Bay Area's 'Basic Instinct' home returns to the market with $91 million price tag
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
11 minutes ago
- Forbes
Elon Musk's Self-Driving Tesla Lies Are Finally Catching Up To Him
Elon Musk arrives at Donal Trump's inauguration as President in January. Getty Images A federal judge in San Francisco just greenlit a class action lawsuit by Tesla owners to sue the carmaker for exaggerated claims by CEO Elon Musk and the company about the self-driving capability of its electric vehicles that stretch all the way back to 2016. It's the latest blow to plans by the world's richest person to reposition Tesla as a leader in artificial intelligence and autonomous driving amid a dramatic slowdown in its EV sales. Nine years ago, Elon Musk told reporters that Tesla was taking a bold leap into the future by equipping its electric lineup with all the tech it would ever need to one day operate as truly autonomous vehicles. 'The full autonomy hardware suite will be standard on all vehicles Tesla makes from here on out,' Musk said. When fully utilized at some later date, as the AI-enabled software was refined, an array of digital cameras, ultrasonic sensors and radar would give Teslas full 'Level 5' autonomy – a designation indicating a robotic ability to drive under all conditions. It wasn't true then and still isn't. From hyperloops to solar roofs to trillion-dollar savings from federal budget cuts by DOGE, Musk has developed a reputation for excessive boasts and telling outright whoppers. For years, that habit hasn't been a big problem for his companies, his image or wealth, but it's shaping up to be one for Tesla, already stung by a 13% drop in its global EV sales in the first half of 2025. The class-action suit comes on the heels of a separate federal case in Miami this month in which a jury determined that Tesla bore some responsibility for a fatal 2019 crash that occurred while its Autopilot feature was engaged, and ordered the company to pay $243 million in damages. Meanwhile, the company could temporarily lose its ability to sell cars in California, its top U.S. market, if a judge in a case brought by the state's Department of Motor Vehicles determines it misled consumers by overstating the self-driving ability of its vehicles. 'The overarching thing is none of this is new. This has all been a long time coming,' said Phil Koopman, an autonomous vehicle tech researcher and professor emeritus at Carnegie Mellon University. 'We're sort of seeing the pieces fall into place now, but it's not out of the blue by any stretch.' Neither Musk nor Tesla responded to a request for comment. 'Right now, there are real robotaxis carrying real people on real roads. None of them is a Tesla.' Bryant Walker Smith The legal setbacks aren't a huge financial problem, at least so far, but a reputational one as they undercut Musk's continued rhetoric about Tesla being a leader in autonomous driving, despite hard evidence to support it. Alphabet's Waymo, which operates commercial robotaxis in five major U.S. cities and is testing in 10 more, has solidified its position as the dominant player in that space. Musk said on Tesla's results call that the company will ultimately overtake Waymo because its system is much cheaper, though a robotaxi pilot Tesla launched in Austin in June, with human safety drivers in the front seat, suggests it has a long way to go to catch up. 'Right now, there are real robotaxis carrying real people on real roads,' said Bryant Walker Smith, an AV researcher and professor at the University of South Carolina. In July, Smith served as an expert witness for the California DMV in its case against Tesla. 'None of them is a Tesla.' Prior to the start of its test program in Austin, where Tesla is based, the company's engineers had told regulators that, despite the names Autopilot and Full Self-Driving, its system is technically classified as Level 2 autonomy, providing driver assistance but requiring humans at the wheel to be ready to take over at any time. In its current robotaxi pilot, in addition to a safety tech sitting in the front of the vehicle, Tesla is also relying on remote operators to monitor its fleet and provide driving assistance when problems arise–like almost running into an oncoming train. Smith, who recently published a study comparing the performance of robotaxis operated by Waymo in the U.S. to those of tech giant Baidu in China, noted that the persistence of Musk's unrealized self-driving targets is somewhat unique. 'There were lots of overly optimistic claims in the early 2010s,' he said. 