• Elon Musk has had a big year with Tesla and SpaceX soaring in value, supercharging his net worth.
• He helped Donald Trump win reelection and intends to transform the US government in 2025.
• Scroll down for seven charts showing how Musk's 2024 played out.

Elon Musk has had a year for the record books.

His businesses have taken off, with Tesla, SpaceX, xAI, and Neuralink all touching new valuation highs. Their success has boosted Musk's net worth to above $450 billion for the first time, putting him over $200 billion ahead of the world's second-richest person, Amazon's Jeff Bezos.

Musk has also become a power player in US politics after wielding his cash and clout to help win Donald Trump a second term in office. As one of the president-elect's closest advisors, he's now gearing up to overhaul the US government.

The situation seems worse at X, formerly Twitter, after Musk's $44 billion takeover and reshaping of the platform sparked an advertiser exodus.

Take a look at Musk's 2024 in charts (all data is accurate as of Friday, December 20):

1. Charging ahead

Tesla shares have shot up as much as 85% this year, driving the electric vehicle maker's market value above $1.4 trillion for the first time. They've since retreated but continue to trade near record levels.

The automaker has benefited from market buzz around artificial intelligence — which it's harnessing to develop self-driving cars and humanoid robots — plus a robust US economy and the Federal Reserve cutting interest rates.

Investors are also betting that Musk's businesses will benefit from his close ties to Trump, which could translate into less stringent regulations, government subsidies, tariff exemptions, and more.

2. Reaching for the stars

SpaceX's valuation nearly doubled from $180 billion at the end of last year to $350 billion this month, based on the price paid by the company and its backers for employee shares in its latest tender offer.

Musk's rocket, spacecraft, and satellite communications company made several technological breakthroughs this year. For example, it plucked the first-stage booster of its new Starship out of the air using a massive pair of mechanical "chopsticks" in October.

3. Shifting fortunes

Musk's net worth slumped in the spring as Tesla stock tumbled, dropping below $170 billion at its nadir.

But it rebounded by over $300 billion to touch an unprecedented $486 billion on December 17, as Tesla hit fresh highs and SpaceX notched a $350 billion valuation.

4. Rise of the robots

Musk's artificial intelligence company, xAI, was only founded in July 2023.

Yet it notched a post-money valuation of $24 billion in May following its Series B funding round. That rose to $50 billion in November, reports say, meaning the maker of the Grok chatbot is worth roughly as much as Monster Beverage.

5. X marks the drop

It remains tricky to gauge the health of X, the social media company formerly known as Twitter that Musk took private in 2022. One way is to use Fidelity's monthly estimates of the value of its stake in the business.

The mutual fund giant's figures imply that X's valuation has crashed since Musk's purchase. The tech billionaire laid off a large part of the company's workforce and relaxed content moderation in support of greater free speech, triggering an advertiser exodus that hammered the company's revenues.

Regardless, Musk recently posted on X that the platform has roughly 1 billion active users, although around 40% of them only log on during important world events.

6. Trump train

Musk was one of the biggest spenders in the US presidential election, deploying over $270 million to back Trump's race for president, run ads against Democrats, and promote conservative viewpoints.

His starring role in Trump's victory and emergence as one of the president-elect's closest advisors and a co-chief of the new Department of Government Efficiency suggests that his investment in the election has paid off.

7. Building brainpower

Neuralink, Musk's neurotechnology company, was valued at $8 billion this summer, up from about $2 billion three years earlier.

The developer of brain-computer interfaces wants to allow people with quadriplegia to control computers with their thoughts. Musk released footage this spring of the first patient to receive one of its brain implants.

How did Elon Musk go from being an Obama supporter to a self-described "dark MAGA" Trump ally? Here's a look at the relationship between two billionaires ahead of the second Trump presidency.

• Bernie Sanders says Elon Musk is using his wealth and political clout to undermine US democracy.
• Musk lambasted a government funding deal and said a shutdown would be the Democrats' fault.
• "Are Republicans beholden to the American people? Or President Musk?" Sanders asked on X.

Elon Musk is wielding his immense wealth and political power to pressure US lawmakers, shifting America from democracy to oligarchy, Sen. Bernie Sanders says.

In two recent X posts, the Vermont senator called out Musk's influence over Republicans and his warnings to legislators if they don't vote the way he wants.

"The US Congress this week came to an agreement to fund our government," he wrote late Wednesday. "Elon Musk, who became $200 BILLION richer since Trump was elected, objected. Are Republicans beholden to the American people? Or President Musk? This is oligarchy at work."

"Elon Musk, the richest man in the world, is threatening to unseat elected officials if they do not follow his orders to shut down the government during the holidays," he said in a Thursday post. "Are we still a democracy or have we already moved to oligarchy and authoritarianism?"

Musk blasted the funding bill in question as bloated and overcomplicated and wrote on X that "any member of the House or Senate who votes for this outrageous spending bill deserves to be voted out in 2 years!"

He threw his weight behind Republicans' alternative bill, hailing it as cleaner and simpler. Moreover, he posted that it would be the Democratic Party's fault if an agreement isn't reached and the government shuts down.

