Latest news with #SmallDisadvantagedBusiness
Time of India
20-07-2025
- Business
- Time of India
How Elon Musk's Neuralink calling itself ‘small disadvantaged business' may be a ‘problem' for the brain chip company
Elon Musk 's health tech startup Neuralink has labelled itself as a "small disadvantaged business.' This comes shortly before a financing round valued the company at $9 billion. Despite being owned by the richest man in the world, the brain chip implant company said this in a federal filing with the US Small Business Administration (SBA) earlier this year. This designation is typically given to businesses that are at least 51% owned and controlled by certain disadvantaged individuals. The Department of Justice has previously issued fines to companies for making false claims about their Small Disadvantaged Business (SDB) status, a NBC report claims, underscoring the serious nature of such declarations. However, no public record of Neuralink winning government contracts using this status has been found. Nuralink's SDB filing in April was first reported by the Substack-based news site MuskWatch. Which companies according to SBA can get an SDB status As per the SBA's website, an SDB designation indicates that a company is at least 51% owned and operated by one or more individuals who are both 'socially disadvantaged and economically disadvantaged.' The website also notes that holding an SDB designation may allow a business to 'gain preferential access to federal procurement opportunities." The SBA allows companies to self-certify this status. Despite Neuralink's net value and Musk being a majority owner, the company checked the SDB box, the report claims. The filing listed Jared Birchall , a company executive and head of Musk's family office, as the official contact. Birchall has yet to share a officla comment on the same, the report adds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Neuralink is developing a brain-computer interface to help people with severe paralysis control devices using brain signals. The company recently raised $650 million at a $9 billion valuation, with backing from investors like ARK Invest and Founders Fund. The funding will support expanding patient access and creating new devices to strengthen the link between humans and AI. Boat Smart Ring Active Plus: DON'T BUY A SMARTWATCH AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
18-07-2025
- Business
- Yahoo
Elon Musk's $9B Neuralink told federal government it's a ‘small, disadvantaged business'
Elon Musk's $9 billion brain chip company identified itself as a 'Small Disadvantaged Business' in a filing to the federal government. Musk, the world's richest man, co-founded Neuralink in 2016. The company works to develop brain chips that allow people to manipulate computers and other technology just by thinking. The company's profile with the Small Business Administration was last updated on April 27. The agency's website says the business attested that it was a Small Disadvantaged Business, according to a first report by the Substack Muskwatch. The company attested to this 'when registering with The SBA says it did not vet this self-certification. Neuralink's ownership structure is unclear and the company did not provide a list of principals, which includes owners, executives and other key decision makers, to the SBA. The company employs between 201 and 500 people, according to its LinkedIn page. To qualify as a Small Disadvantaged Business, the agency says a company must be majority owned and controlled by at least one person who is socially and economically disadvantaged. Elon Musk's brain chip company has told the federal government it is a 'Small Disadvantaged Business' (AFP via Getty Images) The agency considers someone economically disadvantaged if they have 'been impaired due to diminished capital and credit opportunities as compared to others in the same or similar line of business who are not socially disadvantaged.' The designation is created to ensure that disadvantaged small businesses gain access to opportunities federal contracting opportunities, CNBC reports. Each year, the federal government spends about 10 percent of its total annual federal contracting funds on Small Disadvantaged Businesses, the SBA says. The Justice Department has previously fined businesses for misrepresenting their status as a Small Disadvantaged Business. Neuralink co-founder Musk has a net worth of more than $412 billion. The company raised $650 million in its most recent funding round, earning buy-in from big-name investors like Peter Thiel's Founders Fund, CNBC reports. Thiel, a conservative venture capitalist, is known for co-founding PayPal with Musk and mentoring Vice President JD Vance. The Independent has contacted Neuralink for comment. Neuralink's SBA profile was last updated during the time that Musk led the Department of Government Efficiency, under the designation of a 'special government