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Tag: Bill Gates

  • Bill Gates Is Betting on Nuclear Fission and Fusion to Solve the Climate Crisis

    Bill Gates Is Betting on Nuclear Fission and Fusion to Solve the Climate Crisis

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    The Microsoft founder is ramping up his investments in nuclear power. Halil Sagirkaya/Anadolu via Getty Images

    Despite the decades-long efforts of scientists around the world, the commercialization of nuclear fusion technology has not yet been achieved on Earth. However, Bill Gates, who has invested significantly in both nuclear fission and fusion startups, is betting on cutting-edge tech to provide a promising path toward green energy. “I’m a big believer that nuclear energy can help us solve the climate problem,” the Microsoft (MSFT) co-founder told The Verge in a wide-ranging interview published today (Sept. 5).

    Gates has long been outspoken about his adventurous approach to climate technology. Such sentiments have become more pertinent in recent years as concerns about Big Tech’s energy use proliferate. The energy consumption of data centers that power A.I. computing, for example, is expected to potentially double to take up 9 percent of the nation’s electricity by 2030, according to the Electric Power Research Institute.

    According to Gates, A.I. data centers will actually generate a less than 10 percent increase in energy use. Even so, Big Tech is exploring clean energy sources and will pioneer fission and fusion power “to help bootstrap that green energy generation,” he said. Microsoft, for example, last year signed a power purchase agreement with Helion Energy, a nuclear fusion company backed by Sam Altman, to buy electricity from the startup in 2028.

    Lauded for its potential to provide mass amounts of affordable and clean energy, nuclear fusion is the same process that powers the sun and stars. It occurs when two light atoms combine to form a heavier one while releasing energy, a reaction that must take place in extremely high temperatures of around 10 million degrees Celsius, according to the International Atomic Energy.

    Although the process has yet to be commercially harnessed, nuclear fusion technology has received an outburst of financial support in recent years. Of $7.1 billion in total funding since 1992, the sector received $900 million last year, according to a recent report from the Fusion Industry Association, which noted that 89 percent of private fusion companies believe the technology will be operational by the end of the 2030s.

    The report identified 45 companies worldwide working to commercialize nuclear fusion. Of those startups, five are backed by Gates via Breakthrough Energy Ventures, his climate-focused investment fund. The billionaire has invested in the likes of Zap Energy, which is hoping to build a fusion power plant in the next few years, and Type One Energy, which uses magnets to help fuse atoms. Both Gates and Amazon (AMZN)’s Jeff Bezos have supported Commonwealth Fusion Systems, another startup aiming to make the commercialization of fusion power a possibility in the near future.

    Despite skepticism over whether nuclear fusion—which doesn’t emit greenhouse gases or carbon dioxide—will actually come to fruition in the next few years or decades, Gates said he remains optimistic. “Although their timeframes are further out, I think the role of fusion over time will be very, very critical,” he told The Verge.

    The billionaire has also invested in modern forms of nuclear fission energy, which produces energy when atoms are split apart. Gates is attempting to develop a cheaper form of fission via $1 billion worth of investments into TerraPower, a startup that recently broke ground on a nuclear power plant site in Kemmerer, Wyo. and aims to develop more affordable and safer forms of fission by using water to cool reactors instead of sodium. “People are appropriately skeptical because it’s never been done,” Gates told The Verge. “But they’ll get to see as we build that plant, and if so, it can make a contribution.”

    Gates isn’t alone in his embrace of all things nuclear. Bezos, too, has become a prominent investor in fusion technology, having invested in Canadian startup General Fusion’s dreams of developing a pilot plant. OpenAI’s Altman has poured capital and time into the field as well, backing and chairing both Helion Energy and the nuclear energy startup Oklo.

    Bill Gates Is Betting on Nuclear Fission and Fusion to Solve the Climate Crisis

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    Alexandra Tremayne-Pengelly

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  • Billionaire Bill Gates Has 83% of His $48 Billion Portfolio in Just 4 Stocks

    Billionaire Bill Gates Has 83% of His $48 Billion Portfolio in Just 4 Stocks

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    Most investors have probably heard of Bill Gates, best known as a billionaire philanthropist and co-founder of Microsoft (NASDAQ: MSFT).

    After heading up the technology company he founded for more than 25 years, the former CEO stepped down to focus on his charity work. Gates is worth an estimated $132.6 billion (as of this writing), according to Forbes, making him the ninth richest person in the world. However, the fabled billionaire has pledged that “the vast majority of my wealth would go toward helping as many people as possible.”

    The vehicle he uses to support that goal is the Bill & Melinda Gates Foundation Trust. “Our mission is to create a world where every person has the opportunity to live a healthy, productive life,” the Gates Foundation website declares. The foundation has made grant payments of $77.6 billion since its inception, “taking on the toughest, most important problems.” As a result, holdings of the Trust tend to vary from quarter to quarter.

    While the Trust continues to own stakes in more than two dozen companies, 83% of its portfolio was comprised of just four stocks at the close of the second quarter.

    A person staring at graphs and charts on a computer monitor.

    Image source: Getty Images.

    1. Microsoft: 33%

    Of all the holdings in the Gates Trust, Microsoft is by far the largest. This shouldn’t be a surprise, given that Gates set up the foundation with his own holdings. The Trust owns roughly 35 million shares of Microsoft stock valued at $14.7 billion.

    Yet this isn’t the Microsoft of old. The company has expanded beyond its browser and operating system software, with Azure Cloud becoming the fastest-growing cloud infrastructure provider. It’s up 29% year over year in the most recent quarter, outpacing both Amazon Web Services (AWS) and Alphabet‘s Google Cloud.

    However, it was Microsoft’s early move into generative AI that has investors most excited. Management noted that Azure’s cloud growth included “eight points from AI services,” helping illustrate the upside. The company’s AI-powered digital assistant — Copilot — and other AI tools could generate incremental revenue of $143 billion by 2027, according to analysts at Evercore ISI.

    The Trust also benefits from Microsoft’s quarterly dividend, which the company has paid out consistently since 2004 and increased every year since 2011. The current yield of 0.7% might seem inconsequential, but that’s a function of the impressive stock price gains of more than 200% over the past five years. Furthermore, with a payout ratio of less than 25%, there are likely many more dividend increases on the horizon.

    2. Berkshire Hathaway: 21%

    Fellow billionaire Warren Buffett, CEO of Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), has similar plans to donate the bulk of his wealth to charity. He joined Gates in the “Giving Pledge” in 2006 and has since donated roughly $43 billion to the Trust, including a bequest of $4 billion in June. As a result, the Gates Foundation currently holds nearly 25 million Berkshire Hathaway Class B shares worth $11 billion.

    Given Berkshire’s portfolio of profitable businesses and successful stock holdings, it isn’t surprising that the Trust continues to keep so much of the stock on hand. The portfolio provides built-in diversification and is expected to rake in billions in dividend income over the coming year. Furthermore, Berkshire just pared down its stock holdings and boosted its cash pile to a record high. It’s now holding roughly $277 billion in cash.

    Given the company’s history of success and massive cash pile, it isn’t surprising that it’s still one of the Trust’s largest holdings.

    3. Waste Management: 16%

    Gates has a soft spot for boring companies with strong recurring revenue, which is the very definition of Waste Management (NYSE: WM). If you have any doubt, consider this: The Gates Trust has a stake of more than 35 million shares of Waste Management stock worth $7.3 billion.

    Beyond just trash collection, Waste Management owns a number of reclamation stations that recover glass, paper, metal, and plastics and redirect them for recycling. The company also operates a number of landfills where it collects landfill gases to generate electricity and power vehicles.

    In the second quarter, revenue grew 5.5% year over year, while its adjusted operating EBITDA increased 10%.

    Let’s not forget the dividend. Waste Management has increased its payout for 15 consecutive years, with a current yield of 1.43%. And with a payout ratio of 46%, there’s plenty more where that came from.

    4. Canadian National Railway: 13%

    Another area where Gates and Buffett share common ground is enduring faith in railroads. Buffett was clear when he bought out Burlington Northern Santa Fe in 2009, saying that railroads transported goods “in a very cost-effective way… they do it in an extraordinarily environmentally friendly way… [releasing] far fewer pollutants into the atmosphere.” Gates clearly shares this mindset, as the Trust holds nearly 55 million shares of Canadian National Railway (NYSE: CNI) worth $6.2 billion.

    What sets Canadian National apart is that it’s the only transcontinental railroad in North America, connecting the Atlantic coast, the Pacific coast, and the Gulf of Mexico. Regarding Buffett’s point, railroads reduce greenhouse gas emissions by 75%. This is primarily because they’re four times more efficient than long-haul trucks, making railroads a more cost-effective option. Add to that their high barriers to entry and significant economic moat, and it’s easy to understand the appeal.

    Canadian National has a solid track record of dividend payments, with consecutive increases every year since it was initiated in 1996, and a current yield of 2.1%. The current payout ratio of 38% suggests there’s plenty of opportunity for future increases.

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    John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Danny Vena has positions in Alphabet, Amazon, Canadian National Railway, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, Berkshire Hathaway, and Microsoft. The Motley Fool recommends Canadian National Railway and Waste Management and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

    Billionaire Bill Gates Has 83% of His $48 Billion Portfolio in Just 4 Stocks was originally published by The Motley Fool

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  • Melinda French Gates: How I Overcame Imposter Syndrome | Entrepreneur

    Melinda French Gates: How I Overcame Imposter Syndrome | Entrepreneur

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    Even the most prominent business figures have felt imposter syndrome.

    Philanthropist Melinda French Gates sat down with Jay Shetty on the “On Purpose” podcast this week to talk about her career and personal life, namely moments where she’s had to find grace and embrace a sense of imperfections while on her journey.

