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Nevada Gov. Steve Sisolak wants to build crypto-run private desert cities

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Nevada Gov. Steve Sisolak wants to build crypto-run private desert cities

Nevada, the state of legalized gambling, prostitution and marijuana, is about to add another layer to its Wild West reputation: Desert cities formed by companies and run entirely on blockchain technology.

Nevada Gov. Steve Sisolak held a press conference on Friday to lay out his futuristic plan to open “Innovation Zones” on thousands of acres of privately owned desert that would allow private corporations specializing in emerging technology to form local governments complete with the right to impose taxes and create school districts or even courts.

It was Sisolak’s most detailed discussion of the plan, which has not yet been introduced to the legislature. He said the cities would be run entirely on blockchain technology, the digital ledger primarily used to transfer cryptocurrencies, allowing residents to buy goods, pay bills, transfer property deeds and obtain marriage licenses all using cyber coins. 

One big winner would be Jeffrey Berns, the founder and CEO Blockchains LLC, who purchased almost 70,000 acres of Nevada desert east of Reno in 2018 and said he wants to found a blockchain-based community.

Elon Musk’s massive Tesla battery gigafactory is also located in the same county as Berns’ recent landgrab. While there’s no indication billionaire electric car tycoon wants in on the plan, he would seem to be an ideal candidate given Tesla’s surprise and market-moving $1.5 billion investment in Bitcoin earlier this month.

Of course, for Tesla to build its own autonomous zone, Musk would need to add almost 48,000 acres to meet the 50,000 acres of contiguous, uninhabited land required for a company to meet the rules of the proposed legislation. The rules would also require a $1 billion investment over 10 years.

During a Friday afternoon press conference addressing the plan, Sissolak said Nevada needs a bold new vision to recover from the ravages of the pandemic on the state’s tourism-centric economy.

“This is different than anything that’s ever been proposed before,” he said, hammering home the vision of interconnected modern communities bringing jobs and commerce to unused land. “Companies can collaborate on a future together that would make Nevada not just a national but global leader in Blockchain technology.

While short on some details, like how a so-called Stablecoin would be designed to facilitate a fully Blockchain economy within a US state, and who would pay for roads in and out of what would be essentially private cities, the governor asked Nevadans to think big.

“There’s gonna be a lot of naysayers,” he said at the end of the presser. “I get that, but take a moment to look at the proposal.”

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Soho House club chain reportedly files for New York IPO

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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.

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Elon Musk says he supports COVID vaccines after questioning safety

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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.

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744,000 filed in stubborn increase

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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.”

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