Both Trump's team and Musk have pushed back against the idea that he's pulling Republicans' strings. Musk has said he's only bringing things to the attention of his followers, and they're free to voice their support.

The Tesla and SpaceX CEO's net worth hit a record $486 billion on Tuesday, up $257 billion from the start of the year — a figure that exceeds the fortune of the world's second-richest man, Amazon founder Jeff Bezos. Tesla stock has slid since then, but Musk was still worth $455 billion at Thursday's close.

As Sanders wrote, Musk's wealth surged after President Trump's election victory as Tesla stock rode a broader market rally, and investors wagered the automaker would benefit from Musk's close ties to the White House. Additionally, SpaceX was valued at a record $350 billion this month, boosting the worth of Musk's stake in the rocket company.

Sanders has called out Musk several times in his criticisms of wealth inequality, which often single out billionaires for having too much influence and paying too little in taxes.

"Never before in American history have so few billionaires, so few people had so much wealth and so much power," he said in a clip from "Meet the Press" that he recently shared on X.

"We can't go around the world saying, 'Oh well, you know in Russia, Putin has an oligarchy," Sanders continued. "Well, we've got an oligarchy here, too."

The progressive lawmaker has also clashed with Musk's Big Tech peers. Sanders recently told Bill Gates that he was a "very innovative guy" who deserved to be financially rewarded for his contributions to society as Microsoft's cofounder — but not to the tune of billions of dollars.

"How much do you deserve? Can you make it on a billion? Think you could feed the family? Probably. Pay the rent? Maybe," Sanders quipped.

In response to Sanders saying billionaires shouldn't exist in 2019, Meta CEO Mark Zuckerberg, now the world's third-richest person, agreed that "some of the wealth that can be accumulated is unreasonable."

Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. This will be the last newsletter of 2024! But don’t worry, we’ll be back in 2025 — sign up here to get it in your inbox every week. Thank you for reading and your emails. I love […]

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Tesla is evaluating multiple Texas cities where it wants to test a long-promised robotaxi service, including Austin, according to emails obtained by Bloomberg News. An employee has apparently been in touch with Austin officials since May, and recently held an event in December to “train first responders on how to best work with Tesla’s autonomous […]

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Tesla is trying to boost its Model S sales before the year is out, but it’s got a funny way of doing it.  After initially abandoning its free Supercharging for life offer in 2018, the automaker is bringing it back for some Tesla Model S cars at the end of the year. It’s something of […]

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• Elon Musk fixes the biggest problems at his companies every week, Marc Andreessen says.
• Musk quickly tackles pressing issues by working directly with engineers and coders, the VC said.
• The Tesla and SpaceX CEO's method attracts great talent and inspires deep loyalty, Andreessen said.

Elon Musk has built some of the world's most valuable companies, from Tesla to SpaceX. A key driver of his success is a relentless focus on solving problems fast, often by working directly with the engineers or coders who've gotten stuck, Marc Andreessen says.

The legendary venture capitalist shared his insights from working closely with Musk on X, xAI, and SpaceX during a recent episode of the "Modern Wisdom" podcast.

Unlike many CEOs, Musk is devoted to understanding every aspect of his businesses, the Andreessen Horowitz cofounder and general partner said. He's "in the trenches and talking directly to the people who do the work," and acting as the "lead problem solver in the organization."

Musk's businesses include Tesla, SpaceX, Neuralink, xAI, The Boring Company, and X — formerly Twitter. Andreessen said that every week at each of his companies, Musk "identifies the biggest problem that the company is having that week and he fixes it. And then he does that every week for 52 weeks in a row. And then each of his companies has solved the 52 biggest problems that year, in that year."

In contrast, the bosses of most large corporations spend months or years holding meetings, watching presentations, and conducting legal and compliance reviews before they address their most pressing issues, Andreessen told host Chris Williamson.

Musk sees his businesses almost like assembly lines, and he focuses on removing bottlenecks and speeding up the conveyer belt a little more every week, the billionaire VC and Netscape cofounder said.

His laser focus on fixing problems attracts exceptionally talented people to his companies who want to work extremely hard and meet exacting standards, fueling further success for his businesses, Andreessen said.

Straight to the source

When Musk spots a bottleneck, he cuts through the layers of management to talk to the people actually working on the line or writing the code, Andreessen said.

"So he's not asking the VP of engineering to ask the director of engineering to ask the manager to ask the individual contributor to write a report that's to be reviewed in three weeks," the early-stage investor said. "He would throw them all out of the window."

Andreessen said Musk's approach of finding the person grappling with a particular issue, and then working with them to solve it, inspires deep loyalty.

The person thinks "if I'm up against a problem I don't know how to solve, freaking Elon Musk is going to show up in his Gulfstream, and he's going to sit with me overnight in front of the keyboard, or in front of the manufacturing line, and he's going to help me figure this out," the tech guru said.

Musk's strategy of tackling problem after problem has a "catalytic, multiplicative effect" that helps his businesses power ahead of rivals, Andreessen added.

In the past, Musk has been criticized for spreading himself too thin and not allocating enough time, energy, and resources to any one business like Tesla.

The world's wealthiest man has also said at points that he's working too hard and juggling too much, and his "hardcore" management style has been slammed as brutal and mercurial.