    Related: Melinda French Gates Resigns as Co-Chair of the Bill & Melinda Gates Foundation

    French Gates recalled her time running the Bill and Melinda Gates Foundation and admitted that she “felt like an imposter for the first 10 years” and never felt qualified to “speak credibly” about the foundation’s work because she wasn’t professionally trained in global health policy or medicine.

    However, one specific incident brought her to an epiphany that changed the way she approached her work and her role.

    “Someone actually inside the Foundation who was working for me at the time came to me and wanted me to speak out on something and I said ‘No, no, I don’t feel like I know enough,’” French Gates explained. “And this woman said to me ‘Are you kidding? Just look at all the traveling you have done … all the knowledge you’ve amassed?’”

    She said that the employee gave her a multitude of examples of how she was qualified — from the different communities she’s visited to the doctors and scientists she’s worked with, all the while amassing years of direct experience in the field.

    Related: Melinda French Gates Reveals Her Next Move After Leaving Gates Foundation

    “I could speak on behalf of so many of these women that I’d met and who’d invited me into their homes or shown me the tough circumstances of their lives,” French Gates explained. “If they’ve spoken to me, I need to speak their truths into the world … I do know enough. I’ll never know everything, no one will ever know everything on the history of the Earth, but I know enough to know what I know deeply at a core level and to speak those truths.”

    French Gates formally resigned as Co-Chair of the Bill and Melinda Gates Foundation in May, noting that under the terms of her departure, she would still have an additional $12.5 billion to spend on philanthropic work moving forward.

    “This is not a decision I came to lightly,” she wrote in a statement on X at the time. “The time is right for me to move forward into the next chapter of my philanthropy.”

    Days later, she announced that she would be donating $1 billion over the next two years to organizations advocating for women.

    Melinda French Gates’ net worth as of Thursday afternoon was an estimated $13.4 billion.

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    Emily Rella

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  • Bill Gates on

    Bill Gates on

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    Bill Gates on “Face the Nation with Margaret Brennan” | full interview – CBS News


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    Watch the full version of Margaret Brennan’s interview with Bill Gates that aired on June 16, 2024, on “Face the Nation with Margaret Brennan.”

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  • Melinda French to resign from foundation started with ex-husband Bill Gates with $12.5 billion exit deal

    Melinda French to resign from foundation started with ex-husband Bill Gates with $12.5 billion exit deal

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    Melinda French Gates is resigning from the foundation she and her ex-husband Bill Gates started over twenty years ago.

    In their time together, the former couple – who announced their divorce in May of 2021 – became distinguished philanthropists through their work with the Bill & Melinda Gates Foundation, work they continued to do in spite of their divorce three years ago after 27 years of marriage.

    Despite her departure, the Microsoft founder’s ex-wife has maintained her commitment to her influential charitable work, particularly concerning issues related to women, details of which she shared in her announcement.

    Melinda took to X, formerly known as Twitter, on Monday and wrote: “After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” revealing that her last day of work with the organization would be June 7th.

    “This is not a decision I came to lightly,” she maintained, adding: “I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world.”

    “I care deeply about the foundation team, our partners around the world, and everyone who is touched by its work.”

    Speaking on the team she is leaving behind, she added: “I am taking this step with full confidence that the foundation is in strong shape, with its extremely capable CEO Mark Suzman, the Executive Leadership Team, and an experienced board of trustees in place to ensure all its important work continues.”

    MORE: Melinda French Gates addresses engagement after stepping out with huge diamond ring following Bill Gates split

    MORE: Bill and Melinda Gates’ youngest daughter Phoebe dazzles in rhinestone dress for star-studded night out

    Melinda emphasized: “The time is right for me to move forward into the next chapter of my philanthropy.”

    © Getty
    Bill and Melinda, pictured above in 1998, were married from 1994 to 2021

    Addressing what that next chapter will look like, she further shared: “This is a critical moment for women and girls in the U.S. and around the world – and those fighting to protect and advance equality are in urgent need of support.”

    MORE: Bill Gates and ex-wife Melinda French reunite as daughter Jennifer celebrates graduation following birth of baby girl – see photos

    She then revealed: “Under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families,” before concluding with: “I’ll be sharing more about what that will look like in the near future.”

    Amal Clooney, Michelle Obama, and Melinda Gates visited Malawi © Instagram/Clooney Foundation For Justice
    Melinda has previously partnered with fellow philanthropists Michelle Obama and Amal Clooney for various charitable activations

    Bill, who founded Microsoft in 1975, has a net worth of $130.3 billion, per Forbes, while Melinda has a net worth of $11.2 billion, much of which she has committed to donating.

    Melinda’s journey with philanthropy since her divorce from Bill is not unlike that of MacKenzie Scott’s, who divorced from Amazon founder Jeff Bezos in 2019. She has previously pledged to give away more than half of her fortune – she has a net worth of $35 billion – and per her website Yield Giving, which tracks her philanthropy, she has since 2019 donated over $17.3 billion to more than 2,300 nonprofits.

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    Beatriz Colon

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  • Melinda French Gates resigns as Gates Foundation co-chair, 3 years after her divorce from Bill Gates

    Melinda French Gates resigns as Gates Foundation co-chair, 3 years after her divorce from Bill Gates

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    NEW YORK – Melinda French Gates will step down as co-chair of the Bill & Melinda Gates Foundation, the nonprofit she and her ex-husband Bill Gates founded and built into one of the world’s largest philanthropic organizations over the past 20 years.

    “This is not a decision I came to lightly,” French Gates posted on the X platform on Monday. “I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world.”

    She praised the foundation’s CEO, Mark Suzman, and the foundation’s board of trustees, which was significantly expanded after the couple announced their divorce in May 2021.

    “The time is right for me to move forward into the next chapter of my philanthropy,” French Gates wrote in her statement. She organizes some of her investments and philanthropic gifts through her organization, Pivotal Ventures, which is not a nonprofit.

    Bill Gates thanked French Gates for her “critical” contributions to the foundations in a statement, saying, “I am sorry to see her leave, but I am sure she will have a huge impact in her future philanthropic work.”

    French Gates will receive $12.5 billion as part of her agreement with Gates, which she said would commit to future work focused on women and families.

    The Gates Foundation did not immediately return a request for comment about whether those assets would come from the foundation itself. In an emailed statement, the foundation said that Suzman announced the decision to employees on Monday.

    “After a difficult few years watching women’s rights rolled back in the U.S. and around the world, she wants to use this next chapter to focus specifically on altering that trajectory,” Suzman said of French Gates.

    Suzman said he knew many had joined the foundation in part because of their admiration for her advocacy, especially around gender equity.

    “I know how beloved Melinda is here,” Suzman wrote.

    The Gates Foundation holds $75.2 billion in its endowment as of December 2023, and announced in January, it planned to spend $8.6 billion through the course of its work in 2024.

    The Associated Press receives financial support for news coverage in Africa from the Bill & Melinda Gates Foundation and for news coverage of women in the workforce from Pivotal Ventures.

    ___

    Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.

    Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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    Thalia Beaty, Associated Press

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  • Sam Altman’s nuclear energy company Oklo plunges 54% in NYSE debut

    Sam Altman’s nuclear energy company Oklo plunges 54% in NYSE debut

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    Sam Altman is now chairman of a public company. But it’s not OpenAI.

    On Friday, advanced nuclear fission company Oklo started trading on the New York Stock Exchange. The company, which has yet to generate any revenue, went public through a special purpose acquisition company (SPAC) called AltC Acquisition Corp., founded and led by Altman.

    Under the ticker symbol “OKLO,” shares plummeted 54% on Friday to $8.45, valuing the company at about $364 million. Oklo received roughly $306 million in gross proceeds in the transaction, according to a release.

    Oklo’s business model is based on commercializing nuclear fission, the reaction that fuels all nuclear power plants. Instead of conventional reactors, the company aims to use mini nuclear reactors housed in A-frame structures. Its goal is to sell the energy to end users such as the U.S. Air Force and big tech companies.

    Oklo is currently working to build its first small-scale reactor in Idaho, which could eventually power the types of data centers that OpenAI and other artificial intelligence companies need to run their AI models and services.

    Altman is co-founder and CEO of OpenAI, which has been valued at over $80 billion by private investors. He’s said that he sees nuclear energy as one of the best ways to solve the problem of growing demand for AI, and the energy that powers the technology, without relying on fossil fuels. Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos have also invested in nuclear plants in recent years.

    “I don’t see a way for us to get there without nuclear,” Altman told CNBC in 2023. “I mean, maybe we could get there just with solar and storage. But from my vantage point, I feel like this is the most likely and the best way to get there.”

    In an interview with CNBC Thursday, Oklo CEO Jacob DeWitte confirmed that the company has yet to generate revenue and has no nuclear plants deployed at the moment. He said the company is targeting 2027 for its first plant to come online.

    Going the SPAC route is risky. So-called reverse mergers became popular in the low-interest rate days of 2020 and 2021 when tech valuations were soaring and investors were looking for growth over profit. But the SPAC market collapsed in 2022 alongside rising rates and hasn’t recovered.

    AI-related companies, on the other hand, are the new darlings of Wall Street.

    “SPACs haven’t exactly had the best performances in the past couple of years, so for us to have sort of the outcome that we’ve had here is obviously a function of the work we put in, but also what we’re building and also the fact that the market sees the opportunity sets here,” said DeWitte, who co-founded the company in 2013. “I think it’s very promising on multiple fronts for [the] nuclear, AI, data center push, as well as the energy transition piece.”