employee' of the Trump administration. Under Musk, DOGE gutted entire federal agencies, terminated thousands of contracts and laid off thousands of federal employees. Musk worked closely with Trump during this time, and was at one point considered the 'First Buddy' before the relationship blew up in a public feud last month. Since then, Musk has accused Trump of being named in the Epstein Files - but later deleted those remarks - while the president has said he'd 'take a look' at deporting the billionaire. Elon Musk and Donald Trump had a close relationship before a public falling-out last month (REUTERS) Last year, 30-year-old Noland Arbaugh became the first person to receive a Neuralink implant. Arbaugh, who has been paralyzed from the shoulders down since 2016, told the BBC the chip has allowed him to use a computer. He's able to move the cursor by thinking about wiggling his fingers, and can even play chess and video games using the brain chip. "Honestly I didn't know what to expect, it sounds so sci-fi," Arbaugh said. Arbaugh spoke to Musk before and after the implantation surgery. The billionaire was 'just as excited as I was to get started,' Abraugh said. In January, Musk said at least three people had received Neuralink chips. The billionaire wants to implant the chips in 20 to 30 more people by the end of 2025. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
.jpg%3Ftrim%3D0%2C0%2C0%2C0%26width%3D1200%26height%3D800%26crop%3D1200%3A800&w=3840&q=100)
The Independent
18-07-2025
- Business
- The Independent
Elon Musk's $9bn Neuralink told federal government it's a ‘small, disadvantaged business'
Musk, the world's richest man, co-founded Neuralink in 2016. The company works to develop brain chips that allow people to manipulate computers and other technology just by thinking. The company's profile with the Small Business Administration was last updated on April 27. The agency's website says the business attested that it was a Small Disadvantaged Business 'when registering with The SBA says it did not vet this self-certification. Neuralink's ownership structure is unclear and the company did not provide a list of principals, which includes owners, executives and other key decision makers, to the SBA. The company employs between 201 and 500 people, according to its LinkedIn page. To qualify as a Small Disadvantaged Business, the agency says a company must be majority owned and controlled by at least one person who is socially and economically disadvantaged. The agency considers someone economically disadvantaged if they have 'been impaired due to diminished capital and credit opportunities as compared to others in the same or similar line of business who are not socially disadvantaged.' The designation is created to ensure that disadvantaged small businesses gain access to opportunities federal contracting opportunities, CNBC reports. Each year, the federal government spends about 10 percent of its total annual federal contracting funds on Small Disadvantaged Businesses, the SBA says. The Justice Department has previously fined businesses for misrepresenting their status as a Small Disadvantaged Business. Neuralink co-founder Musk has a net worth of more than $412 billion. The company raised $650 million in its most recent funding round, earning buy-in from big-name investors like Peter Thiel's Founders Fund, CNBC reports. Thiel, a conservative venture capitalist, is known for co-founding PayPal with Musk and mentoring Vice President JD Vance. The Independent has contacted Neuralink for comment. Neuralink's SBA profile was last updated during the time that Musk led the Department of Government Efficiency, under the designation of a 'special government employee' of the Trump administration. Under Musk, DOGE gutted entire federal agencies, terminated thousands of contracts and laid off thousands of federal employees. Musk worked closely with Trump during this time, and was at one point considered the 'First Buddy' before the relationship blew up in a public feud last month. Since then, Musk has accused Trump of being named in the Epstein Files - but later deleted those remarks - while the president has said he'd 'take a look' at deporting the billionaire. Last year, 30-year-old Noland Arbaugh became the first person to receive a Neuralink implant. Arbaugh, who has been paralyzed from the shoulders down since 2016, told the BBC the chip has allowed him to use a computer. He's able to move the cursor by thinking about wiggling his fingers, and can even play chess and video games using the brain chip. "Honestly I didn't know what to expect, it sounds so sci-fi," Arbaugh said. Arbaugh spoke to Musk before and after the implantation surgery. The billionaire was 'just as excited as I was to get started,' Abraugh said. In January, Musk said at least three people had received Neuralink chips. The billionaire wants to implant the chips in 20 to 30 more people by the end of 2025.