But in terms of technical progress and value generation, Musk's approach of getting involved quickly to fix things appears to be paying off.

• Reid Hoffman said he'd faced threats after Elon Musk fueled a baseless conspiracy theory about him.
• Musk has amplified claims that the LinkedIn cofounder was a client of Jeffrey Epstein.
• Hoffman said he regretted his past association with Epstein and had hired security after threats.

Reid Hoffman, a cofounder of LinkedIn, said he had received threats of violence — and had to hire security — since Elon Musk fueled a baseless conspiracy theory about him.

Musk, the Tesla CEO who worked with Hoffman at PayPal, replied earlier this month to an X post in which a user implied Hoffman had visited the sex offender Jeffrey Epstein's private island.

He replied with the "100" emoji to a post saying: "This guy is TERRIFIED about Trump releasing the Epstein Client list after all his visits to Epstein Island."

Musk also made the claim during an October interview with the former Fox News anchor Tucker Carlson, in which he said Hoffman was among the "billionaires behind Kamala" who were "terrified" by the prospect of Epstein's client list being made public.

Speaking with the British newspaper The Sunday Times, Hoffman said Musk had developed a "conviction with no evidence" that he had a close relationship with Epstein.

"Elon's defamation makes me angry and sad," he said. "Angry because it is an ugly assault. Sad because it comes from someone whose entrepreneurial achievements I continue to admire."

He added that he didn't want to "dignify" the threats he had received by sharing any details but said, "I've hired security staff as a result."

After Epstein's suicide in jail in 2019, Hoffman apologized for inviting him to a dinner party in 2015 with other tech tycoons — including Musk, Facebook CEO Mark Zuckerberg, and Palantir's cofounder Peter Thiel — while fundraising for MIT's renowned Media Lab.

Hoffman said he was told Epstein's involvement in raising donations had been vetted and approved by MIT. But he later wrote in an email to Axios that he regretted not conducting his own research into Epstein, who died while awaiting trial on sex-trafficking charges.

"My last interaction with Epstein was in 2015," Hoffman said in the email. "Still, by agreeing to participate in any fundraising activity where Epstein was present, I helped to repair his reputation and perpetuate injustice. For this, I am deeply regretful."

He told The Sunday Times that he "went to no Epstein parties" and that he "didn't even know who he was."

Hoffman is a major Democratic donor who used X to voice his support for Vice President Kamala Harris in the presidential election. "My message for American voters and Russian bots: don't vote for the guy too busy selling you a scamcoin," he wrote in a post on X on Election Day. Donald Trump, then the Republican presidential nominee, launched his own crypto coin, World Liberty Financial's wlfi, in October.

Musk has become a close ally of Trump, having been tasked with leading a new advisory committee, the Department of Government Efficiency, alongside the pharmaceutical entrepreneur Vivek Ramaswamy.

Musk did not immediately respond to a request for comment.

• Matthew Hiller sells stickers on Etsy for Tesla owners embarrassed by Elon Musk's politics.
• Musk's vocal support for Donald Trump has boosted sales, he told The New York Times.
• MadPufferStickers is a side hustle for the Waikiki Aquarium worker.

Some Tesla owners are embarrassed by Elon Musk's very public support for Donald Trump — and one Etsy seller has found a way to cash in.

Matthew Hiller works in the gift shop of Waikiki Aquarium in Honolulu but also has a side hustle in the form of Mad Puffer Stickers that calls itself "Etsy's #1 Shop For Tesla Drivers!"

Some of the stickers and magnets available on his Etsy store have slogans such as "I Bought This Before We Knew Elon Was Crazy" in all-capital letters, and another that reads: "Anti Elon Tesla Club."

The latter item measures four inches by five inches, costs $339.80 and was bought by 13 people in the past 24 hours as of Thursday. It's suitable for the Tesla Model X, Y, 3 and Cybertruck.

Hiller told The New York Times he used to sell between five and 10 a day, but interest jumped significantly after Musk ramped up his support for Trump ahead of the election. He said he's now sold about 18,000 stickers to buyers in 30 countries.

Hiller had once considered buying a Tesla. Following Musk's takeover of Twitter, now X, he told the Times of his concern about what he called misinformation on the social media platform.

"So I'm like, there's no way I'm buying a Tesla: I don't want to give this guy a penny," he said.

That led Hiller to think some Telsa owners would not "want to endorse anything this guy stands for," and inspired him to add the "I Bought This Before We Knew Elon Was Crazy" sticker. One buyer of that item commented: "Love the car ... can't deal with Musk."

It sits alongside more lighthearted items on Mad Puffer Stickers such as "Don't Talk To Me, I'm a Fishtrovert," and "Eighters Gonna Eight" with an image of an octopus.

Business Insider reported in November that seven current and would-be Tesla owners said they were actively planning or considering selling their vehicles or Tesla shares, or that they were done buying the brand after years of believing in Musk and his EV maker.

Hiller did not immediately respond to a request for comment from BI.

• GM has bowed out of the robotaxi race for now, halting its investment in Cruise.
• Only a few companies have made significant strides in the autonomous taxi space.
• Tesla and Waymo are the two frontrunners due to the progress they've made with self-driving.

