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- EngucyEngucy
  ·2022-09-03
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  US STOCKS-Wall St Ends Week on Down Note As Jobs Report Gain Fade
  U.S stocks closed out the trading week on a down note on Friday, as early gains from a jobs report t
  US STOCKS-Wall St Ends Week on Down Note As Jobs Report Gain Fade
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- EngucyEngucy
  ·2022-07-17
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  Elon Musk's Inner Circle Rocked by Fight Over His $230 Billion Fortune
  Late last year, Jared Birchall cornered his boss, Elon Musk.Mr. Birchall, a straight-laced, 48-year-
  Elon Musk's Inner Circle Rocked by Fight Over His $230 Billion Fortune
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04:15","market":"us","language":"en","title":"US STOCKS-Wall St Ends Week on Down Note As Jobs Report Gain Fade","url":"https://stock-news.laohu8.com/highlight/detail?id=2264478080","media":"Reuters","summary":"U.S stocks closed out the trading week on a down note on Friday, as early gains from a jobs report t","content":"<html><head></head><body><p>U.S stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis.</p><p>Wall Street opened sharply higher after the August U.S. payrolls report showed stronger-than-expected hiring but a climb in the unemployment rate to 3.7% eased some concerns about the Federal Reserve being overly aggressive in raising interest rates as it attempts to bring down high inflation.</p><p>However, gains were erased after Gazprom, the state-controlled firm with a monopoly on Russian gas exports to Europe via pipeline which were due to restart on Saturday, said it could not safely restart deliveries until it had fixed an oil leak found in a vital turbine and did not give a new time frame.</p><p>&#34;Definitely the afternoon overshadowing the good data from this morning, the afternoon has been stolen from us by those headlines out of Europe,&#34; said Zach Hill head of portfolio management at Horizon Investments in Charlotte, North Carolina.</p><p>Analysts also pointed to thin trading volumes ahead of the extended holiday weekend helping to exaggerate market moves.</p><p>&#34;The setup is important, there has been some optimism around the European energy situation over the last week or so, long-dated power prices falling almost in half in some instances and signs that Germany had almost 80% of their storage full of gas, so what we are seeing is a little positioning adjustment against that backdrop coupled with a low liquidity Friday afternoon into a holiday weekend,&#34; said Hill.</p><p>The Dow Jones Industrial Average fell 337.98 points, or 1.07%, to 31,318.44; the S&amp;P 500 lost 42.59 points, or 1.07%, to 3,924.26; and the Nasdaq Composite dropped 154.26 points, or 1.31%, to 11,630.86.</p><p>Markets are closed on Monday for the Labor Day holiday.</p><p>Energy was the only major S&amp;P sector to end the session in positive territory, up 1.81%.</p><p>While payrolls topped expectations, average hourly earnings rose 0.3% compared with estimates of 0.4%, while the unemployment rate edged up to 3.7% from a pre-pandemic low of 3.5%, indicating that the Fed&#39;s efforts to front-load rate hikes were beginning to take effect.</p><p>Wage growth data is seen as important to the Fed&#39;s deliberations on increasing interest rates as the central bank looks to bring inflation, running at four-decades high, back to its 2% target. Expectations for a third straight 75 basis point hike from the central bank at its September meeting fell to 56%, according to CME&#39;s FedWatch Tool https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html?redirect=/trading/interest-rates/fed-funds.html, down from 75% the day prior.</p><p>The focus now shifts to the August consumer price report due mid-month, the last major data available before the Fed&#39;s Sept. 20-21 policy meeting.</p><p>Fears of aggressive policy tightening have sent stocks lower after hitting a four-month high in mid-August, with the S&amp;P 500 falling about 7% since the day before Fed Chair Jerome Powell&#39;s hawkish remarks last week about rate hikes. His views were later echoed by other policymakers.</p><p>All the three main indexes suffered their third straight weekly loss, as the Dow fell 2.99%, the S&amp;P 500 declined 3.29% and the Nasdaq dropped 4.21%.</p><p>Volume on U.S. exchanges was 9.95 billion shares, compared with the 10.48 billion average for the full session over the last 20 trading days.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted three new 52-week highs and 14 new lows; the Nasdaq Composite recorded 47 new highs and 184 new lows.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall St Ends Week on Down Note As Jobs Report Gain Fade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall St Ends Week on Down Note As Jobs Report Gain Fade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-03 04:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/us-stocks-wall-st-ends-201537808.