top speed but appears to be unlockable by those who prefer traveling at higher Class 3 speeds.

Lastly, the new Trike ($3,495) offers a fat tire three-wheeler with a large open rear tube for hauling plenty of cargo on a super stable platform. With trikes, riders don’t need to put their feet down or balance a heavy bike at rest, making it an ideal foundation for cargo needs or riders who simply want more relaxed rides (and more relaxed stops).

The Trike comes with a higher voltage 52V battery that features 910 Wh of capacity. A top speed of 15 mph (25 km/h) prevents it from hitting those turns too quickly, though slowing down even further during tight turns is always advisable on a trike.

There’s no suspension on this one, but the fat tires should help soak up some of the bumps along the way.

All three new models are SGS/TUV Certified to UL2849 and UL2271 standards, covering both the lithium-ion battery and the entire e-bike system. The batteries even use potting technology that encapsulates the cells in a heat-absorbing resin. That helps protect against corrosion of the cells over time and also prevents the spread of thermal events if the battery is ever breached and damaged. Such breaches are even more unlikely though, due to the encapsulation of each battery cell.

The bikes also include new headlights with high and low beams, plus Pedego’s custom tail light with brake lights, running lights, and integrated turn signals.

For power, the three models all come with a 750W nominally-rated motor that has a peak rating of 1,500W. Respectable SRAM and Tektro components grace the e-bikes, along with a full-color LCD screen with an ambient light sensor and USB-C charging port for powering devices like cell phones.

In addition to a hand throttle, Pedago explained that the bikes also come with a custom-designed pedal assist system featuring two types of drive modes:

“PEDALSENSE® is Pedego’s proprietary propulsion software that delivers a signature elevated riding experience. With PEDALSENSE®, Pedego continues to lead the industry by combining cutting-edge technology and customization options, setting a new standard for excellence in e-bike design and performance. PEDALSENSE® offers riders the freedom to personalize their ride like never before. With the ability to choose between two customized pedal assist features, Cruise and Torque assist, riders can tailor their experience to match their unique riding style and preferences. Cruise assist seamlessly matches the rider’s pedaling speed, ensuring a smooth and effortless journey, while Torque assist provides an extra boost of power only when needed, amplifying the rider’s effort and enhancing efficiency and control.”

Electrek’s Take

Sure, they’re not the most flashy names we’ve ever seen. But then again, it’s hard to argue about trademarks when your bike is named “Cargo”.

The bikes themselves sound pretty darn nice, and Pedego is known for not cutting corners. Hydraulic disc brakes with meaty 203 mm rotors, higher spec transmissions, nice color displays, potted batteries, etc. But the downside here is the price, since on a dollar-per-dollar basis, you can easily find more affordable alternatives in the oversaturated e-bike market.

However, Pedego has never tried to win on a dollar-per-watt comparison. Instead, the company relies on its added value, such as the industry-leading 5-year warranty (that includes anti-theft protection and lifetime frame warranty), the network of over 200 brick-and-mortar pedagogy shops, and high levels of customer service. If there’s one company that will hold your hand through every stage of an e-bike purchase, including after-sales support, it’s definitely Pedego. You pay out the nose for it, and so it might not be right for everyone, but you get what you pay for.

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Binance co-founder Zhao set to keep on growing his $33 billion fortune even as he heads to prison for four months

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April 30, 2024

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Binance co-founder Zhao set to keep on growing his billion fortune even as he heads to prison for four months

Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. 

Staff | Reuters

Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is expected to see his mammoth wealth remain intact and likely continue to climb even as he faces time behind bars after his sentencing in a Seattle court.

Zhao, who is commonly referred to as “CZ” in crypto circles, was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange.

The sentence handed down to Zhao in Seattle federal court was significantly less than the three years that federal prosecutors had been seeking for him. The defense had asked for five months of probation. Sentencing guidelines called for a prison term of 12 to 18 months.

A Binance spokesperson said in a statement to CNBC the crypto exchange has made “considerable compliance enhancements,” including with regards to anti-money laundering detection and “hiring key compliance personnel.”

A lawyer for Zhao did not immediately respond to CNBC’s request for comment.

In November, Zhao struck a deal with the U.S. government to resolve a multiyear investigation into Binance. As part of Binance’s $4.3 billion settlement with the U.S. Department of Justice, Zhao stepped down as the company’s CEO, and the exchange agreed to form a board of directors with independent members, as well as compliance and audit committees.

Of the seven total directors recently named to the since-formed board of directors, three were designated as being “independent” — and five of them, including all of the board’s independent members, submitted letters to the judge in Zhao’s criminal case asking for leniency in sentencing.

Gabriel Abed, the board’s chairman and one of its independent members, told U.S. District Judge Richard Jones that Zhao was “distinguished by a stoic composure and genuine humility” and that “despite his significant achievements,” he maintained a lifestyle marked by simplicity including dressing in clothes bought on Amazon, driving a Toyota and wearing an Apple watch.

Despite Zhao now facing time in prison, industry experts and lawyers who spoke with CNBC say his tremendous personal wealth will remain unaffected and, if anything, is likely to rise.

Los Angeles corporate law attorney Tre Lovell tells CNBC that the government is only entitled to any restitution or fines imposed and not to Zhao’s assets or wealth as a whole. Former federal prosecutor Neama Rahmani agrees, adding that Zhao’s personal wealth won’t be affected by his sentence.

“Because Zhao and the government came to an agreement, the government didn’t get a judgment or restitution order against Zhao and do discovery into his assets,” said Rahmani. “He’ll have significant wealth when he is released from prison.”

Changpeng Zhao, former CEO of Binance, arrives at federal court in Seattle, Washington, April 30, 2024.