General Motors' white flag in the robotaxi race on Tuesday just made the autonomous ride-sharing competition much smaller in the US, showing how challenging it can be for companies, even with the capital, to compete if they haven't already made significant headway in autonomy.

Eight years and more than $10 billion in investment later, GM said that the resource-intensive nature of Cruise and an increasingly competitive market has pushed the company to shift away from its robotaxi dreams. The company said in a statement that GM will be focusing on building up its advanced driver assistance systems for "personal vehicles."

The decision was seen by many analysts as an implicit ceding of the robotaxi race to a few companies who are already far ahead in the game, namely Tesla and Waymo.

"We believe GM's move also potentially implies that other companies (Tesla & Waymo) have better tech and/or that the market may not be appealing for later entrants," BofA analyst John Murphy wrote in a note. "Waymo is already offering a robotaxi service across several US cities and Tesla plans to launch its service in 2025."

While Chinese companies continue to make strides in autonomous ride-sharing services, including Baidu's Apollo, Gene Munster, managing partner of Deepwater Asset Management, told Business Insider that he believes autonomous vehicles in the western world will be "powered by two or three companies."

Part of the reason is because delivering robotaxis requires solving the autonomous driving equation and only a few companies like Tesla, Waymo, and Amazon have the resources — and shown the goods, to varying degrees — to do so, Munster said.

"We look at 2,000 companies a year that are cutting-edge tech companies, and we never see anybody trying to solve for autonomy," said Munster, who follows the autonomous vehicle industry. "The reason why is that this ship has basically sailed. It's going to be one of those three."

That GM has decided to pull back its Cruise operations is not an indictment against the business opportunity robotaxis itself presents — GM likely made a prudent move to shift its priorities, Tom Narayan of RBC Capital Markets wrote in an analyst note.

Safety incidents involving Cruise's fleet however kept putting the company at odds with regulators.

The company was stripped of its permit to operate in California after a woman was dragged underneath one of its vehicles last October, essentially paving a clear path for Waymo to get ahead of GM in the state.

Waymo began offering ride-sharing services to a few major cities this year and announced plans to expand to the Miami public in 2026. As of October, the Alphabet-owned company said it now provides more than 100,000 paid rides per week.

A Waymo spokesperson declined to provide comment.

Amazon's Zoox is gearing up to offer public rides in Las Vegas and San Francisco in 2025, differentiating itself from competitors through its unique carriage-style vehicles that don't come with a steering wheel. The company also recently hired a key Tesla autopilot executive.

Tesla has yet to provide commercial rides through its recently debuted Cybercab, but analysts are giddy about the company's timeline. CEO Elon Musk said during an earnings call in October that a $25,000 Cybercab will reach volume production by 2026.

Munster noted another advantage Tesla has is its potential to scale autonomous services, given that there are millions of Tesla vehicles on the road today. Those vehicles also provide large amounts of data to help Tesla fine-tune its Full Self-Driving feature.

"My sense is that this is a big data, large language model type of problem," Munster said. "I think that the advantages that Tesla will gain in data will outpace the disadvantage that they have in hardware."

Representatives for Zoox and Tesla did not respond to a request for comment.

The Trump transition team wants to end a federal rule requiring automakers to report crashes when advanced driver-assistance or autonomous driving technology is engaged, Reuters reports. Federal safety agencies would lose the ability to investigate and regulate the safety of vehicles with automated-driving systems should the rule — which went into effect in 2021 — […]

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• Peter Thiel has praised Elon Musk's attitude to risk and said it's a bad idea to bet against him.
• The world's richest person understands risk in a way that most people don't, Thiel said.
• "Peter is right on all counts," Musk tweeted in agreement with some of Thiel's comments.

Elon Musk's entry into politics has caused some trepidation in Washington circles.

But his former business partner and fellow billionaire, Peter Thiel, has a message for the DC establishment: "You should never bet against Elon."

Thiel discussed Musk's unique skill as an entrepreneur during an appearance on the latest episode of the talk show Piers Morgan Uncensored, which was released Thursday.

Thiel said that in the 2000s Silicon Valley just viewed Musk as someone building two "super crazy" companies — his car company, Tesla, and rocket company, SpaceX.

"If only one of them had succeeded, one might still have said that it was just extraordinarily lucky. The fact that, to first approximation, both have wildly succeeded, tells us that Elon knows something about risk that the rest of us don't."

It appears to be a "high-wire, crazy, risk-taking act" from the outside, but his methods somehow work, he added.

Thiel said he has asked Musk before about how he approaches risk.

"I think there is something he understands about it that we don't. It's hard to articulate. I don't know if he can articulate it."

The two billionaires formed PayPal in 2000 after merging their two companies. Thiel has since cofounded Palantir, founded the VC fund Founders Fund, and started the Thiel Fellowship. He is an outspoken libertarian and generous donator to the Republican Party.

Musk's business strategies have come under scrutiny since he was appointed to head the Trump administration's new Department of Government Efficiency, or DOGE.

His goal is to significantly reduce the federal budget, cutting as much as $2 trillion in spending.