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas ...</p>\n\n<a href=\"https://finance.yahoo.com/news/us-stocks-wall-st-ends-201537808.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-st-ends-201537808.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2264478080","content_text":"U.S stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis.Wall Street opened sharply higher after the August U.S. payrolls report showed stronger-than-expected hiring but a climb in the unemployment rate to 3.7% eased some concerns about the Federal Reserve being overly aggressive in raising interest rates as it attempts to bring down high inflation.However, gains were erased after Gazprom, the state-controlled firm with a monopoly on Russian gas exports to Europe via pipeline which were due to restart on Saturday, said it could not safely restart deliveries until it had fixed an oil leak found in a vital turbine and did not give a new time frame.\"Definitely the afternoon overshadowing the good data from this morning, the afternoon has been stolen from us by those headlines out of Europe,\" said Zach Hill head of portfolio management at Horizon Investments in Charlotte, North Carolina.Analysts also pointed to thin trading volumes ahead of the extended holiday weekend helping to exaggerate market moves.\"The setup is important, there has been some optimism around the European energy situation over the last week or so, long-dated power prices falling almost in half in some instances and signs that Germany had almost 80% of their storage full of gas, so what we are seeing is a little positioning adjustment against that backdrop coupled with a low liquidity Friday afternoon into a holiday weekend,\" said Hill.The Dow Jones Industrial Average fell 337.98 points, or 1.07%, to 31,318.44; the S&P 500 lost 42.59 points, or 1.07%, to 3,924.26; and the Nasdaq Composite dropped 154.26 points, or 1.31%, to 11,630.86.Markets are closed on Monday for the Labor Day holiday.Energy was the only major S&P sector to end the session in positive territory, up 1.81%.While payrolls topped expectations, average hourly earnings rose 0.3% compared with estimates of 0.4%, while the unemployment rate edged up to 3.7% from a pre-pandemic low of 3.5%, indicating that the Fed's efforts to front-load rate hikes were beginning to take effect.Wage growth data is seen as important to the Fed's deliberations on increasing interest rates as the central bank looks to bring inflation, running at four-decades high, back to its 2% target. Expectations for a third straight 75 basis point hike from the central bank at its September meeting fell to 56%, according to CME's FedWatch Tool https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html?redirect=/trading/interest-rates/fed-funds.html, down from 75% the day prior.The focus now shifts to the August consumer price report due mid-month, the last major data available before the Fed's Sept. 20-21 policy meeting.Fears of aggressive policy tightening have sent stocks lower after hitting a four-month high in mid-August, with the S&P 500 falling about 7% since the day before Fed Chair Jerome Powell's hawkish remarks last week about rate hikes. His views were later echoed by other policymakers.All the three main indexes suffered their third straight weekly loss, as the Dow fell 2.99%, the S&P 500 declined 3.29% and the Nasdaq dropped 4.21%.Volume on U.S. exchanges was 9.95 billion shares, compared with the 10.48 billion average for the full session over the last 20 trading days.Declining issues outnumbered advancing ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored decliners.The S&P 500 posted three new 52-week highs and 14 new lows; the Nasdaq Composite recorded 47 new highs and 184 new lows.","news_type":1},"isVote":1,"tweetType":1,"viewCount":780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9072603777,"gmtCreate":1658022056199,"gmtModify":1676536094235,"author":{"id":"4088306120079940","authorId":"4088306120079940","name":"Engucy","avatar":"https://static.tigerbbs.com/cc3911c93f3ecde146c26aff33d57522","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088306120079940","authorIdStr":"4088306120079940"},"themes":[],"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9072603777","repostId":"2251415343","repostType":4,"repost":{"id":"2251415343","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1658019535,"share":"https://ttm.financial/m/news/2251415343?lang=&edition=fundamental","pubTime":"2022-07-17 08:58","market":"us","language":"en","title":"Elon Musk's Inner Circle Rocked by Fight Over His $230 Billion Fortune","url":"https://stock-news.laohu8.com/highlight/detail?id=2251415343","media":"Dow Jones","summary":"Late last year, Jared Birchall cornered his boss, Elon Musk.Mr. Birchall, a straight-laced, 48-year-","content":"<html><head></head><body><p>Late last year, Jared Birchall cornered his boss, Elon Musk.