    The company has seen its fair share of regulatory setbacks. In 2022, the U.S. Nuclear Regulatory Commission denied Oklo’s application for an Idaho reactor. The company has been working on a new application, which it isn’t aiming to submit to the NRC until early next year, DeWitte said, adding that it’s currently in the “pre-application engagement” stage with the commission.

    Altman got involved with Oklo while president of the startup incubator Y Combinator. Oklo went into the program in 2014 after an earlier meeting between Altman and DeWitte. In 2015, Altman invested in the company and became chairman.

    It’s not Altman’s only foray into nuclear energy or other infrastructure that could power large-scale AI growth.

    In 2021, Altman led a $500 million funding round in clean energy firm Helion, which is working to develop and commercialize nuclear fusion. Helion said in a blog post at the time that the capital would go toward its electricity demonstration generator, Polaris, “which we expect to demonstrate net electricity from fusion in 2024.”

    Altman didn’t respond to a request for comment.

    In recent years, Altman has also poured money into chip endeavors and investments that could help power the AI tools OpenAI builds.

    Just before his brief ouster as OpenAI CEO in November, he was reportedly seeking billions of dollars for a chip venture codenamed “Tigris” to eventually compete with Nvidia.

    Altman in 2018 invested in AI chip startup Rain Neuromorphics, based near OpenAI’s San Francisco headquarters. The next year, OpenAI signed a letter of intent to spend $51 million on Rain’s chips. In December, the U.S. compelled a Saudi Aramco-backed venture capital firm to sell its shares in Rain.

    DeWitte told CNBC that the data center represents “a pretty exciting opportunity.”

    “What we’ve seen is there’s a lot of interest with AI, specifically,” he said. “AI compute needs are significant. It opens the door for a lot of different approaches in terms of how people think about designing and developing AI infrastructure.”

    WATCH: Investing in the future of AI

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  • Mark Zuckerberg overtakes Elon Musk as the world’s 3rd-richest person as their companies’ stocks go in opposite directions

    Mark Zuckerberg overtakes Elon Musk as the world’s 3rd-richest person as their companies’ stocks go in opposite directions

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    &quotThe internet is fickle,” Nierman told BI.JOSH EDELSON/Getty Images; Nathan Howard/Getty Images

    • Mark Zuckerberg has overtaken Elon Musk as the world’s third-richest person, with a $175 billion fortune.

    • Zuckerberg has gained $47 billion in wealth this year while Musk has lost $55 billion, according to data from Bloomberg.

    • The shift in wealth has been driven by Meta Platforms stock soaring and Tesla shares plunging.

    A near mirror image in stock-price performance has helped catapult Mark Zuckerberg ahead of Elon Musk as the world’s third-richest person, according to data from Bloomberg.

    Mark Zuckerberg had a net worth of $175 billion as of Wednesday, just slightly overtaking Musk’s net worth of $174 billion. That gap is set to widen on Thursday as shares of Tesla decline to a new 52-week low while Meta Platforms stock pushes toward all-time highs.

    Year-to-date, Zuckerberg has added $47.3 billion to his net worth while Musk has seen his net worth decline by $55.2 billion. That decline has knocked Musk down from the status of being the world’s richest person to the world’s fourth richest person.

    Musk is ahead of Bill Gates’ $149 billion fortune, while Zuckerberg is behind Jeff Bezos’ $203 billion fortune and Bernard Arnault’s $221 billion net worth.

    Driving the shift in fortunes for Musk and Zuckerberg is the performance of their respective stocks. Meta Platforms has surged 43% year-to-date, while shares of Tesla are down nearly 40%.

    Tesla stock price performance versus Meta PlatformsTesla stock price performance versus Meta Platforms

    YCharts

    Solid fourth-quarter earnings results, a newly initiated dividend, and growing investor enthusiasm for the impact artificial intelligence is having on Meta Platforms’ underlying business are in stark contrast to the slowing sales growth at Tesla, declining profit margins, and “thesis-changing” robotaxi pivot at Tesla.

    Zuckerberg’s source of wealth is extremely concentrated in Meta Platforms stock. The Facebook co-founder owns about 13% of the social media company. That’s in contrast to Musk, who has many business ventures driving his fortune, including Tesla, SpaceX, and X.

    Musk and Zuckerberg have been at odds with each other in the past, culminating in both agreeing to fighting in a cage match last year. The fight never happened.

    Read the original article on Business Insider

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  • These are the top 10 holdings of Bill Gates’ $42 billion stock portfolio

    These are the top 10 holdings of Bill Gates’ $42 billion stock portfolio

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    Bill Gates at the World Economic Forum in Davos.Fabrice Coffrini/Getty Images

    • The Bill and Melinda Gates Foundation Trust has $42 billion in assets under management.

    • The portfolio is unique in that it owns concentrated positions in less heard of companies.

    • These are the top 10 stocks held by the Bill and Melinda Gates Foundation Trust as of December 31.


    Microsoft co-founder Bill Gates has a $42 billion stock portfolio in what is the Bill and Melinda Gates Foundation Trust.

    The trust’s most recent 13F filing made with the SEC revealed its top investments, which are somewhat unique in that they’re not your typical mega-cap tech companies.

    Instead, the trust owns concentrated stock positions in less heard of companies, like Coca-Cola FEMSA, which is a Mexican bottler of popular soft drinks.

    There is also an environmental theme that can be found within the portfolio, with top holdings including Ecolab, Waste Management, and John Deere.

    These are the top 10 stocks held at the Bill and Melinda Gates Foundation at the end of the fourth quarter.

    10. FedEx

    FedEx planeFedEx plane

    The FedEx flight used by Teri Eidson and Nicole McCallister on their record breaking journey.FedEx

    Ticker: FDX
    Market Value: $388.1 million
    Change in Shares: No change

    9. Walmart

    A customer loading shopping into the back of a car in the parking lot of a Walmart storeA customer loading shopping into the back of a car in the parking lot of a Walmart store

    A customer in the parking lot of a Walmart storeAP Photo/Julio Cortez

    Ticker: WMT
    Market Value: $477.7  million
    Change in Shares: No change

    8. Coca-Cola FEMSA

    Bottles of Coca-ColaBottles of Coca-Cola

    Justin Sullivan/Getty Images

    Ticker: FMX
    Market Value: $588.2 million
    Change in Shares: No change

    7. Ecolab

    Blue EcoLab logoBlue EcoLab logo

    EcoLab

    Ticker: UNH
    Market Value: $1.03 billion
    Change in Shares: No change

    6. Deere

    line of green john deere tractors in a dirt lot with snow capped mountains in the backgroundline of green john deere tractors in a dirt lot with snow capped mountains in the background

    John Deere tractors for sale at a dealer in Longmont, ColoradoRick Wilking/Reuters

    Ticker: DE
    Market Value: $1.42 billion 
    Change in Shares: -360,315 (-9%)

    5. Caterpillar

    n this April 20, 2007 file photo, a Caterpillar grader is trucked out of the plant in Decatur, Ill. Caterpillar Inc. said Friday, April 5, 2013, it plans to lay off more than 460 employees this June at its Decatur plant as part of an ongoing series of production cuts. (AP Photo/Seth Perlman,. File)n this April 20, 2007 file photo, a Caterpillar grader is trucked out of the plant in Decatur, Ill. Caterpillar Inc. said Friday, April 5, 2013, it plans to lay off more than 460 employees this June at its Decatur plant as part of an ongoing series of production cuts. (AP Photo/Seth Perlman,. File)

    CaterpillarSeth Perlman/ AP Photo

    Ticker: CAT
    Market Value: $2.17 billion
    Change in Shares: No change

    4. Waste Management

    Waste ManagementWaste Management

    Apprentice garbage man Corey Lever collects trash outside a school in Oakland, Calif.AP/Eric Risberg

    Ticker: WM
    Market Value: $6.31 billion
    Change in Shares: No change

    3. Canadian National Railway

    A Canadian National Railway train travels eastward on a track in Montreal, February 22, 2015.  REUTERS/Christinne Muschi/File Photo        A Canadian National Railway train travels eastward on a track in Montreal, February 22, 2015.  REUTERS/Christinne Muschi/File Photo

    A Canadian National Railway train travels eastward on a track in MontrealThomson Reuters

    Ticker: CNI
    Market Value: $6.89 billion
    Change in Shares: No change

    2. Berkshire Hathaway

    bill gates warren buffettbill gates warren buffett

    Spencer Platt/Getty Images

    Ticker: BRK-B
    Market Value: $7.10 billion
    Change in Shares: -2,613,252 (-12%)

    1. Microsoft

    Satya Nadella, CEO of Microsoft.Satya Nadella, CEO of Microsoft.

    Satya Nadella, CEO of Microsoft.

    Satya Nadella, CEO of Microsoft.Sean Gallup/Getty Images

    Ticker: MSFT
    Market Value: $14.37 billion
    Change in Shares: -1,075,301 (-3%)

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  • Rep. Tim Burchett Claims Members Of Congress Have Been Blackmailed Over Jeffrey Epstein Information

    Rep. Tim Burchett Claims Members Of Congress Have Been Blackmailed Over Jeffrey Epstein Information

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    Opinion

    Screenshot: PalmBeachPost YouTube Video

    Representative Tim Burchett (R-TN) made a startling accusation on Thursday, claiming that he believes that members of Congress are “compromised” into not providing public information on notorious sex predator Jeffrey Epstein.

    Burchett’s comments came during a discussion with conservative political analyst Benny Johnson.

    The pair were discussing a letter the lawmaker had written to House Oversight & Accountability Committee Chairman James Comer (R-KY) requesting that he subpoena flight logs for Jeffrey Epstein’s private plane.