"The strong consensus view in the DC establishment is that this is going to go nowhere. That it's just absolutely impossible to fix things, and this is going to be a very frustrating dead end," said Thiel during the interview.

"The alternate view, I would say, is you should never bet against Elon," he said.

"Peter is right on all counts," Musk tweeted in response to the interview clip on DOGE.

Musk's businesses have seemed to thrive since the election as investors and analysts wager he will continue to play a leading role in the new administration in a phenomenon dubbed the "Trump bump."

This week, SpaceX, Musk's space transportation company, was valued at $350 billion, doubling its worth in a year. Tesla has also enjoyed a major rally, with shares surging more than 60% this year.

Zoox co-founder and CTO Jesse Levinson told the crowd at TechCrunch Disrupt 2024 that he didn’t think Tesla would launch a robotaxi ride-hailing service in California (or anywhere else) next year, despite what Elon Musk had claimed. The “fundamental issue is they don’t have technology that works,” he said at the time. But it seems that […]

© 2024 TechCrunch. All rights reserved. For personal use only.

• Elon Musk is almost $200 billion richer than Jeff Bezos and worth more than Costco.
• His net worth hit $447 billion after Tesla stock jumped and SpaceX's valuation rose to $350 billion.
• Just five years ago, Musk was worth about $25 billion, and Tesla was valued below $100 billion.

Elon Musk is nearly $200 billion richer than Jeff Bezos, and personally worth more than Costco, after adding $63 billion to his fortune in a single day.

His net worth surged to $447 billion on Wednesday, per the Bloomberg Billionaires Index, after Tesla stock jumped 6% and SpaceX's valuation leaped to $350 billion based on employee share sales.

Musk's fortune has ballooned by $218 billion this year — a sum that exceeds the net worth of every other person on the rich list except Amazon's Bezos ($249 billion) and Meta's Mark Zuckerberg ($224 billion).

Musk is now more than twice as wealthy as Oracle's Larry Ellison ($198 billion), and more than three times as rich as Warren Buffett ($144 billion).

His one-day gain — the largest in the index's history — rivals the total wealth of Binance cofounder Changpeng Zhao, ranked 23rd with a $63.2 billion fortune. It also helped to lift the combined wealth of the 500 richest people on the planet to above $10 trillion for the first time, Bloomberg said.

Musk is now worth more on paper than the vast majority of US public companies, including Costco ($442 billion), Home Depot ($419 billion), and Netflix ($400 billion).

His wealth is largely made up of his roughly 13% stake and some contested stock options in Tesla, and his 42% slice of SpaceX. Musk's other businesses include xAI, Neuralink, The Boring Company, and X Corp, formerly Twitter.

Tesla shares have surged more than 70% this year to $425 at Wednesday's close, valuing the company at nearly $1.4 trillion. That figure comfortably exceeds the roughly $1 trillion market value of Buffett's Berkshire Hathaway and approaches the $1.6 trillion value of Zuckerberg's Meta.

The electric vehicle maker's shares have soared as investors bet it will harness artificial intelligence in revolutionary products such as self-driving cars and humanoid robots.

Musk's prominent role in Donald Trump's campaign, and his emergence as a close advisor to the president-elect who's tasked him with streamlining the US government, have also fueled optimism around his companies.

SpaceX is now valued at $350 billion based on the latest price paid by the company and its backers to buy shares from employees, Bloomberg reported Wednesday. The Starlink owner's valuation was previously $210 billion after a secondary share sale in June.

It's worth underscoring how dramatic Musk's wealth jump has been. He was worth less than $170 billion as recently as April, and only about $25 billion five years ago — around 1/18 of his net worth now.

Tesla was worth less than $100 billion during the Covid crash of 2020, or about 1/14 of its valuation today.

• Tesla's director of engineering for Autopilot has left the company for robotaxi rival Zoox.
• Zheng Gao becomes the latest senior employee to leave the automaker in a tumultuous year for Tesla.
• Elon Musk laid off over 10% of the company in April and is trying to pivot Tesla toward autonomous vehicles.

Tesla's executive exodus is showing no signs of slowing down.

Zheng Gao, Tesla's director of engineering for Autopilot hardware and an eight-year veteran at the Elon Musk-run automaker is departing for rival robotaxi builder Zoox, the Amazon-backed company announced on Wednesday.

Gao, who led hardware design for Tesla's Autopilot assisted-driving system, is the latest senior employee to leave the company.

Four of CEO Elon Musk's direct reports previously announced their departures the week before Musk unveiled Tesla's Cybercab robotaxi in a glitzy Los Angeles event.

Those departures included Tesla's global vehicle automation and safety policy lead, Marc Van Impe, and Chief Information Officer Nagesh Saldi.

Musk has lost at least eight of his direct reports at the company this year.

The billionaire has radically overhauled Tesla in 2024, cutting more than 10% of its global workforce in April.

Senior Vice President Drew Baglino and Rebecca Tinucci, the head of Tesla's supercharging division, left around the time of those layoffs.

The departures have come as Musk increasingly pivots the company toward autonomous vehicles.

The Tesla chief has said the automaker hopes to have fully self-driving vehicles on the road in California and Texas next year, and is planning to begin mass producing the self-driving Cybercab, which has no steering wheel or pedals, by 2027.