</p><p>Mr. Birchall, a straight-laced, 48-year-old wealth manager who rose to become Mr. Musk&#39;s top deputy and the head of his family office, had growing concerns about a new power player in the Tesla Inc. CEO&#39;s orbit.</p><p>Mr. Musk was increasingly relying on a new adviser, a 34-year-old, Russian-born ex-professional gambler named Igor Kurganov. Mr. Kurganov spent some of the pandemic sleeping in Mr. Musk&#39;s home, where they chatted late into the night about how the world&#39;s richest person might use his fortune to help shape the planet through a giving strategy known as &#34;effective altruism.&#34;</p><p>Mr. Kurganov had no experience in finance or security but was suddenly a central figure in both areas for Mr. Musk. He had moved from London to Texas and replaced some of Mr. Musk&#39;s protection detail with new hires of his own. Not long after, the Tesla CEO told Mr. Birchall that he was so taken by the younger man&#39;s ideas that he wanted to leave him in charge of his charitable giving, dispersing funds from Mr. Musk&#39;s vast private fortune, currently around $230 billion, as he saw fit.</p><p>&#34;Elon,&#34; Mr. Birchall told his boss, according to three people briefed afterward. &#34;You can&#39;t.&#34;</p><p>The clash between the two men, and their dueling efforts to gain the upper hand with Mr. Musk, provides a peek into the often tumultuous private workings of Mr. Musk&#39;s inner circle. As Mr. Musk&#39;s breakneck, $44 billion bid for Twitter shows, the entrepreneur can be prone to quick decisions, ones that he can reverse just as quickly as he makes them. That deal is now in peril, with Mr. Musk trying to walk away and Twitter suing him to complete it.</p><p>All the while he is egged on by a rotating crew of investors, underlings and ever-changing friends whose power and personal wealth is closely tied to their proximity to Mr. Musk, according to people who do business with him.</p><p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> men in particular have pulled the Tesla CEO in opposing directions.</p><p>Mr. Birchall is an Eagle Scout and practicing Mormon who doesn&#39;t smoke or drink and grew up traveling California as part of a song-and-dance troupe called &#34;The Birchall Family Singers.&#34; He declined to be interviewed through a representative of Mr. Musk&#39;s foundation.</p><p>Mr. Kurganov is a high-roller with a reported more than $18 million in poker winnings, with long hair and beard and a peaceful demeanor. He has said in a podcast interview that he dropped out of college because he was smoking too much marijuana. He didn&#39;t respond to requests for comment.</p><p>Last winter, Mr. Musk came to a compromise between the two. He allowed Mr. Kurganov to oversee $5.7 billion in Tesla shares that the CEO pledged late last year to eventually donate to charity. The rest of Mr. Musk&#39;s overall fortune remained under Mr. Birchall&#39;s purview.</p><p>That decision wasn&#39;t, however, the end of the fracas.</p><p>This account is based on interviews with more than a dozen people close to Messrs. Musk, Birchall and Kurganov, including associates of the Musk Foundation and investors.</p><h2>Ultimate fixer</h2><p>For a man of immense resources, Mr. Musk is a minnow in the world of big-dollar philanthropy. Compared with other magnates such as Microsoft Corp. co-founder Bill Gates and Amazon.com Inc. founder Jeff Bezos, whose wealth, like Mr. Musk&#39;s, is tied up in shares of their companies, Mr. Musk has said little concrete about his approach to giving. He didn&#39;t respond to requests for comment.</p><p>Mr. Musk&#39;s personal foundation gave away $23.6 million in fiscal 2020, the most recent year for which data is available, filings show. That represented roughly 0.02% of his net worth as of the end of that year, according to Forbes rankings.</p><p>Though Mr. Musk is known to favor his own counsel most of all, the man in charge of his foundation since 2016 has been Mr. Birchall, one of the longest standing in his inner circle.</p><p>The alliance reflects Mr. Birchall&#39;s role as the ultimate fixer for Mr. Musk, taking care of matters large and small. In addition to handling billions in assets, Mr. Birchall in 2018 under a pseudonym registered the website www.justballs.com, for example, after Mr. Musk mused online that he might want to own the domain name someday, legal documents show.</p><p>Mr. Birchall entered the technology world through finance. After his brief singing stint with his siblings -- he is one of 11 children -- he attended Brigham Young University.</p><p>He then spent a year at Merrill Lynch, where he was discharged for what the firm described in a filing as &#34;sending correspondence to a client without management approval.