    Senator Marsha Blackburn (R-TN) previously pushed to subpoena Epstein’s flight records, but that effort was squashed by Senate Judiciary Committee Chairman Dick Durbin (D-IL), who suggested that there was no public value in the information.

    Epstein, who was convicted of procuring for prostitution a girl below the age of 18 in 2008 and was facing sex trafficking charges until he died, according to authorities by suicide in a Manhattan jail cell in 2019, was known to have traveled by jet.

    The jet earned the nickname, “Lolita Express.”

    RELATED: Vivek Ramaswamy Gets Praise For Promise To Release Epstein Client List: ‘Every Candidate Should Commit To This’

    Have Members Of Congress Been Blackmailed Over Epstein Information?

    At one point during the interview, Burchett is asked in no uncertain terms whether he thinks the information on Epstein’s flight logs is so difficult to obtain due to members of Congress being “compromised.”

    In his questioning, Johnson leaves no room for ambiguity.

    “So you’re saying that right now … there are members of Congress who have been compromised by either special interests or the intelligence community to not give the American public information on Jeffrey Epstein?” Johnson asked.

    “I believe so,” Burchett replied. “One hundred percent.”

    Burchett goes on to slam “unelected bureaucrats” in the intelligence community who have, in his estimation, taken part in other efforts to keep information out of the public square.

    One only has to go back to the Hunter Biden laptop or COVID-19 censorship efforts to see such coverups in action.

    Johnson notes that “many (people) have speculated that Jeffrey Epstein was an intelligence asset” who would get famous individuals like Bill Clinton, Bill Gates, or the Royal Family, in “compromising positions,” leading to his own personal wealth and power over those people.

    Burchett responded that he viewed Epstein as a “free agent” who would say, “Hey, I’ve got this guy and what will you give me to keep him under wraps?”

    RELATED: Joe Rogan: Epstein Kept That Painting Of Bill Clinton In A Dress To Let Him Know ‘I Got You B****’

    Who Else Has Been Compromised?

    Burchett and Johnson went into further detail about former President Clinton during their discussion of Epstein.

    Clinton had traveled on Epstein’s “Lolita Express” 26 separate times, according to a Fox News analysis, while other analyses of flight logs led to claims of fewer trips. Regardless, there is no denying he traveled on the plane.

    Doug Band, a former top aide to Clinton, made shocking allegations in a 2020 interview with Vanity Fair, including claims that the former president took a trip in 2003 to Epstein’s famed private island.

    Johnson contends that Epstein likely had an “enormous treasure trove of information on Bill Clinton,” and even referenced the oil painting kept by the sex trafficker.

    Epstein kept a disturbing painting depicting Clinton wearing red high heels and a blue dress hanging in his Manhattan townhouse.

    Podcast host Joe Rogan suggested that the painting was kept there as a means to remind Clinton who had the real power.

    “That painting is like: ‘I got you, b****,” Rogan said. “You know he knows about it.”

    “Imagine if I knew some horrible dark secrets about you and you came over to my house and I have a giant painting of you,” he continued. “Right when you walk into the front door of you in a dress and I’m like, ‘Hey buddy.’”

    “Do you think that Jeffrey Epstein was killed because our intelligence agencies were upset that this all happened, were angry that somebody was able to get one over on Bill Clinton?” Johnson asked the Tennessee congressman.

    “I don’t know if it’s our intelligence agencies or not, but somebody of power,” Burchett replied. “You know … there’s always a diversion in these things. You always look at ‘A’ and it’s always ‘A plus three’, somebody further down that list would push out Clinton.”

    “Because Clinton’s just a boob,” he added.

    Burchett even began wading into the notorious Clinton death toll conspiracies, saying it’s openly discussed in a joking matter inside the congressional gym.

    “They (Democrat colleagues) laugh about it,” he said. “About people that have met their demise, that have been close to them (the Clinton’s).”

    What do you think about this? Let us know in the comments section.

    Tucker Carlson: Deep State Working To Keep Trump From Winning ‘Like When They Killed Kennedy’

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  • Elon Musk, Bill Gates, and 'kings' would pay $1B for Mar-a-Lago, Trump expert to testify at NY fraud trial

    Elon Musk, Bill Gates, and 'kings' would pay $1B for Mar-a-Lago, Trump expert to testify at NY fraud trial

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    • Trump plans to call Palm Beach real-estate broker Lawrence Moens at his NY fraud trial next week.

    • Moens has sworn Elon Musk, Bill Gates, and “kings” would pay $1B for the club, where he’s a member.

    • On Friday, the judge OK’d Moens’ testimony despite the state saying it will waste “an entire day.”

    Elon Musk, Bill Gates, and “kings” would pay $1 billion dollars for Mar-a-Lago, according to a Palm Beach real-estate broker whom Donald Trump plans to call to testify next week, as an expert defense witness in his New York civil fraud trial.

    “It’s like a fantasy list,” the broker, Lawrence Moens, said in a pre-trial deposition over the summer, describing the dozen-or-so ultra-billionaires he thinks would spring that high for the property.

    “I could dream up anyone from Elon Musk to Bill Gates and everyone in between,” he told lawyers for the state attorney general’s office during the July deposition, previewing next week’s trial testimony. “Kings, emperors, heads of state.”

    “If they want the best house in the country, that would be one of the top two or three that would be available if they were for sale,” he added, according to a transcript.

    “I wish he’d let me sell it, but it’s not for sale,” he said.

    Moens is scheduled to testify on Trump’s behalf Tuesday in the ongoing trial, where lawyers for state Attorney General Letitia James are trying to prove the former president exaggerated his net worth by as much as $3.6 billion a year in a decade’s worth of financial statements to banks, insurers and tax officials.

    Mar-a-Lago is chief among those exaggerations.

    Donald Trump allegedly inflated the value of his Palm Beach resort in financial documents by as much as $714 million.

    Donald Trump allegedly inflated the value of his Palm Beach resort in financial documents by as much as $714 million.New York attorney general’s office

    The AG’s office alleges that as part of an effort to trick banks into charging him better interest rates, Trump intentionally valued the property at astronomical levels, saying it was worth as much as $739 million. That’s the number he used in 2018, when state officials say it was only worth $25 million.

    In doing so, the state alleges, Trump relied on the false premise that Mar-a-Lago was an unrestricted property. Trump misrepresented that he could develop the 17 waterfront acres even though the former president had personally signed deeds donating away his residential development rights for tax purposes, the state alleges.

    Trump has fixated on the value of Mar-a-Lago during the trial’s nine weeks, as a matter of personal pride and as part of his defense that his net-worth statements actually underestimated the value of his properties.

    What’s at stake

    The trial judge, New York Supreme Court Justice Arthur Engoron, already found in a pretrial ruling in September that Trump’s net-worth statements were frauds.

    At issue now, in the non-jury, civil trial, is whether the over-valuations of Mar-a-Lago and other Trump properties fit the legal definition of fraud under New York criminal law, and if so, how many millions in ill-gotten gains he must pay back.

    The state alleges that over the course of a decade, Trump pocketed more than $250 million in interest savings and property sales proceeds that he’d never have had if he’d told banks what his assets were really worth.

    The state fought hard on Friday against Trump’s side calling Moens as an expert witness.

    Kevin Wallace, a lead lawyer on the case for James, called the broker “a friend of Trump” whose valuation of the club can’t be recreated or tested.

    The judge had already found in his ruling from September that those deed restrictions severely limited the club’s value, Wallace noted.

    “The defendants now want to spend a whole day arguing that you’re wrong,” he complained.

    “And that Mar-a-Lago should be valued at $1 billion because Elon Musk might want to go to Palm Beach,” he added, sounding exasperated.

    “And that’s what we’re going to do,” the judge responded. “I’m very reluctant to allow this but it’s the defense case.”

    Mar-a-LagoMar-a-Lago

    Former President Donald Trump’s Mar-a-Lago resort in Palm Beach, Florida.Charles Trainor Jr./Miami Herald/Tribune News Service via Getty Images

    An unbiased witness?

    Moens is likely to be questioned on the witness stand Tuesday about whether he can give a truly unvarnished view of Mar-a-Lago’s worth. He and Trump go back a long ways, and a lot of money has passed back and forth between them.

    In 2008, Moens brokered a record $95 million sale of Trump’s starter Palm Beach oceanfront mansion to a Russian fertilizer billionaire.

    “And did you receive a commission?” Moens was asked during the July deposition.

    “Well, it was a few million dollars,” he answered. “I don’t remember the amount.”

    “Do you recall receiving $225,000 for consulting work” from Trump, an attorney for the AG, Alex Finkelstein, asked the broker, showing him Trump Organization documents saying that money crossed hands in 2014.

    Moens answered that he’d have to check his records.

    Moens also testified that he has been a broker for Eric Trump, and a member of Mar-a-Lago since 1996, months after it opened. He knows Donald Trump, Jr., and Ivanka Trump, who he testified was “a very lovely person.”

    “I’ve known her since she was a little girl,” Moens said.

    He was more circumspect about Trump, though.

    “He’s someone I’ve known for probably three decades, maybe longer,” he told the state’s lawyers, when asked how he’d describe his relationship to the former president.

    “How do you describe the word ‘friend?’” the state’s lawyer then asked.

    “I have very few friends, so I would describe them as people that are very close to me, that I see often, that I spent time with, that I have a relationship with,” Moens answered.

    “Is Donald Trump one of those people?” the broker was then asked.

    “I don’t see Donald Trump enough or spend enough time with Donald Trump to call him a friend,” he answered.

    Asked “What would you call him?” Moens added, ‘I’d like to think he’s my friend, but I would call him someone that I’ve had an association with for many years.”

    Moens will be the third Trump insider to testify on his behalf as an expert witness.