'But other companies have either delivered on or tempered their claims.' A man steps out of a Tesla Robotaxi in Austin on June 27. Houston Chronicle via Getty Images In 2019, at Tesla's 'Autonomy Day,' Musk famously boasted the company would have a million robotaxis on the road by 2020. That didn't happen, nor did his claim at the same event that Teslas with FSD would become more valuable over time, generating as much as $30,000 in extra income a year for owners who put their cars in a Tesla-run robotaxi network. In its latest monthly pricing reports, the car-buying site iSeeCars notes that used Teslas have lost the most value as a brand this year, falling 5.3% in July. Puffery In court cases, attorneys for Tesla have argued that comments by Musk are 'puffery,' boastful exaggerations that aren't meant to be taken literally. Yet that's not something typically ever seen with auto companies, given that improper concern for customer safety can result in massively expensive liability lawsuits and legal repercussions. Tesla has largely avoided both until recently, despite the fact that an estimated 59 fatalities have been linked to the use of Autopilot and FSD, according to data compiled on In the Miami case, jurors determined that most of the responsibility for a fatal accident that killed Naibel Benavides Leon lay with George McGee, the human driver, though Tesla was 33% liable owing to Autopilot's role. The company is appealing the ruling, but it opens the door to more such suits in the future. 'Tesla wants to have it both ways,' said Missy Cummings, a George Mason University professor and AI expert who advised NHTSA on autonomous vehicles. She was also a witness or consultant on the cases in Miami, San Francisco and for California's DMV. 'They want to sell cars by telling people they can be driven on Autopilot and Full Self-Driving, but then when someone dies, they want to say it was all the driver's fault and that Tesla only ever claimed that the car was driving-assist' tech, she said. The ruling in Miami 'was a rebuke of this nonsensical approach,' she said. 'The jury saw and heard evidence regarding Tesla's testing program that clearly demonstrated it was not doing due diligence. If you're going to claim your car can self-drive, then you certainly should be able to show test results that provide solid evidence to this claim.' Tesla shares fell about 1.8% to $329.31 on Tuesday. They're down 18% this year. More From Forbes Forbes Elon Musk's Robotaxi Dream Could Be A Liability Nightmare For Tesla And Its Owners By Alan Ohnsman Forbes Feds Greenlight Amazon's Zoox To Operate Robotaxis With No Steering Wheel Or Pedals By Alan Ohnsman Forbes Waymo Plans To Widen Robotaxi Lead Over Tesla With 2026 Dallas Launch By Alan Ohnsman
Yahoo
39 minutes ago
- Yahoo
RSF Social Investment Fund Closes First Offering of CUSIP-Assigned Broker Social Investment Notes on the Bloomberg Platform
Scalable platform expands investor access to high-impact loan fund SAN FRANCISCO, August 20, 2025--(BUSINESS WIRE)--RSF Social Investment Fund, Inc. has closed the first offering of its CUSIP-assigned Broker Notes. Gross proceeds to RSF from the initial closing totaled $5,420,000. The Broker Notes are listed on Bloomberg through exclusive bookrunner Performance Trust Capital Partners, LLC, a FINRA-registered broker-dealer. These three-year Broker Notes bear interest at a fixed rate of 3.5% per annum and require a $5,000 minimum investment in RSF's Social Investment Fund, which deploys catalytic capital to social enterprises working in climate and energy, food and agriculture, education, and community impact. For the first time, investors were able to access RSF's 40-year-old, deep-impact Social Investment Fund through the purchase of Broker Notes in a streamlined, scalable format. The CUSIP number assignment removed manual onboarding hurdles that previously limited access for registered broker-dealers, investment advisors, institutions and asset managers. "This launch marks a transformative moment for RSF and is an encouraging uptake for a unique offering like ours," said Jasper van Brakel, RSF president and CEO. "By bringing our Broker Notes to the electronic brokerage market, we've made it considerably easier for investors to align their capital with their impact goals. "The Broker Notes are a powerful tool: a product that stays true to RSF's mission while expanding our reach to new wealth advisors who are ready to drive meaningful social and environmental change," added van Brakel. RSF intends to offer the new Broker Notes on a continuous basis as it aims to grow the Social Investment Fund over the next five years. To learn more about the Broker Notes, visit RSF's website. About RSF: RSF's mission is to change finance and finance change. By offering investment notes, donor advised funds and loans, it mobilizes money toward positive impact. Since 1984, RSF has innovated finance tools and invested in healthier food systems, cleaner climates, whole-child education, community impact and more. Disclaimer: This