Connect with us

Business

Elon Musk wants to create a new city called ‘Starbase’ in Texas

Published

on

Elon Musk wants to create a new city called 'Starbase' in Texas

SpaceX is building its own company town.

CEO Elon Musk said he wants to create a new city called “Starbase” around the rocket-building company’s southeast Texas launch site.

In a series of Twitter posts about his plans, the billionaire tech tycoon said the city would encompass an “area much larger than Boca Chica,” the unincorporated seaside village where SpaceX built its massive rocket facility.

Officials in Texas’ Cameron County, which includes Boca Chica, confirmed SpaceX had approached them about incorporating Starbase as a city in the last few days.

But the California-based company would have to follow a series of bureaucratic steps to bring the plans to fruition, officials said.

“If SpaceX and Elon Musk would like to pursue down this path, they must abide by all state incorporation statutes,” Cameron County Judge Eddie Treviño, the county’s top official, said in a statement Tuesday. “Cameron County will process any appropriate petitions in conformity with applicable law.”

To create a new city, SpaceX would have to get local residents to sign a petition that it would submit to the county judge, who would then order an election on whether the municipality should be incorporated, according to the Texas Municipal League. If the election is successful, the city would have the power to create its own laws and other ordinances.

SpaceX has already effectively taken over most of Boca Chica, a small community that sits on the shore of the Gulf of Mexico and about two miles north of the Rio Grande.

The company broke ground on its launch facility in 2014 and started testing rockets there in 2019. As work on the project progressed, SpaceX gradually bought up most of Boca Chica’s three dozen homes, though a few homeowners had refused to sell as of late last year, according to reports.

Musk’s desire to create his own city is the latest sign that he’s putting down roots in Texas. He moved to the Lone Star State from California last year and his electric-car maker, Tesla, plans to build a factory in Austin.

SpaceX is also planning to break ground on a new facility in Austin to support the growth of its Starlink satellite internet service, the company revealed in a job posting.

SpaceX did not immediately respond to a request for comment Wednesday.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Soho House club chain reportedly files for New York IPO

Published

on

Soho House club chain reportedly files for New York IPO

Soho House — the London-based group of posh private clubs — is planning to go public across the pond, a new report says.

The British company filed confidential paperwork with the US Securities and Exchange Commission this week to list itself on the New York Stock Exchange at a valuation of more than $3 billion, the UK’s Sky News reported Thursday.

The filing comes about three years after the iconic chain last mulled plans for an IPO in 2018, according to reports from the time.

The latest bid has been in the works since at least February, when The Times of London reported that Soho House had hired Wall Street stalwarts JP Morgan and Morgan Stanley as it looked to take advantage of the frothy US stock market.

The company raised a batch of private funding last summer but decided to pursue more capital through the public market as it expands, according to Sky News.

Soho House declined to comment Thursday.

Soho House runs 27 clubs in 10 countries, including three in New York City, along with event venues and a group of co-working spaces dubbed “Soho Works.

The chain’s business has reportedly held up through the coronavirus crisis. Just about 10,000 of its 110,000 members — whose ranks include Prince Harry and supermodel Kate Moss — canceled their memberships even as the pandemic shuttered its venues, the Financial Times reported last year.

While Soho House shares its name with the London neighborhood where its first club opened in 1995, the company is mostly owned by billionaire American investor Ron Burkle.

Continue Reading

Business

Elon Musk says he supports COVID vaccines after questioning safety

Published

on

Elon Musk says he supports COVID vaccines after questioning safety

Tesla chief Elon Musk expressed support for COVID-19 vaccines despite previously raising questions about their safety and saying he wouldn’t get the jab himself.

The world’s second-richest man tried to clear up his vaccine views on Twitter after drawing ire last month for his vocal skepticism about two-dose regimens.

“To be clear, I do support vaccines in general & covid vaccines specifically,” Musk tweeted Wednesday. “The science is unequivocal.”

The 49-year-old electric-car tycoon sparked controversy last month by saying there was “some debate” about the safety of the second of two shots people must get to complete their Pfizer or Moderna vaccinations.

Musk claimed there had been “quite a few negative reactions” to the second doses as he encouraged elderly and immunocompromised people to take the vaccines.

While allergic reactions to Pfizer’s vaccine have been more frequent after the second dose than the first, they’re still rare overall with just 4.5 incidents reported for every million doses administered, Centers for Disease Control and Prevention data show.

Musk acknowledged Wednesday that allergic reactions happen “in very rare cases,” adding that they’re “easily addressed with an EpiPen.”

In September, the Tesla “Technoking” told The New York Times that neither he nor his family would get a vaccine because “I’m not at risk for COVID, nor are my kids.”

Musk ended up contracting what he called a “moderate case” of the virus in November, comparing his symptoms to a “minor cold.”

In response to a Twitter reply, Musk indicated that he decided not to get a vaccine because someone else could benefit more from the shot given that he already had some immunity to COVID.

Last month wasn’t the first time Musk has stoked controversy with his opinions on the pandemic.

He wrongly predicted last year that there would be “probably close to zero new cases” in the US by the end of April 2020 and called coronavirus lockdown measures “fascist” after fighting to keep Tesla’s California factory open.

Continue Reading

Business

744,000 filed in stubborn increase

Published

on

744,000 filed in stubborn increase

The number of workers seeking unemployment benefits stubbornly jumped again last week even amid hopes that the labor market was getting back on track, the feds said Thursday.

Last week’s 744,000 initial jobless claims brought the total for the COVID-19 pandemic to about 79 million — a number more than triple the size of North Korea’s population.

New filings have ticked up for two consecutive weeks after dropping below the pre-coronavirus record of 695,000 in mid-March.

The latest total once again defied the predictions of economists, who expected 690,000 claims last week as vaccinations added fuel to the nation’s economic reopening, according to Wrightson ICAP.

“The biggest reason to temper optimism is a negative turn in the course of the pandemic, including new variants” of the coronavirus, Bloomberg economist Eliza Winger said.

Weekly jobless claims have bounced up and down in recent weeks while struggling to stay below the pre-pandemic record after a year of painfully high readings.

The four-week moving average, which smooths out the volatility, also ticked up to 723,750 a week after reaching its lowest level since March 2020, when the pandemic first gutted the American economy.

The latest US Department of Labor data came a week after a blowout jobs report that showed the economy adding 916,000 jobs in March.

“To put this week’s level of claims in perspective, a year ago this shocking number topped 6 million,” said Mark Hamick, senior economic analyst at Bankrate. “It wasn’t until August that it consistently stayed below 1 million. So, we’ve come a long way, but we still have a way to go to return to pre-pandemic levels.”

Continue Reading

Trending