    Read the original article on Business Insider

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  • Nvidia wins fresh support as firms tied to Bill Gates and Ray Dalio reveal stakes in the microchip giant

    Nvidia wins fresh support as firms tied to Bill Gates and Ray Dalio reveal stakes in the microchip giant

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    Bill Gates.Ramin Talaie / Getty

    • Firms tied to Bill Gates and Ray Dalio purchased small stakes in Nvidia last quarter, filings show.

    • The Gates Foundation Trust and Bridgewater Associates both bought shares of the microchip maker.

    • Funds linked to George Soros, Jim Simons, and Stanley Druckenmiller pared or exited their positions.

    Nvidia attracted two high-profile backers last quarter, as funds linked to Bill Gates and Ray Dalio took small stakes in the microchip maker.

    The Bill & Melinda Gates Foundation Trust, which invests the Gates Foundation’s endowment, bought Nvidia shares for the first time on record, a SEC filing revealed this week. It purchased about 9,200 shares, worth $4 million at the end of September.

    The Gates’ trust diversified its stock portfolio in the period, expanding it from 23 holdings to 74, but its total value was almost flat at $39 billion. Its largest positions were a $12 billion stake in Microsoft, and nearly $8 billion worth of Berkshire Hathaway stock as a result of Warren Buffett’s yearly gifts to the foundation.

    While the bet on Nvidia was relatively small, the wager still ranked in the top half of the trust’s portfolio by value. Cascade, the asset manager which oversees the Trust and Gates’ personal fortune, also disclosed new stakes in Apple, Meta, Amazon, and Alphabet. It may have invested in Nvidia as part of a broader effort to boost its Big Tech exposure.

    Dalio-founded Bridgewater Associates established a stake in Nvidia last quarter too, filings show. The hedge-fund behemoth, run by three co-CIOs since Dalio stepped down last year, purchased just over 48,000 shares worth $21 million at September’s close.

    The last time that Bridgewater reported a Nvidia stake was in the third quarter of last year. It’s worth noting the new wager is small relative to the firm’s biggest positions on September 30, which included a $700 million stake in Procter & Gamble and roughly $500 million positions in each of Costco and Coca-Cola.

    Nvidia’s stock price has soared by about 240% this year, as investors wager the artificial-intelligence boom will supercharge demand for its graphics chips. The company has certainly received a boost; its revenue roughly doubled year-on-year to about $14 billion in the three months to July, lifting its net income by nearly 10-fold to over $6 billion.

    Funds tied to other high-profile investors took a different tack to Gates and Dalio’s firms. Soros Fund Management dumped its entire $4 million stake in Nvidia, Jim Simons’ Renaissance Technologies slashed its bet by 34% to 1.2 million shares, and Stanley Druckenmiller’s Duquesne Family Office trimmed its position by about 8% to 875,000 shares, filings showed this week.

    Read the original article on Business Insider

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  • Bill Gates Has Already Lost Millions On His Bud Light Comeback Bet

    Bill Gates Has Already Lost Millions On His Bud Light Comeback Bet

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    Bill Gates, the seventh-richest person in the world according to the Forbes 2023 list, has been losing money on one of his latest investment bets.

    Gates, who amassed his wealth by cofounding and leading Microsoft Corp. for decades before retiring in 2008, has since focused on investing in private corporations and publicly traded companies.

    In the fiscal second quarter of 2023, Gates purchased over 1.7 million shares of Anheuser-Busch InBev (NYSE:BUD), maker of popular beer brands including Bud Light and Corona. Headquartered in Brussels, Anheuser-Busch InBev is the world’s largest brewer and one of the largest alcohol companies globally.

    But Anheuser-Busch InBev has been stirring up controversy over the past couple of months after it hired transgender influencer and social media personality Dylan Mulvaney to promote Bud Light on Instagram. This caused the Belgian brewery’s popularity in the U.S. to deteriorate, with many prominent personalities calling for a boycott of its signature Bud Light beer.

    Don’t Miss:

    Anheuser-Busch InBev’s Performance So Far In 2023

    In the second quarter that ended June 30, AB InBev’s U.S. revenue plummeted by 10.5%, primarily because of Bud Light’s declining sales volume. The company’s core profit fell by 28.2%, while total global sales volume fell 1.4% year over year in the last reported quarter. However, the company’s strong global presence allowed it to offset losses from the U.S., as its total revenue rose 7.2% year over year.

    While AB InBev’s normalized earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 5% year over year in the same period, its net profits and earnings per share (EPS) declined compared to the second quarter of 2022.

    Constellation Brands Inc.’s Modelo became the top-selling beer in the United States in May during the height of the Bud Light controversy, as AB InBev’s sales plunged by nearly 25%.

    AB InBev aimed to distance itself from Mulvaney’s social media post following the controversy, which was also off-putting to many progressives. The world’s largest brewer essentially “managed to alienate both conservatives and progressives in one fell swoop,” according to Zak Stambor, a senior analyst at Insider Intelligence.

    AB InBev’s Pivoting Strategy To Regain Momentum

    “In the U.S., we are listening and actively engaging with our consumers,” AB InBev CEO Michel Doukeris said during a quarterly earnings call. “They want to enjoy their beer without a debate, they want us to focus and concentrate on platforms that all consumers love.”

    To this end, the company surveyed Bud Light consumers through a third party and found that approximately 80% of the 170,000 respondents remained neutral or favorable.

    AB InBev also determined through engagement with its U.S. customers that they want “their beer without a debate” and “Bud Light to focus on beer.”

    The company’s efforts to put the controversy behind it are expected to be fruitful in the near term, as analysts expect AB InBev’s revenue and EPS to improve sequentially in the about-to-be-reported third quarter. The consensus revenue estimate of $15.71 billion for the third quarter ended Sept. 30 indicates a 2.2% improvement quarter-over-quarter. In addition, analysts estimate AB InBev’s EPS to amount to $0.83 in the last quarter, up from $0.68 generated in the second quarter.

    Gates’ Portfolio: YTD Performance

    Gates acquired 1,703,000 million shares of AB InBev in the second quarter for nearly $100 million through the Bill & Melinda Gates Foundation Trust. However, with AB InBev’s share price falling because of the recent controversy and declining sales in the U.S., Gates has lost over $6 million on his investment in the beer company.

    While Gates’s recent investment is in the red, his other investments, notably in Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK), have surged by over 9% year to date. As of June 30, Gates owns nearly 25.14 million shares of Berkshire Hathaway, which accounts for 20.4% of his portfolio.

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    This article Bill Gates Has Already Lost Millions On His Bud Light Comeback Bet originally appeared on Benzinga.com

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    © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Meet Phoebe Gates: Entrepreneur, Bill and Melinda’s Daughter | Entrepreneur

    Meet Phoebe Gates: Entrepreneur, Bill and Melinda’s Daughter | Entrepreneur

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    This story originally appeared on Business Insider.

    “Father-daughter bubble tea time,” read a caption under a TikTok post from 21-year-old Phoebe Gates, posted on October 5.

    In the clip, which has received 11.7 million views and uses “As It Was” by Harry Styles as a backing track, Phoebe sits opposite her billionaire father, Microsoft co-founder Bill Gates, as they both poke straws into cups of bubble tea and smile at one another overlooking a Manhattan skyline.

    Bill Gates has made appearances on other creators’ TikTok accounts in the past, often participating in math or art challenges, although he does not have an account himself.

    Phoebe, however, has been posting on TikTok since at least last year and has now accumulated over 157,000 followers on the app. She gained over 59,000 of these followers the day after she posted the bubble tea video with her father, according to analytics website Social Blade.

    @phoebegates

    Father-daughter bubble tea time.

    ♬ As It Was – Harry Styles

    Though her father, one of the richest people in the world, is a household name, little is known about 21-year-old Phoebe, the youngest of the billionaire’s three children, outside of what she posts on social media.

    Here’s what we can learn about her life and interests based on what she has shared on TikTok.

    Phoebe is a student at Stanford University, and she has previously vlogged about her college life.

    @phoebegates Here’s another Day in the Life at Stanford! Lots of class, studying and cooking in this one! #stanford #college #dayinthelife ♬ original sound – ?A? – a

    In an interview with the sustainable fashion brand Reformation, which Phoebe promoted on her Instagram page in March, the billionaire’s daughter said she was majoring in human biology at Stanford University.

    Phoebe has previously showcased her dorm room and filmed vlog-style updates about her life at college.

    In one clip posted in December 2022, she filmed herself riding a bike to a stats class, later showing herself making a very student-esque pasta dish for dinner.

    She is passionate about sustainable fashion and is pursuing entrepreneurial opportunities in the industry.

    @phoebegates Copenhagen Fashion Week Day 1 in 20 seconds ✨ #cphfw #copenhagenfashionweek ♬ L$d – Luclover

    On TikTok, Phoebe has previously posted about attending fashion week in Copenhagen and New York.

    She has also shared informational clips about sustainable fashion and promoted buying secondhand clothes.

    According to Vogue, Gates is co-launching her own fashion platform, called Phia, with her fellow Stanford student and roommate Sophia Kianna. The outlet reported that it has already landed a partnership with fashion house Stella McCartney for a bag collection that will celebrate women in tennis.

    Phoebe has become an outspoken social activist.

    @phoebegates Last week’s UNGA whirlwind, filled with so much learning, reflection, and community. ?✨ It was amazing to hear from global leaders and passionate advocates at #Goalkeepers2030 and #GlobalCitizenFestival ♬ Back On 74 – Jungle

    One of the topics Pheobe addresses frequently on her TikTok page is reproductive health and advocating for abortion rights.