Experts have warned that Tesla faces an uphill struggle to make Musk's robotaxi dreams a reality, and the company faces competition from fellow robotaxi firms Waymo and Zoox.

Google-backed Waymo says its fleet of driverless Jaguar I-Paces is now doing 150,000 paid rides a week. At the same time, Zoox, which was acquired by Amazon for $1.2 billion in 2020, has begun rolling out its toaster-shaped robotaxi in San Francisco and Las Vegas.

Tesla did not respond to a request for comment, sent outside normal US working hours.

Do you work at Tesla or have any information to share? Get in touch with this reporter via email at [email protected].

• Many executives say they've learned valuable lessons on business from books.
• Elon Musk, Jeff Bezos, and Bill Gates are no exception.
• Here are 20 books they've said taught them a lot about business, leadership, and the forces shaping our world.

You learn by doing — but you can also learn a lot by reading.

Many influential business figures, including Tesla CEO Elon Musk, Amazon cofounder Jeff Bezos, and Microsoft cofounder Bill Gates say they've learned some of the most important lessons in their lives from books.

They've recommended countless books over the years that they credit with strengthening their business acumen and shaping their worldviews.

Here are 20 books recommended by Musk, Bezos, and Gates to add to your reading list:

Jeff Bezos

Some of Bezos' favorite books were instrumental to the creation of products and services like the Kindle and Amazon Web Services.

"The Innovator's Solution"

This book on innovation explains how companies can become disruptors. It's one of three books Bezos made his top executives read one summer to map out Amazon's trajectory.

"The Goal: A Process of Ongoing Improvement"

Also on that list was "The Goal," in which Eliyahu M. Goldratt and Jeff Cox examine the theory of constraints from a management perspective.

Buy it here >>

"The Effective Executive"

The final book on Bezos' reading list for senior managers, "The Effective Executive" lays out habits of successful executives, like time management and effective decision-making.

"Built to Last: Successful Habits of Visionary Companies"

This book draws on six years of research from the Stanford University Graduate School of Business that looks into what separates exceptional companies from their competitors. Bezos has said it's his "favorite business book."

Buy it here >>

"The Remains of the Day"

This Kazuo Ishiguro novel tells of an English butler in wartime England who begins to question his lifelong loyalty to his employer while on a vacation.

Bezos has said of the book, "Before reading it, I didn't think a perfect novel was possible."

Buy it here >>

"Lean Thinking: Banish Waste and Create Wealth in Your Corporation"

This book imparts lessons about improving efficiency based on case studies of lean companies across various industries.

Buy it here >>

Elon Musk

The Tesla CEO has recommended several AI books, sci-fi novels, and biographies over the years.

"What We Owe the Future"

One of Musk's most recent picks, this book tackles longtermism, which its author defines as "the view that positively affecting the long-run future is a key moral priority of our time." Musk says the book is a "close match" for his philosophy.

"Superintelligence: Paths, Dangers, Strategies"

Musk has also recommended several books on artificial intelligence, including this one, which considers questions about the future of intelligent life in a world where machines might become smarter than people.

Buy it here >>

"Our Final Invention: Artificial Intelligence and the End of the Human Era"

On the subject of AI, Musk said in a 2014 tweet that this book, which examines its risks and potential, is also "worth reading."

Buy it here >>

"Life 3.0: Being Human in the Age of Artificial Intelligence"

In this book, MIT professor Max Tegmark writes about ensuring artificial intelligence and technological progress remain beneficial for human life in the future.

"Zero to One: Notes on Startups, or How to Build the Future"

Peter Thiel shares lessons he learned founding companies like PayPal and Palantir in this book.

Musk has said of the book, "Thiel has built multiple breakthrough companies, and Zero to One shows how."

Buy it here >>

"Einstein: His Life and Universe"

Musk's reading list isn't without biographies, including this Walter Isaacson book on Albert Einstein as well as Isaacon's biography of Benjamin Franklin. Isaacson more recently published a biography of Musk himself.

Buy it here >>

Bill Gates

The Microsoft cofounder usually publishes two lists each year, one in the summer and one at year's end, of his book recommendations.

"How the World Really Works"

In his 2022 summer reading list, Gates highlighted this work by Vaclav Smil that explores the fundamental forces underlying today's world, including matters like energy production and globalization.

"If you want a brief but thorough education in numeric thinking about many of the fundamental forces that shape human life, this is the book to read," Gates said of the book.

"Why We're Polarized"

Ezra Klein argues that the American political system has became polarized around identity to dangerous effect in this book, also on Gates' summer reading list in 2022, that Gates calls "a fascinating look at human psychology."

"Business Adventures: Twelve Classic Tales from the World of Wall Street"

Gates has said this is "the best business book I've ever read." It compiles 12 articles that originally appeared in The New Yorker about moments of success and failure at companies like General Electric and Xerox.

Buy it here >>

"Factfulness: Ten Reasons We're Wrong About the World—and Why Things Are Better Than You Think"

This book investigates the thinking patterns and tendencies that distort people's perceptions of the world. Gates has called it "one of the most educational books I've ever read."

