Elon Musk is participating in the “dumbest experiment in history” and is “not good for America or the world” – and both of those quotes come from Elon Musk, himself.
(Note: every use of quotation marks in this article is a direct quote from Elon Musk, in the context of climate change and the Paris Agreement)
And, like last time, pulling out will weaken the position of America on the world stage. The move allies the US with such luminary states as Iran, Libya and Yemen, the only three other countries in the world not to ratify the Paris Agreement.
Mr. Trump justified this withdrawal by using the same “propaganda from the carbon industry” as he has in the past, showing his lack of understanding of the Agreement, of science, and of the economy, as we covered before. And just like last time, the public overwhelmingly opposes withdrawing from the agreement, by about a 2.5x margin.
But what has changed this time is the response from technology company CEOs, who previously correctly stated that pulling out of the Paris Agreement is not good for the world, and now are actively participating in the very destruction they decried in the past.
But this time, all three of those spineless husks not only stayed quiet, but also personally donated a milliondollarseach to the very environmental destruction that they previously claimed to oppose.
Despite the silence of these cowardly billionaires who have fallen in line with destroying the planet’s future (again, their words), international leaders have at least correctly called out Mr. Trump’s actions for their stupidity and feebleness. The UN’s climate secretary, Simon Stiell, said that the door remains open for the US to rejoin just as last time, and pointed out that the world’s energy transition is unstoppable. And the US Climate Alliance, a coalition of states and cities that was formed in 2017 to protect their residents from Trump’s destructive actions, also vowed to continue to work to solve the problem that Trump wants to worsen.
Most likely, the most significant thing the US’ withdrawal from this global effort to solve a global problem will do is to ensure that America is unable to lead that inevitable transition, and will hand that lead to China. Congratulations Mr. Xi, you’re welcome for the global leadership position we’ve granted to you. Signed, the republican party.
And as another business leader pointed out in the past, “the only thing we gain by slowing down the transition is just slowing it down. It doesn’t make it not occur. It just slows it down,” but that “the faster we can bring that date forward, the better.”
Musk has previously called climate change the “dumbest experiment in history.” He acknowledges that it will cause “more displacement and destruction than all the wars in history combined.” He said that carbon is the “turd in the punch bowl” of our atmosphere and “if countries don’t take action, they all will share in a bad future.”
You can read a transcript of his landmark 2015 speech on climate change at the Sorbonne here, or watch the video above.
And, in 2017, when Mr. Trump said he would drop the US out of the Paris Agreement, Musk responded wisely at the time by departing from a council of business leaders that Mr. Trump had assembled. Musk said he did so because “Leaving Paris is not good for America or the world.”
As a thank you for his massive bribes to Mr. Trump’s campaign, Musk has been appointed to the Department of Government Efficiency. This is not an actual department, but an advisory panel with no official authority.
It was created to be helmed by Musk and Vivek Ramaswamy, two of the supposedly most intelligent and capable republican operatives, who nevertheless have both been tasked to do a job that would normally accomplished by one person (Ramaswamy has since quit or been forced out, before the job even started). The panel has a redundant mission to the already-existing Government Accountability Office – making it a redundant office to reduce redundancy (no, this is not a Monty Python sketch, this is apparently real life).
So, despite being put in a position that is very clearly busywork to make him feel important – and in which he already admitted failure at the goals he set out for himself, weeks before even starting the job – this nevertheless means that Musk is a member of the team that has now signaled yet another withdrawal from the Paris Agreement. (And notably, nobody is talking about how he’s doing at his job running Tesla, which he’s doing badly, and is even lobbying to harm his own company as Tesla’s sales drop in a growing market)
But unlike last time, when he swiftly departed from Mr. Trump’s unofficial business council for doing something that he correctly pointed out as being bad for the world (and bad for his business selling renewable energy), Musk has instead spent the last couple days defending his use of an unambiguous Nazi salute in front of a live TV audience (which Nazis were very happy to see).
He has yet to make a public statement leaving the administration that made this “destructive” decision, instead choosing to remain on and continue advancing the “dumbest experiment in human history” – and being “not good for America or the world,” according to himself.
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Chime priced its IPO at $27 per share on Wednesday, above the expected range, in an offering that values the provider of online banking services at $11.6 billion
The company raised roughly $700 million in the IPO, with another $165 million worth of shares being sold by existing investors. The stock is expected to begin trading Thursday under ticker symbol CHYM.
The offering comes after a years-long freeze in the fintech IPO pipeline, as rising interest rates and valuation resets kept many late-stage companies on the sidelines. The market has started to loosen. Trading platform eTorojumped 29% in its Nasdaq debut last month, and crypto company Circle popped after hitting the market last week.
Chime’s decision to go public — even after a steep cut from its last private valuation of $25 billion — marks a major test of investor appetite for consumer-facing finance companies. SoftBank, Tiger Global, and Sequoia all invested in the 2021 round at Chime’s private market peak.
The company’s top institutional shareholders are DST Global and Crosslink Capital, which owned 17% and 9.5%, respectively, of shares before the offering.