    She has previously posted clips of herself speaking about access to contraception at events, including Goalkeepers, hosted by The Bill and Melinda Gates Foundation, the nonprofit organization co-founded by her parents.

    She has also spoken out on TikTok against the Supreme Court’s overturning of Roe v. Wade in June 2022.

    In the Summer of 2022, she also posted clips that she said were from a trip to Rwanda with the healthcare nonprofit Partners in Health, saying she learned about the country’s healthcare system.

    Phoebe appears to be following in her mom’s footsteps, calling her an “inspiration.”

    @phoebegates Lack of access to contraceptives is a huge global issue. Nearly half of women in 57 developing countries are denied the right to make their own choices about their health and future. #womensrights #womenshealth ♬ Chill Vibes – Tollan Kim

    The 21-year-old activist appears to be taking after her parents, especially her mother, who has advocated for access to birth control around the world for many years.

    While Phoebe’s billionaire father appears in only a few of her TikToks, her mom Melinda, who also became a billionaire after she and Bill divorced in 2021, has been featured much more prominently on her account.

    Phoebe has posted several snippets on TikTok that show her discussing access to contraception with Melinda.

    “So you’re a huge advocate for contraceptives. I mean, you’ve always hammered this into me since I was a child, about deciding for my body and having body autonomy,” Phoebe said in a clip posted in January, where Melinda talked about the importance of access to family planning.

    In an on-screen caption on a TikTok post from September 2022, Gates referred to her mother as her “inspiration.”

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  • Bill Gates: ‘Republicans for climate change action are gold’

    Bill Gates: ‘Republicans for climate change action are gold’

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    “Republicans for climate change action are gold,” said Bill Gates, the billionaire climate philanthropist and investor, on Thursday at the Climate Forward event in New York City.

    The number of Republicans convinced that responding to climate change is a priority has “got to be a number that we manage to increase over time,” Gates said.

    That’s because climate change mitigation and adaptation will require sustained investment and support from the public and private sector, Gates said.

    The Inflation Reduction Act, which was packed full of tax credits to drive the development of the clean energy economy, was passed entirely along party lines in both the House and Senate. No Republicans voted for it.

    The political divide on Capitol Hill mirrors that of the general public.

    More than half, 54%, of Americans consider climate change a “major threat” to the well-being of the United States, but that is starkly divided by party lines, according to survey data from the Pew Research Center. Almost eight in ten Democrats, 78%, consider climate change a major threat, up from 58% ten years ago. Only 23% of Republicans consider climate change a major threat, almost equivalent to the 22% of Republicans who considered climate change a major threat a decade ago. The most recent survey for this data was conducted in March 2022.

    The IRA included tax credits designed to kickstart the development of clean hydrogen, long-duration energy storage, and technologies to capture and remove carbon dioxide from the atmosphere, to name a few.

    “The IRA is a very dramatic set of money to bootstrap key technologies, including into areas that most climate people don’t talk about,” Gates said, like, for example, industrial processes. “Industrial emissions, if you don’t solve that, the whole thing doesn’t get solved,” Gates said.

    “It’s a fantastic climate bill,” Gates said.

    But the longevity of the IRA and those tax credits depends on whichever party rules Washington D.C.

    “We don’t have that much time to keep this thing intact,” Gates said. “It’s not guaranteed that tax credits necessarily last out the full 10 years, because they can be repealed if you get a change in political control.”

    That’s a problem because building and scaling hard technology involving heavy equipment, manufacturing, and infrastructure-scale solutions takes time — much longer than a single administration’s tour through Washington D.C.

    “These are 30-year investments in steel factories, fertilizer factories, and new ways of making meat,” Gates said. “It requires a constant, full-speed-ahead in order for the U.S. to be an exemplar.”

    While Gates emphasized the importance of getting Republicans to take climate policy seriously, he also said he doesn’t like to demonize them.

    Instead, Gates asks the question: “Why have we failed to bring more people along? And this is a super important thing,” he said.

    When Gates interacts with philanthropists who are investing in climate, he encourages those who have relationships with Republicans to work with them to try to increase their commitment to climate. “I think that’s extremely valuable,” he said.

    The United States’ ability to sustain its investment in climate technology will have global implications.

    While the majority of global emissions come from middle-income countries, the United States and other wealthy nations have to lead the way in developing and bringing down the cost of new technologies, Gates said.

    Clean technologies have to be better and cheaper because that’s the only realistic way to see them scale in less wealthy countries, according to Gates. It’s also unrealistic to expect rich countries to pay for the distribution of clean technologies in less wealthy countries unless they’re better and cheaper than the dirty, legacy way of operating. The political will isn’t there.

    “Sadly if you try to subsidize it, you are at many multiples of what the foreign aid budget is,” Gates said. “The voters aren’t going to come up with that. So innovation is the only way you can achieve these goals.”

    At this point, the question is not whether the globe will overshoot the goal target established by the 2015 Paris Climate Agreement to keep global warming to 1.5 degrees Celsius above pre-industrial levels, but by how much.

    “We are not on a path to get to a 1.5 degree limitation,” Gates said. And indeed, António Guterres, the secretary-general of the United Nations, earlier in the week said the planet is right now,heading towards a 2.8 degree temperature rise, or more than 5 degrees Fahrenheit.

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  • Elon Musk says artificial intelligence needs

    Elon Musk says artificial intelligence needs

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    The nation’s biggest technology executives on Wednesday loosely endorsed the idea of government regulations for artificial intelligence at an unusual closed-door meeting in the U.S. Senate. But there is little consensus on what regulation would look like, and the political path for legislation is difficult.

    Executives attending the meeting included Tesla CEO Elon Musk, Meta’s Mark Zuckerberg, former Microsoft CEO Bill Gates and Google CEO Sundar Pichai. Musk said the meeting “might go down in history as being very important for the future of civilization.”

    First, though, lawmakers have to agree on whether to regulate, and how.

    Senate Majority Leader Chuck Schumer, who organized the private forum on Capitol Hill as part of a push to legislate artificial intelligence, said he asked everyone in the room — including almost two dozen tech executives, advocates and skeptics — whether government should have a role in the oversight of artificial intelligence, and “every single person raised their hands, even though they had diverse views,” he said.

    Elon Musk
    Elon Musk departs following a meeting with U.S. senators about the future of artificial intelligence on Capitol Hill in Washington, D.C., on Sept. 13, 2023.

    STEFANI REYNOLDS/AFP via Getty Images


    Among the ideas discussed was whether there should be an independent agency to oversee certain aspects of the rapidly developing technology, how companies could be more transparent and how the U.S. can stay ahead of China and other countries.

    “The key point was really that it’s important for us to have a referee,” said Musk during a break in the daylong forum. “It was a very civilized discussion, actually, among some of the smartest people in the world.”

    Schumer will not necessarily take the tech executives’ advice as he works with colleagues on the politically difficult task of ensuring some oversight of the burgeoning sector. But he invited them to the meeting in hopes that they would give senators some realistic direction for meaningful regulation.

    Congress should do what it can to maximize AI’s benefits and minimize the negatives, Schumer said, “whether that’s enshrining bias, or the loss of jobs, or even the kind of doomsday scenarios that were mentioned in the room. And only government can be there to put in guardrails.”

    Congress has a lackluster track record when it comes to regulating new technology, and the industry has grown mostly unchecked by government in the past several decades. Many lawmakers point to the failure to pass any legislation surrounding social media, such as for stricter privacy standards.

    Schumer, who has made AI one of his top issues as leader, said regulation of artificial intelligence will be “one of the most difficult issues we can ever take on,” and he listed some of the reasons why: It’s technically complicated, it keeps changing and it “has such a wide, broad effect across the whole world,” he said.

    Sparked by the release of ChatGPT less than a year ago, businesses have been clamoring to apply new generative AI tools that can compose human-like passages of text, program computer code and create novel images, audio and video. The hype over such tools has accelerated worries over its potential societal harms and prompted calls for more transparency in how the data behind the new products is collected and used.

    Republican Sen. Mike Rounds of South Dakota, who led the meeting with Schumer, said Congress needs to get ahead of fast-moving AI by making sure it continues to develop “on the positive side” while also taking care of potential issues surrounding data transparency and privacy.

    “AI is not going away, and it can do some really good things or it can be a real challenge,” Rounds said.

    The tech leaders and others outlined their views at the meeting, with each participant getting three minutes to speak on a topic of their choosing. Schumer and Rounds then led a group discussion.

    During the discussion, according to attendees who spoke about it, Musk and former Google CEO Eric Schmidt raised existential risks posed by AI, and Zuckerberg brought up the question of closed vs. “open source” AI models. Gates talked about feeding the hungry. IBM CEO Arvind Krishna expressed opposition to proposals favored by other companies that would require licenses.

    In terms of a potential new agency for regulation, “that is one of the biggest questions we have to answer and that we will continue to discuss,” Schumer said. Musk said afterward he thinks the creation of a regulatory agency is likely.

    Outside the meeting, Google CEO Pichai declined to give details about specifics but generally endorsed the idea of Washington involvement.

    “I think it’s important that government plays a role, both on the innovation side and building the right safeguards, and I thought it was a productive discussion,” he said.

    Some senators were critical that the public was shut out of the meeting, arguing that the tech executives should testify in public.

    Republican Sen. Josh Hawley of Missouri said he would not attend what he said was a “giant cocktail party for big tech.” Hawley has introduced legislation with Democratic Sen. Richard Blumenthal of Connecticut to require tech companies to seek licenses for high-risk AI systems.

    “I don’t know why we would invite all the biggest monopolists in the world to come and give Congress tips on how to help them make more money and then close it to the public,” Hawley said.

    While civil rights and labor groups were also represented at the meeting, some experts worried that Schumer’s event risked emphasizing the concerns of big firms over everyone else.