is not an offer to sell, nor a solicitation of an offer to buy, securities. Such offering is made solely by the Prospectus, and only in states where authorized. Past performance is no guarantee of future results. Rates subject to change. The Notes are unsecured debt securities subject to terms, conditions and risks described in our Prospectus, including risk of possible loss of the amount invested. Payment is dependent on RSF Social Investment Fund's financial condition at the time payment is due. Prospective investors should read the Prospectus for more complete information about RSF and the offering. Electronic copies of the Prospectus and any prospectus supplements may be obtained by contacting Performance Trust Capital Partners, LLC at mshields@ View source version on Contacts Media Contact Sarah Grolnic-McClurgThinkshift Communicationssarah@ 415.962.7430
Yahoo
8 hours ago
- Yahoo
'Someone is going to lose a phenomenal amount of money' says OpenAI CEO Sam Altman about unwise AI investment. 'When bubbles happen, smart people get overexcited about a kernel of truth'
When you buy through links on our articles, Future and its syndication partners may earn a commission. OpenAI CEO Sam Altman spoke to assembled reporters at a dinner in San Francisco late last week on the topic of, you guessed it, AI, the applications of AI, and the vast sums of money moving behind the scenes to fund it. Despite being one of the most vocal advocates of the tech, Altman had some words of caution for investors jumping on the artificial intelligence train. According to The Verge, Altman said it was "insane" that AI startups consisting of "three people and an idea" are receiving huge amounts of funding off the back of incredibly high company valuations, describing it as "not rational behaviour." "Someone is going to lose a phenomenal amount of money. We don't know who, and a lot of people are going to make a phenomenal amount of money,' said Altman. "When bubbles happen, smart people get overexcited about a kernel of truth. If you look at most of the bubbles in history, like the tech bubble, there was a real thing." said Altman, referencing the infamous dot-com bubble of the late 1990s. "Tech was really important. The internet was a really big deal. People got overexcited." That being said, Altman stopped short of calling investment in AI overall a bad idea for the economy in general: 'My personal belief, although I may turn out to be wrong, is that, on the whole, this would be a huge net win." At the same dinner, Altman confirmed that OpenAI would still be spending vast amounts of money (partially provided, presumably, by the likes of Softbank and the Dragoneer Investment Group in OpenAI's latest $8.3 billion funding round) to keep the company at the top of the AI financial leaderbooks. "You should expect OpenAI to spend trillions of dollars on data center construction in the not very distant future," Altman said. "You should expect a bunch of economists to wring their hands." Well, it certainly appears to cost a whole lot of moolah just to keep the good ship OpenAI afloat. The company has raised staggering sums of cash over the past decade to develop and run its various AI implementations, the most famous of which being ChatGPT. Reports last year indicated that OpenAI had spent $8.5 billion on LLM training and staffing for its generative AI efforts, while other analysts have predicted it costs $700,000 a day to run ChatGPT alone. The Information recently projected that OpenAI would be burning through $20 billion in cash flow by 2027, with the company said to be hopeful that investors like Softbank would stump up another $30 to $40 billion to continue funding its operations. Still, those spending figures don't appear to be in the trillions yet, although that estimated sum is perhaps of little surprise to those of us that keep an eye on AI data center expansion. Given that Altman's rival, Elon Musk, has been booting up and expanding xAI's Colossus supercomputer with incredible speed, and with the news that Meta is expanding its data center operations at such a rate it's currently having to house a significant portion of its racks in nearby tents, OpenAI will feel the need to keep up—and to do that it needs to spend (and raise) huge amounts of cash over the next few years. One would assume that Altman is confident enough in his company's efforts to place its investors on the "going to make phenomenal sums of money" side of things, but his comments should perhaps serve as a warning to those looking to jump in with both feet without correctly judging the landing. Someone has to lose in the great AI race, I suppose. And as to which companies survive, and which come to a sticky end? That remains very much an open question for now. Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