Buy it here >>

"Origin Story: A Big History of Everything"

David Christian takes on the history of our universe, from the Big Bang to mass globalization, in this book.

Buy it here >>

"The Sixth Extinction: An Unnatural History"

Elizabeth Kolbert plumbs the history of Earth's mass extinctions in this book, including a sixth extinction, which some scientists warn is already underway.

Buy it here >>

"The Myth of the Strong Leader: Political Leadership in the Modern Age"

This Archie Brown book examines political leadership throughout the 20th century.

Buy it here >>

"The Coming Wave"

One of Gates' most recent book picks comes from the head of Microsoft AI.

Mustafa Suleyman's "The Coming Wave" explores the opportunities and risks posed by scientific breakthroughs like AI and gene editing.

"If you want to understand the rise of AI, this is the best book to read," Gates wrote of the book.

• General Motors just pulled the plug on Cruise's robotaxi dreams.
• The self-driving venture has been in doubt since a pedestrian was seriously injured last year.
• GM's decision shows that time and money may not be enough when it comes to robotaxis.

General Motors' decision to pull the plug on Cruise shows that building a robotaxi business is hard, really expensive — and fraught with risk.

The automaker invested more than $10 billion in Cruise since taking control of the self-driving startup in 2016.

Along with Google-backed rival Waymo, Cruise moved quickly to get its fleet of driverless Chevrolet Bolt robotaxis on the road.

Both companies got the green light from regulators to operate their robotaxis as a ride-hailing service in San Francisco in August 2023. Just months later Cruise was banned from operating in California after one of its driverless cars seriously injured a pedestrian.

The incident prompted Cruise to recall its entire fleet of robotaxis. An investigation by California's justice department subsequently found Cruise had failed to disclose key details about the crash to regulators.

The company struggled to recover, while rival Waymo raced ahead. CEO Kyle Vogt resigned in November 2023, and Cruise laid off nearly a quarter of its staff a month later.

Cruise restarted testing its self-driving technology earlier this year, and even announced a partnership with Uber to offer robotaxi rides on the Uber app in August, but that wasn't enough to stop GM from pulling the plug.

CEO Mary Barra cited "the considerable time and expense required to scale a robotaxi business in an increasingly competitive market" on a call with analysts.

John McDermid, professor of software engineering at the University of York in the UK, said: "I think it's a recognition of how challenging it is and how hard it is to make money in the robotaxi business. Even if you can solve the technical problems, it's a tough place to be."

Saber Fallah, professor of safe AI and autonomy and director of the Connected Autonomous Vehicle Research Lab at the UK's Surrey University, told Business Insider that Cruise had moved too quickly in deploying its driverless robotaxis at scale in San Francisco.

He said the AI technology underlying robotaxis such as Cruise's and the regulatory processes for certifying driverless cars were not advanced enough to ensure they could handle the kind of complex scenarios often found in urban environments.

Rivals may have 'better tech'

Analysts at Bank of America said in a Wednesday note: "We believe GM's move also potentially implies that other companies (Tesla & Waymo) have better tech and/or that the market may not be appealing for later entrants. Waymo is already offering a robotaxi service across several US cities and Tesla plans to launch its service in 2025."

Waymo has been by far the most successful, with the robotaxi startup now offering 150,000 paid rides a week and planning to expand into a host of cities next year.

Waymo has also faced regulatory scrutiny. It issued two recalls this year after incidents in which its robotaxis collided with a towed pickup truck and a telephone pole.

Amazon-backed Zoox, which has begun rolling out its toaster-shaped robotaxis in San Francisco and Las Vegas, is also facing regulatory investigations over two crashes involving its self-driving tech and whether its steering wheel-less robotaxis comply with federal safety rules.

Tesla's Cybercab is on the horizon

Tesla, meanwhile, has perhaps the most ambitious plans of all. In October Elon Musk unveiled the "Cybercab," an autonomous robotaxi with no steering wheel or pedals, in October.

Musk said the $30,000 vehicle would enter production in 2027, and that Tesla owners would be able to operate a fleet of Cybercabs as their own ride-hailing business.

Tesla also plans to have unsupervised fully-autonomous Model 3 and Y vehicles on the road in California and Texas next year.

Experts previously told BI Musk's plan would face huge regulatory challenges, with the EV maker also facing a federal probe into its Full-Self Driving assisted driving system after a number of crashes.

Fallah said companies such as Tesla and Waymo looking to build robotaxi fleets were likely to face similar problems to Cruise.

"The idea of robotaxis that can be driven anywhere, anytime without human involvement is really more hype than reality," he said. "We need much more advanced AI in order to solve this problem."

Some industry players may be starting to agree. GM said it would switch its focus from robotaxis to advanced driver assistance systems that require driver supervision.

General Motors declined to comment.

• Coming EV models include small hatchbacks, pickups, sports cars, and minivans.
• They come from brands like Audi, Cadillac, Lucid, Mercedes-Benz, Rivian, Tesla, and Volkswagen.
• This article is part of "Getting Ready for Electric," a series of guides and practical advice for buying your next EV.

A large number of exciting EVs are headed to market soon.

Several automakers have modified their electrification strategies in recent months, replacing some of their prior electric-vehicle concepts with a focus on internal-combustion-engine and hybrid models.