&#34;</p><p>Mr. Birchall eventually moved into private wealth and crossed paths with Mr. Musk about a decade ago while working as a client adviser in <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>&#39;s southern California offices. There, he impressed Mr. Musk by helping arrange hundreds of millions of dollars of loans from the investment bank at a time when the Tesla co-founder was strapped for cash, a person close to Mr. Musk says. When Mr. Musk started a private firm to manage his own money roughly six years ago, he tapped Mr. Birchall to run it.</p><p>Mr. Birchall&#39;s work for Mr. Musk has at times led him into strange public controversies and lawsuits. After a British spelunker criticized Mr. Musk&#39;s offer to help rescue a youth soccer team trapped in a flooded Thailand cave in 2018, Mr. Birchall created a fake email address under the name &#34;James Brickhouse&#34; to hire a private investigator to investigate the man, according to court documents.</p><p>Mr. Musk subsequently called the man &#34;pedo guy&#34; in a tweet, though he later apologized and said it was a joking taunt. The spelunker unsuccessfully sued Mr. Musk for defamation in a Los Angeles federal court.</p><p>In addition to his role helping manage Mr. Musk&#39;s fortune, Mr. Birchall is also a director of his tunneling startup, Boring Co., and chief executive officer of Mr. Musk&#39;s Neuralink, which aims to make a brain implant that could be used by quadriplegic patients to control a computer or other devices.</p><p>When Mr. Musk announced in 2020 he would move from California to Texas, Mr. Birchall moved his family there, too. He has since become the closest thing Mr. Musk has to a public face in the Texas capital, handling business and attending events on Mr. Musk&#39;s behalf.</p><p>&#34;No one else you reach out to who is close to Elon is going to return your calls,&#34; says Tyson Tuttle, former chief executive of Austin semiconductor manufacturer Silicon Labs.</p><h2>&#39;Make big moves&#39;</h2><p>Mr. Kurganov first became friendly with Mr. Musk socially.</p><p>Born in Russia but raised in Germany from age 4 by parents who were engineers by trade, Mr. Kurganov grew up in a working class, immigrant household, according to an interview he gave to the Paul Phua Poker podcast.</p><p>In his 20s, he gained a level of fame as a professional poker player. Beginning around a decade ago, he began playing high-stakes tournaments in Las Vegas and racking up wins, fellow poker players say. He earned particular renown in 2012 when he won a EUR1,080,000 purse in Monte Carlo.</p><p>He was known as an aggressive player, and had the respect of his fellow pros, the players say. &#34;Igor had a willingness to play a lot of hands and make big moves,&#34; says one of them, Dan Smith.</p><p>Though he was spending much of his time in Las Vegas, his personality didn&#39;t match the city&#39;s loud stereotypes. One person who knows him says he was often drawn into long, philosophical conversations on topics such as the rise of artificial intelligence in poker. Mr. Kurganov was concerned that a computer program could be built that could beat even the most talented human player.</p><p>Ging Masinda, a Las Vegas marketer and acquaintance of Mr. Kurganov, says the flashiest thing about him is that he sometimes wears eyeliner. &#34;There&#39;s a kid in him,&#34; she says.</p><p>In a 2015 interview on the Poker Life Podcast, he said he was developing an accounting app for poker players. He also co-founded the organization Raising for Effective Giving, designed to help poker players, as well as fantasy-sports players and finance professionals, find the right charities to which to donate their winnings, according to archived webpages.</p><p>REG was focused on effective altruism, an approach to giving that suggests that inherently subjective qualities such as relative charitable need can be quantified. It&#39;s still a niche approach, because many charitable experts say it can encourage an impersonal, utilitarian approach to complicated moral issues.</p><p>Mr. Kurganov&#39;s social life, the fellow poker players say, revolved around his longtime partner, fellow professional poker player Liv Boeree. Ms. Boeree has long been friends with the recording artist Grimes, who was first romantically linked to Mr. Musk in 2018. Around the same time, Mr. Musk made Ms. Boeree one of the handful of people he follows on Twitter.</p><p>&#34;She was elated&#34; about the follow, according to Joe Stapleton, a poker commentator who spoke to her about it.</p><p>The two couples began spending time together. Messrs. Musk and Kurganov bonded over a shared love of Burning Man, the free-spirited desert festival that both regularly attend. Ms. Boeree, meanwhile, stayed close with Grimes; the two women posted photos together on social media. Ms. Boeree didn&#39;t respond to requests for comment, and Grimes, whose legal name is Claire Boucher, couldn&#39;t be reached.