    Sarah Myers West, managing director of the nonprofit AI Now Institute, estimated that the combined net worth of the room Wednesday was $550 billion and it was “hard to envision a room like that in any way meaningfully representing the interests of the broader public.” She did not attend.

    In the U.S., major tech companies have expressed support for AI regulations, though they don’t necessarily agree on what that means. Similarly, members of Congress agree that legislation is needed, but there is little consensus on what to do.

    Some concrete proposals have already been introduced, including legislation by Sen. Amy Klobuchar, D-Minn., that would require disclaimers for AI-generated election ads with deceptive imagery and sounds. Schumer said they discussed “the need to do something fairly immediate” before next year’s presidential election.

    Hawley and Blumenthal’s broader approach would create a government oversight authority with the power to audit certain AI systems for harms before granting a license.

    Some of those invited to Capitol Hill, such as Musk, have voiced dire concerns evoking popular science fiction about the possibility of humanity losing control to advanced AI systems if the right safeguards are not in place. But the only academic invited to the forum, Deborah Raji, a University of California, Berkeley researcher who has studied algorithmic bias, said she tried to emphasize real-world harms already occurring.

    “There was a lot of care to make sure the room was a balanced conversation, or as balanced as it could be,” Raji said.

    What remains to be seen, she said, is which voices senators will listen to and what priorities they elevate as they work to pass new laws.

    Some Republicans have been wary of following the path of the European Union, which signed off in June on the world’s first set of comprehensive rules for artificial intelligence. The EU’s AI Act will govern any product or service that uses an AI system and classify them according to four levels of risk, from minimal to unacceptable.

    A group of European corporations has called on EU leaders to rethink the rules, arguing that it could make it harder for companies in the 27-nation bloc to compete with rivals overseas in the use of generative AI.

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  • Bill Gates’ foundation buys Anheuser-Busch stock worth $95 million after Bud Light financial fallout

    Bill Gates’ foundation buys Anheuser-Busch stock worth $95 million after Bud Light financial fallout

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    Bill Gates’ foundation trust bought 1.7 million shares of Anheuser-Busch InBev after the company experienced a few months of controversy and declining stock prices. The Bill and Melinda Gates Foundation Trust bought the shares — valued at about $95 million — last quarter, according to an SEC filing.

    What is the controversy surrounding Bud Light?

    Anheuser-Busch took a hit earlier this year when Bud Light sales dipped following an Instagram ad campaign with Dylan Mulvaney. The transgender actress and activist partnered with the beer company on April 1, outraging many conservatives. 

    Some people, including Kid Rock, called for a boycott of the beer, and reported sales dropped in the month that followed. Bud Light, which was once the nation’s top selling beer, saw a 23% decline in May from the same period the year before. Sales slipped again in June, down 28% compared to the same period last year, according to Bump Williams, which tracks alcohol sales. 

    Bud Light was overtaken by Modelo Especial in the No. 1 spot, according to consumer behavior data analytics firm Circana. 

    After the backlash over the Mulvaney partnership, Anheuser-Busch attempted to boost its image by releasing patriotic ads and a statement from CEO Brendan Whitworth, who said, “We never intended to be part of a discussion that divides people. We are in the business of bringing people together over a beer.”

    While Bud Light is still popular, Anheuser-Busch has felt the aftereffects of the turmoil and in July said it was eliminating close to 2% of workers — about 380 of their roughly 19,000 employees. 

    In its second quarter results report, the company said the entire beer industry declined in the quarter. Anheuser-Busch said it surveyed 170,000 customers through a third-party research firm and found 80% are favorable or neutral toward the Bud Light brand.

    Still, the company’s second quarter revenue declined 10.5%, its sales to wholesalers declined 15% and its sales to retailers declined 14%, according to the report. This underperformance is attributed primarily to the decline of Bud Light. 

    What is Anhesuer Busch’s stock price history?

    On March 31, the day before Mulvaney posted the ad, Anheuser-Busch InBev SA (BUD) was valued at $66.53, a high for the year. 

    The stock price dipped as the controversy grew and dropped to $53.40 a share on May 31, a new low. The price has yet to bounce back and is currently $56.20 a share on Sept. 7.

    The stock is down $3.42, or 5.74%, year to date.

    How much is Bill Gates worth?

    The company gained an extremely high profile investor with the Gates Foundation trust, which acquired the shares in June after the company reported its decreased earnings.

    Bill Gates — who is worth an estimated $111.2 billion, according to Forbes — invests in many companies through the trust. The trust’s major investments include Walmart; Microsoft, the company Gates co-founded; and Deere & Co., which manufactures agricultural equipment under the John Deere brand.

    Earlier this year it was reported that Gates — who has said he’s “not a big beer drinker” — bought a 3.76% stake in the beer company Heineken, according to Reuters.

    The trust’s 1.7 million shares gives the Gates Foundation about a 0.1% stake in Anheuser-Busch InBev.

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  • Bill Gates Makes a Bold Bet on Anheuser-Busch, Bud Light | Entrepreneur

    Bill Gates Makes a Bold Bet on Anheuser-Busch, Bud Light | Entrepreneur

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    Last month, Anheuser-Busch reported that its U.S. revenue had declined by 10.5% in the second quarter of 2023, primarily due to the declining sales of Bud Light. Sales to U.S. retailers saw a 14% decrease, underperforming the broader beer industry, with a revenue drop of $395 million in North America compared to the same period the previous year.

    However, one notable billionaire, Bill Gates, seems optimistic about the beer brand’s future.

    In the previous quarter of 2023, the Bill and Melinda Gates Foundation Trust acquired 1.7 million shares of Anheuser-Busch, worth about $95 million, according to an SEC filing.

    Related: ‘You Need to Stand for Your Values’: Heineken CEO Talks Bud Light Beer Sales Decline

    Gates made the stock purchase around the time when Anheuser-Busch reported its second-quarter earnings last month and, despite the investment, has incurred losses on the move thus far — the company’s stock has declined nearly 2% since his purchase and dropped 7% for the year, CNN reported.

    Since Bud Light’s collaboration with transgender influencer Dylan Mulvaney last spring, Bud Light has been embroiled in controversy, with some critics slamming the partnership and others slamming the response to the backlash.

    Anheuser-Busch CEO Michel Doukeris, however, said on an earnings call in July that the boycotts and controversy have not significantly impacted the company’s sales. Doukeris stated that while he didn’t want to “minimize” the controversy, the dip in Bud Light’s U.S. sales in the first few weeks of April only accounted for 1% of the company’s total global revenue during that period.

    “With this perspective, and in the context of our global business, we believe we have the experience, the resources and the partners to manage this,” Doukeris said at the time.

    Related: Kevin O’Leary Slams Anheuser-Busch CEO’s Listening Tour, Says It Won’t Stop Bud Light Backlash for One Huge Reason

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    Madeline Garfinkle

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  • What Does Bill Gates Get Jeff Bezos and Lauren Sánchez on the Occasion of Their Engagement?

    What Does Bill Gates Get Jeff Bezos and Lauren Sánchez on the Occasion of Their Engagement?

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    Jeff Bezos, a man with a plan, and Lauren Sánchez, his “alive girl” of several years, are getting married. On Wednesday, they celebrated with an engagement party off the coast of beautiful Positano on Italy’s Amalfi Coast, the land of hills and Aperol spritzes. It’s a fine place to drop the anchor of one’s $500 million yacht after bopping around the Mediterranean for months. You can say a lot of things about Jeff Bezos, but you can’t accuse him of neglecting his shiny new toy. He and Sanchez have been using that yacht. 

    The engagement celebration on the top deck was “intimate” according to Page Six. Just Bill Gates, his girlfriend, Paula Hurd, Wendi Murdoch, a handful of other notable names, and presumably 30 to 40 staff, or however many Bezos employs to keep the lights on and the boat floating. A small gathering on the new whip checks out for the couple, who reportedly began dating before Bezos’s marriage to his first wife, the philanthropist MacKenzie Scott, was over. But I’d really love to know one thing: What does one man whose name is synonymous with a magnificent fortune give another on the occasion of his engagement? Bezos already has a yacht. He already has a small boat, the purpose of which is to carry people from land to the big boat. He has a newspaper and a whole company that builds and launches rockets! It launches rockets into space! 

    I think we can assume that Bezos and Sánchez already have glassware that says “Mrs.” and “Mr.” They already have an ice bucket with their initials on it. They can’t eat anymore of those damn delicious Harry & David pears. So maybe Gates got a little creative. Maybe he gave Bezos his tabloid-photographed image. The paparazzi got close-up shots of Gates and his date, and yet, we have no idea what Bezos and Sanchez wore to their own party. Perhaps Gates sacrificed his own exposure for that of his peer. It would certainly be thoughtful. 

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    Kenzie Bryant

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  • Bill Gates, Elon Musk and Mark Zuckerberg meeting in Washington to discuss future AI regulations | CNN Business

    Bill Gates, Elon Musk and Mark Zuckerberg meeting in Washington to discuss future AI regulations | CNN Business

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    Washington
    CNN
     — 

    Coming out of a three-hour Senate hearing on artificial intelligence, Elon Musk, the head of a handful of tech companies, summarized the grave risks of AI.

    “There’s some chance – above zero – that AI will kill us all. I think it’s low but there’s some chance,” Musk told reporters. “The consequences of getting AI wrong are severe.”

    But he also said the meeting “may go down in history as being very important for the future of civilization.”

    The session organized by Senate Majority Leader Chuck Schumer brought high-profile tech CEOs, civil society leaders and more than 60 senators together. The first of nine sessions aims to develop consensus as the Senate prepares to draft legislation to regulate the fast-moving artificial intelligence industry. The group included CEOs of Meta, Google, OpenAI, Nvidia and IBM.