Even with this strategic change, you can expect to see a lot of EV options in the coming years.

Here's a collection of cool EVs — including small hatchbacks, pickups, sports cars, and minivans — that we can't wait to drive.

Audi Q6 e-tron

The Audi Q6 e-tron is the 11th battery electric model to join the brand's lineup and marks the debut of Audi's all-new EV platform.

With a 100-kWh battery pack, the Q6 e-tron is rated by the Environmental Protection Agency for 321 miles of range. The Q6 e-tron with Quattro all-wheel drive has 456 horsepower and can do 0 to 60 mph in just 4.9 seconds. There's also a higher-performance SQ6 e-tron.

The Q6 e-tron starts at $63,800.

Cadillac Vistiq

The Cadillac Vistiq, starting at $77,400, is a three-row midsize luxury electric SUV positioned between the smaller Lyriq and the flagship Escalade IQ.

Cadillac says the Vistiq will have a range of about 300 miles with a 102-kWh lithium-ion battery pack. With dual electric motors generating 615 horsepower, it can go from 0 to 60 mph in just 3.7 seconds.

Production at GM's Spring Hill, Tennessee, plant is expected to start in early 2025.

Canoo pickup truck

The Texas-based startup EV maker Canoo unveiled its electric pickup in 2021, but there hasn't been much news about the innovative cab-forward truck since. So it's unclear when it will go into production. What we do know is intriguing, including 600 horsepower, 200-plus miles of range, and an ultraconfigurable truck bed.

Hyundai Ioniq 9

The 2026 Hyundai Ioniq 9 is an all-electric midsize three-row family SUV set to go on sale in the first half of 2025. Built on the Electric Global Modular Platform platform, which also underpins the Kia EV9, the Ioniq 9 features a 110.3-kWh battery pack and an estimated range of 385 miles.

Kia EV4

The Kia EV4 is a concept for a stylish compact EV sedan that debuted at the 2023 Los Angeles Auto Show. Kia has not confirmed that the EV4 will enter production. But Car and Driver believes it could arrive as early as 2026 with up to 300 miles of range and a starting price of about $39,000.

Lotus Emeya

The Lotus Emeya is a high-performance four-door GT with as much as 905 horsepower. According to Lotus, the Chinese-built EV can do 0 to 62 mph in 2.78 seconds and has a top speed of 159 mph.

Lucid Gravity

The Gravity is the second model to emerge from the American EV startup Lucid. It's a three-row luxury SUV with up to 828 horsepower and an estimated 440 miles of range. The Gravity Grand Touring is on sale now, starting at $94,900.

Mercedes-Benz G 580 with EQ Technology

The iconic Mercedes-Benz Geländewagen can finally be had as an EV. Offered alongside its internal-combustion siblings, the 2025 Mercedes-Benz G 580 with EQ Technology comes with a 122-kWh battery pack, 239 miles of range, 579 horsepower, and a starting price of $161,500.

Polestar 5

The Polestar 5 is a luxury high-performance EV sedan that is scheduled to launch in 2025. The Polestar 5, set to compete against the likes of the Porsche Panamera and Mercedes-Benz EQS, will be built on the brand's first dedicated EV platform, featuring an 800-volt battery and electric motors that can produce up to 884 horsepower. While developed by Polestar's research-and-development teams in the UK and Sweden, the 5 will be built in the brand's new factory in Chongqing, China, alongside the coming Polestar 6 EV sports car.

Ram 1500 REV

The Ram 1500 REV is Stellantis' answer to the Ford F150 Lightning and Chevrolet Silverado EV. Its 168-kWh battery pack helps it reach an estimated 350 miles of driving range. According to Ram, the 654-horsepower pickup can do 0 to 60 mph in just 4.4 seconds and tow up to 14,000 pounds.

Rivian R3X

The R3X is the high-performance variant of the Rivian's coming R3 midsize electric SUV and has distinct hatchback styling. According to Rivian, the R3X should be able to achieve over 300 miles of range and do 0 to 60 mph in less than 3 seconds. The R3 and R3X are expected to arrive after Rivian commences customer deliveries of the R2 in the first half of 2026.

Scout Terra and Traveler

Volkswagen Group's Scout Motors recently unveiled its Scout Terra pickup and Scout Traveler SUV. The body-on-frame off-roaders, with a starting price between $50,000 and $60,000, are inspired by the International Scout utility vehicles of the 1960s and '70s. The Terra and Traveler are set to enter production in 2027 in South Carolina.

Tesla Roadster

The long-awaited second-generation Tesla Roadster was announced in 2017 and remains in development purgatory. The Roadster was supposed to go on sale in 2020 but has been continuously delayed. When it does arrive, Tesla says it should go from 0 to 60 mph in 1.9 seconds, reach 250 mph, and have a range of 620 miles.

Volkswagen ID Buzz

The VW bus is back. Volkswagen relaunched its counterculture-era icon as the all-electric 2025 ID Buzz. The new bus, which starts at $60,000, comes with a 91-kWh lithium-ion battery pack and is available in all-wheel drive. The ID Buzz has an estimated 234 miles of range.