David Ryder | Bloomberg | Getty Images

CZ’s wealth is unaffected

Zhao took Binance, the cryptocurrency exchange he co-founded in 2017, from a relatively obscure company to one of the most formidable players in the booming digital currency space.

Despite the fact that Zhao is being put behind bars, his controlling stake in Binance means that he will continue being one of the wealthiest people in crypto today.

Notably, because Zhao pleaded guilty to only one count of violation of the U.S. Bank Secrecy Act (BSA), he is regarded as a first-time offender, and thus reached a settlement with federal authorities to step down as CEO and not relinquish his interest in the company or have assets frozen.

“Typically, personal assets that are not directly linked to the criminal activity might remain unaffected,” said Braden Perry, a former senior trial lawyer for the Commodity Futures Trading Commission. “His assets could also be managed on his behalf while he is incarcerated.”

That’s a different siutation from Sam Bankman-Fried, the controversial ex-CEO and founder of crypto exchange FTX. Bankman-Fried, who’s commonly referred to as “SBF,” saw his wealth reduced to zero after his crypto empire collapsed into bankruptcy in 2022.

“In relation to CZ’s personal wealth … he would still be able to retain his share in Binance, as well as maintain his crypto holdings which also contribute an unknown, yet material, amount to his overall wealth and net worth,” Joshua de Vos, research lead at CCData, told CNBC via email.

“Since there is no misappropriation or bankruptcy proceedings, it is highly unlikely that CZ would see his wealth reduced to zero as was the case with SBF,” de Vos said.

What’s more, Zhao has gotten off much easier in sentencing than former crypto rival Bankman-Fried. Bankman-Fried received a 25-year prison term for crimes connected to the operation of his crypto exchange.

Unlike Zhao and the charges brought against Binance, Bankman-Fried’s bankrupt exchange faced allegations of fraud and misuse of customers’ funds.

Binance CEO says company has moved past cultural issues

Crypto rally offers Zhao a boost

Experts say that Zhao’s net worth is likely to continue rising as buoyant crypto prices, which tend to support trading activity on Binance, boost his own personal fortune.

“CZ will now be one of the wealthiest people in prison,” said Yesha Yadav, law professor and associate dean at Vanderbilt University.

That’s even after a litany of legal troubles, including the Department of Justice’s case against it, and several other high-profile lawsuits — including one from the Securities and Exchange Commission which remains ongoing.

The SEC has accused Binance of making multiple unregistered offers and sales of crypto asset securities. It is not yet clear when that case will reach a conclusion.

Zhao had an estimated personal net worth of $33 billion on March 8, 2024, up from $10.5 billion the same time last year, according to Forbes’ World’s Billionaires list, which ranks the richest peopole using stock prices and exchange rates.

Bloomberg’s Billionaires Index, a separate measure of the world’s wealthiest, pegs Zhao’s net worth at an even higher sum, $42.9 billion.

CNBC was unable to independently verify Zhao’s overall net worth.

But Zhao is widely reported to have an estimated 90% stake in Binance, and his fortune is largely derived from his equity ownership in the company.

Binance is by far the world’s largest cryptocurrency exchange by trading volume, processing $18.1 trillion worth of trading volume in 2023, according to data from crypto market data firm CCData.

Around 80% — or $14.4 trillion — of that came from derivatives products like futures contracts, while the remaining $3.7 trillion came from spot trading. Derivatives trading is a key part of Binance’s business.

And even though Binance has seen its market share drop to 41.6% since Zhao stepped down as CEO in November 2023, the company remains the dominant player overall — leagues ahead of South Korean exchange Upbit, Dubai-headquartered Bybit, and U.S. giant Coinbase.

Zhao has said previously he has personal investments in bitcoin and Binance’s own BNB token, however he’s not disclosed the value of those holdings. Binance Coin, or BNB, is up 83% so far this year to $576.

Lucas Kiely, chief investment officer of digital wealth platform Yield App, said that Zhao’s “significant stake in the world’s largest cryptocurrency exchange by volume positions him to potentially benefit from the overall growth of the crypto market.”

The recent approval of a spot bitcoin exchange-traded fund in the U.S. has led to renewed interest in the crypto market, and helped trigger a wave of fresh institutional investment, according to Kiely — and that’s sure to be a boon to Binance.

“Such developments could contribute to the growth of Binance and, by extension, CZ’s wealth,” he told CNBC.

Zhao has been hit with a partial knock to his overall fortune — he was forced to pay a $50 million fine, in addition to the $4.3 billion in fines and forfeiture Binance was ordered to pay for violating the U.S. Bank Secrecy Act and sanctions on Iran. Yadav noted that it’s also possible Zhao makes some contribution to the billions Binance owes to the government.

Yadav tells CNBC that even though CZ’s vast wealth is not directly under threat by virtue of his conviction and the sentencing today, there may still be some indirect effects.

“Negative long-term impact on Binance will diminish the value of CZ’s investment in the crypto exchange,” said Yadav. “Conversely, however, CZ may even benefit if Binance begins a path to recovery following today’s sentencing, the plea deal and monitorship arrangement, and regains its market share over time as a result.”

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Daily Ev Recap: Record-breaking Tesla megapack

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14 hours ago

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April 30, 2024

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Daily Ev Recap: Record-breaking Tesla megapack

Listen to a recap of the top stories of the day from Electrek. Quick Charge is now available on Apple Podcasts, Spotify, TuneIn and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they’re available.

Stories we discuss in this episode (with links)

Gogoro announces major partnership to help accelerate global expansion

Tesla conducting more layoffs, including entire Supercharger team

Tesla Megapack to power new massive record-breaking 1.3 GWh battery system

Nevada put big battery energy storage where a coal plant used to be

Ford just opened orders for its enhanced-range E-Transit

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