    All the attendees raised their hands — indicating “yes” — when asked whether the federal government should oversee AI, Schumer told reporters Wednesday afternoon. But consensus on what that role should be and specifics on legislation remained elusive, according to attendees. 

    Benefits and risks

    Bill Gates spoke of AI’s potential to feed the hungry and one unnamed attendee called for spending tens of billions on “transformational innovation” that could unlock AI’s benefits, Schumer said.

    The challenge for Congress is to promote those benefits while mitigating the societal risks of AI, which include the potential for technology-based discrimination, threats to national security and even, as X owner Musk said, “civilizational risk.”

    “You want to be able to maximize the benefits and minimize the harm,” said Schumer, who organized the first of nine sessions. “And that will be our difficult job.”

    Senators emerging from the meeting said they heard a broad range of perspectives, with representatives from labor unions raising the issue of job displacement and civil rights leaders highlighting the need for an inclusive legislative process that provides the least powerful in society a voice.

    Most agreed that AI could not be left to its own devices, said Washington Democratic Sen. Maria Cantwell.

    “I thought Satya Nadella from Microsoft said it best: ‘When it comes to AI, we shouldn’t be thinking about autopilot. You need to have copilots.’ So who’s going to be watching this activity and making sure that it’s done correctly?”

    Other areas of agreement reflected traditional tech industry priorities, such as increasing federal investment in research and development as well as promoting skilled immigration and education, Cantwell added.

    But there was a noticeable lack of engagement on some of the harder questions, she said, particularly on whether a new federal agency is needed to regulate AI.

    “There was no discussion of that,” she said, though several in the meeting raised the possibility of assigning some greater oversight responsibilities to the National Institute of Standards and Technology, a Commerce Department agency.

    Musk told journalists after the event that he thinks a standalone agency to regulate AI is likely at some point.

    “With AI we can’t be like ostriches sticking our heads in the sand,” Schumer said, according to prepared remarks acquired by CNN. He also noted this is “a conversation never before seen in Congress.”

    The push reflects policymakers’ growing awareness of how artificial intelligence, and particularly the type of generative AI popularized by tools such as ChatGPT, could potentially disrupt business and everyday life in numerous ways — ranging from increasing commercial productivity to threatening jobs, national security and intellectual property.

    The high-profile guests trickled in shortly before 10 a.m., with Meta CEO Mark Zuckerberg pausing to chat with Nvidia CEO Jensen Huang outside the Senate Russell office building’s Kennedy Caucus Room. Google CEO Sundar Pichai was seen huddling with Delaware Democratic Sen. Chris Coons, while X owner Musk quickly swept by a mass of cameras with a quick wave to the crowd. Inside, Musk was seated at the opposite end of the room from Zuckerberg, in what is likely the first time that the two men have shared a room since they began challenging each other to a cage fight months ago.

    Elon Musk, CEO of X, the company formerly known as Twitter, left, and Alex Karp, CEO of the software firm Palantir Technologies, take their seats as Senate Majority Leader Chuck Schumer, D, N.Y., convenes a closed-door gathering of leading tech CEOs to discuss the priorities and risks surrounding artificial intelligence and how it should be regulated, at the Capitol in Washington, Wednesday, Sept. 13, 2023.

    The session at the US Capitol in Washington also gave the tech industry its most significant opportunity yet to influence how lawmakers design the rules that could govern AI.

    Some companies, including Google, IBM, Microsoft and OpenAI, have already offered their own in-depth proposals in white papers and blog posts that describe layers of oversight, testing and transparency.

    IBM’s CEO, Arvind Krishna, argued in the meeting that US policy should regulate risky uses of AI, as opposed to just the algorithms themselves.

    “Regulation must account for the context in which AI is deployed,” he said, according to his prepared remarks.

    Executives such as OpenAI CEO Sam Altman previously wowed some senators by publicly calling for new rules early in the industry’s lifecycle, which some lawmakers see as a welcome contrast to the social media industry that has resisted regulation.

    Clement Delangue, co-founder and CEO of the AI company Hugging Face, tweeted last month that Schumer’s guest list “might not be the most representative and inclusive,” but that he would try “to share insights from a broad range of community members, especially on topics of openness, transparency, inclusiveness and distribution of power.”

    Civil society groups have voiced concerns about AI’s possible dangers, such as the risk that poorly trained algorithms may inadvertently discriminate against minorities, or that they could ingest the copyrighted works of writers and artists without compensation or permission. Some authors have sued OpenAI over those claims, while others have asked in an open letter to be paid by AI companies.

    News publishers such as CNN, The New York Times and Disney are some of the content producers who have blocked ChatGPT from using their content. (OpenAI has said exemptions such as fair use apply to its training of large language models.)

    “We will push hard to make sure it’s a truly democratic process with full voice and transparency and accountability and balance,” said Maya Wiley, president and CEO of the Leadership Conference on Civil and Human Rights, “and that we get to something that actually supports democracy; supports economic mobility; supports education; and innovates in all the best ways and ensures that this protects consumers and people at the front end — and just not try to fix it after they’ve been harmed.”

    The concerns reflect what Wiley described as “a fundamental disagreement” with tech companies over how social media platforms handle misinformation, disinformation and speech that is either hateful or incites violence.

    American Federation of Teachers President Randi Weingarten said America can’t make the same mistake with AI that it did with social media. “We failed to act after social media’s damaging impact on kids’ mental health became clear,” she said in a statement. “AI needs to supplement, not supplant, educators, and special care must be taken to prevent harm to students.”

    Navigating those diverse interests will be Schumer, who along with three other senators — South Dakota Republican Sen. Mike Rounds, New Mexico Democratic Sen. Martin Heinrich and Indiana Republican Sen. Todd Young — is leading the Senate’s approach to AI. Earlier this summer, Schumer held three informational sessions for senators to get up to speed on the technology, including one classified briefing featuring presentations by US national security officials.

    Wednesday’s meeting with tech executives and nonprofits marked the next stage of lawmakers’ education on the issue before they get to work developing policy proposals. In announcing the series in June, Schumer emphasized the need for a careful, deliberate approach and acknowledged that “in many ways, we’re starting from scratch.”

    “AI is unlike anything Congress has dealt with before,” he said, noting the topic is different from labor, healthcare or defense. “Experts aren’t even sure which questions policymakers should be asking.”

    Rounds said hammering out the specific scope of regulations will fall to Senate committees. Schumer added that the goal — after hosting more sessions — is to craft legislation over “months, not years.”

    “We’re not ready to write the regs today. We’re not there,” Rounds said. “That’s what this is all about.”

    A smattering of AI bills have already emerged on Capitol Hill and seek to rein in the industry in various ways, but Schumer’s push represents a higher-level effort to coordinate Congress’s legislative agenda on the issue.

    New AI legislation could also serve as a potential backstop to voluntary commitments that some AI companies made to the Biden administration earlier this year to ensure their AI models undergo outside testing before they are released to the public.

    But even as US lawmakers prepare to legislate by meeting with industry and civil society groups, they are already months if not years behind the European Union, which is expected to finalize a sweeping AI law by year’s end that could ban the use of AI for predictive policing and restrict how it can be used in other contexts.

    A bipartisan pair of US senators sharply criticized the meeting, saying the process is unlikely to produce results and does not do enough to address the societal risks of AI.

    Connecticut Democratic Sen. Richard Blumenthal and Missouri Republican Sen. Josh Hawley each spoke to reporters on the sidelines of the meeting. The two lawmakers recently introduced a legislative framework for artificial intelligence that they said represents a concrete effort to regulate AI — in contrast to what was happening steps away behind closed doors.

    “This forum is not designed to produce legislation,” Blumenthal said. “Our subcommittee will produce legislation.”

    Blumenthal added that the proposed framework — which calls for setting up a new independent AI oversight body, as well as a licensing regime for AI development and the ability for people to sue companies over AI-driven harms — could lead to a draft bill by the end of the year.

    “We need to do what has been done for airline safety, car safety, drug safety, medical device safety,” Blumenthal said. “AI safety is no different — in fact, potentially even more dangerous.”

    Hawley called Wednesday’s sessions “a giant cocktail party” for the tech industry and slammed the fact that it was private.

    “I don’t know why we would invite all the biggest monopolists in the world to come and give Congress tips on how to help them make more money, and then close it to the public,” Hawley said. “I mean, that’s a terrible idea. These are the same people who have ruined social media.”

    Despite talking tough on tech, Schumer has moved extremely slowly on tech legislation, Hawley said, pointing to several major tech bills from the last Congress that never made it to a Senate floor vote.

    “It’s a little bit like antitrust the last two years,” Hawley said. “He talks about it constantly and does nothing about it. My sense is … this is a lot of song and dance that covers the fact that actually nothing is advancing. I hope I’m wrong about that.”

    Hawley is also a co-sponsor of a bill introduced Tuesday led by Minnesota Democratic Sen. Amy Klobuchar that would prohibit generative AI from being used to create deceptive political ads. Klobuchar and Hawley, along with fellow co-sponsors Coons and Maine Republican Sen. Susan Collins, said the measure is needed to keep AI from manipulating voters.

    Massachusetts Democratic Sen. Elizabeth Warren said the broad nature of the summit limited its potential.

    “They’re sitting at a big, round table all by themselves,” Warren said of the executives and civil society leaders, while all the senators sat, listened and didn’t ask questions. “Let’s put something real on the table instead of everybody agree[ing] that we need safety and innovation.”

    Schumer said that making the meeting confidential was intended to give lawmakers the chance to hear from the outside in an “unvarnished way.”

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