Chime’s core business — offering no-fee banking services, debit cards, and early paycheck access — draws most of its revenue from interchange fees. The company competes in various areas with fintech incumbents PayPal, Square and SoFi.
Revenue in the latest quarter climbed 32% from a year earlier to $518.7 million. Net income narrowed to $12.9 million from $15.9 million a year ago.
Morgan Stanley, Goldman Sachs and JPMorgan Chase are leading the IPO.
AES just completed the first half of Bellefield, which will become the largest solar + storage facility in the US.
The 1,000-megawatt (MW) Bellefield 1 project in Kern County, California, includes 500 MW of solar and 500 MW of four-hour battery storage, all under a 15-year contract with Amazon. When the full 2,000 MW Bellefield project is done, it will be the biggest solar-plus-storage installation in the country.
“Completing the first 1,000 MW of Bellefield demonstrates how rapidly solar and storage can be deployed to meet the growing energy demand of data centers,” said AES CEO Andrés Gluski.
AES has locked in deals with “major global hyperscalers” – think tech giants like Amazon and Meta – for more than 10 gigawatts of clean power. Bellefield is a big part of that.
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To speed up the build and make it safer, AES used its own robot helper, Maximo. This AI-powered robotic system helped crews install solar panels faster and with more precision.
Once the full 2 GW project is online, Bellefield will generate enough electricity to power the equivalent of around 467,000 homes annually. It’s expected to prevent more than 1 million metric tons of CO2 emissions annually and boost air quality in the region.
Construction of Bellefield 1 created more than 700 union jobs, and AES says Bellefield 2, which is expected to wrap in 2026, will create around 1,000 union jobs at peak.
AES says it will start recognizing revenue from Bellefield 1 later this year, right on schedule.
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Kia’s first electric sedan is already being called “a box office hit.” In just its second month on the market, the Kia EV4 was the best-selling domestic electric sedan in Korea.
Kia EV4 is Korea’s best-selling domestic electric sedan
After launching sales in Korea in April, Kia sold just 831 EV4 models in its first month. Local reports attributed the “limited deliveries” in April to delivery delays and issues with subsidies.
Kia expected sales to rebound quickly after government subsidies resumed, and it appears that the issues are being resolved.
In May, Kia EV4 sales reached 1,373 in Korea, making it the best-selling domestic electric sedan. Hyundai’s IONIQ 6 also saw higher demand, with sales up 100% from last May to 754 units.
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With the IONIQ 6 refresh set to launch later this year, Hyundai is offering up to over $6,500 (9 million won) in discounts on the current model. Hyundai and Kia are dealing with an influx of new electric sedans with aggressive discounts from EV makers like BYD.
Kia EV4 sedan Korea-spec (Source: Hyundai Motor)
One industry insider called the Kia EV4 a “box office hit,” but it still has some time to earn that title. With a starting price of about $30,000 (41.92 million won), the EV4 is one of the most affordable models in its class.
It’s even cheaper than BYD’s Seal electric sedan, which launched in Korea in April, starting at 47.5 million won ($35,000).
Kia EV4 sedan (Source: Hyundai Motor)
The EV4 is available with two battery sizes: 58.3 kWh and 81.4 kWh, offering driving ranges of 382 km (237 miles) and 533 km (331 miles) in Korea, respectively.
Kia’s electric sedan can recharge from 10% to 80% in just under 30 minutes. The extended-range battery takes about 31 minutes to recharge.
Kia EV4 sedan interior (Source: Hyundai Motor)
Inside, you’ll find a similar setup to the brand’s other new EV models. The setup includes Kia’s new ccNC infotainment with nearly 30″ of combined display, including dual 12.3″ navigation and driver display screens, plus a 5″ climate control screen.
Kia EV4 Trim
Starting Price
Kia EV4 Standard Air
41.92 million won ($28,900)
Kia EV4 Standard Earth
46.69 million won ($32,000)
Kia EV4 Standard GT-Line
47.83 million won ($32,900)
Kia EV4 Long Range Air
46.29 million won ($31,800)
Kia EV4 Long Range Earth
51.04 million won ($35,000)
Kia EV4 Long Range GT-Line
51.04 million won ($35,900)
Kia EV4 prices by trim in Korea (Source: Kia)
The real test will come later this year when Kia launches the EV4 in Europe, followed by the US in 2026. In the US, it will be available with the same 58.3 kWh and 81.4 kWh battery packs, offering ranges of up to 235 miles and 330 miles, respectively. On the WLTP scale, it’s rated with a range of up to 391 miles.
2026 Kia EV4 electric sedan for the US (Source: Kia)
The EV4 will also feature a built-in NACS port in the US, enabling access to Tesla’s extensive Supercharger network.
Kia revealed plans to sell 165,000 EV4s a year globally, including 80,000 in Europe, 50,000 in the US, and 25,000 in Korea.
We will learn official prices closer to its launch, but the EV4 is expected to start at around $35,000 to $40,000 when it arrives in the US.