</p><p>The introduction to Mr. Musk came as Mr. Kurganov was soon to retire from professional poker with millions in personal winnings. Yet his poker accounting app had never gotten off the ground, and REG remained small-fry in terms of the amount of money it directed.</p><p>REG said on its website that it directed $3.1 million in charitable giving in 2019, the most recent year mentioned, which the organization said &#34;reflects all donations that have been significantly influenced by us.&#34; The amount couldn&#39;t be independently verified. REG didn&#39;t respond to requests for comment.</p><p>Copyright (c) 2022 Dow Jones &amp; Company, Inc.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk's Inner Circle Rocked by Fight Over His $230 Billion Fortune</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk's Inner Circle Rocked by Fight Over His $230 Billion Fortune\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-07-17 08:58</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Late last year, Jared Birchall cornered his boss, Elon Musk.</p><p>Mr. Birchall, a straight-laced, 48-year-old wealth manager who rose to become Mr. Musk&#39;s top deputy and the head of his family office, had growing concerns about a new power player in the Tesla Inc. CEO&#39;s orbit.</p><p>Mr. Musk was increasingly relying on a new adviser, a 34-year-old, Russian-born ex-professional gambler named Igor Kurganov. Mr. Kurganov spent some of the pandemic sleeping in Mr. Musk&#39;s home, where they chatted late into the night about how the world&#39;s richest person might use his fortune to help shape the planet through a giving strategy known as &#34;effective altruism.&#34;</p><p>Mr. Kurganov had no experience in finance or security but was suddenly a central figure in both areas for Mr. Musk. He had moved from London to Texas and replaced some of Mr. Musk&#39;s protection detail with new hires of his own. Not long after, the Tesla CEO told Mr. Birchall that he was so taken by the younger man&#39;s ideas that he wanted to leave him in charge of his charitable giving, dispersing funds from Mr. Musk&#39;s vast private fortune, currently around $230 billion, as he saw fit.</p><p>&#34;Elon,&#34; Mr. Birchall told his boss, according to three people briefed afterward. &#34;You can&#39;t.&#34;</p><p>The clash between the two men, and their dueling efforts to gain the upper hand with Mr. Musk, provides a peek into the often tumultuous private workings of Mr. Musk&#39;s inner circle. As Mr. Musk&#39;s breakneck, $44 billion bid for Twitter shows, the entrepreneur can be prone to quick decisions, ones that he can reverse just as quickly as he makes them. That deal is now in peril, with Mr. Musk trying to walk away and Twitter suing him to complete it.</p><p>All the while he is egged on by a rotating crew of investors, underlings and ever-changing friends whose power and personal wealth is closely tied to their proximity to Mr. Musk, according to people who do business with him.</p><p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> men in particular have pulled the Tesla CEO in opposing directions.</p><p>Mr. Birchall is an Eagle Scout and practicing Mormon who doesn&#39;t smoke or drink and grew up traveling California as part of a song-and-dance troupe called &#34;The Birchall Family Singers.&#34; He declined to be interviewed through a representative of Mr. Musk&#39;s foundation.</p><p>Mr. Kurganov is a high-roller with a reported more than $18 million in poker winnings, with long hair and beard and a peaceful demeanor. He has said in a podcast interview that he dropped out of college because he was smoking too much marijuana. He didn&#39;t respond to requests for comment.</p><p>Last winter, Mr. Musk came to a compromise between the two. He allowed Mr. Kurganov to oversee $5.7 billion in Tesla shares that the CEO pledged late last year to eventually donate to charity. The rest of Mr. Musk&#39;s overall fortune remained under Mr. Birchall&#39;s purview.</p><p>That decision wasn&#39;t, however, the end of the fracas.</p><p>This account is based on interviews with more than a dozen people close to Messrs. Musk, Birchall and Kurganov, including associates of the Musk Foundation and investors.</p><h2>Ultimate fixer</h2><p>For a man of immense resources, Mr. Musk is a minnow in the world of big-dollar philanthropy. Compared with other magnates such as Microsoft Corp. co-founder Bill Gates and Amazon.com Inc. founder Jeff Bezos, whose wealth, like Mr. Musk&#39;s, is tied up in shares of their companies, Mr. Musk has said little concrete about his approach to giving. He didn&#39;t respond to requests for comment.</p><p>Mr. Musk&#39;s personal foundation gave away $23.6 million in fiscal 2020, the most recent year for which data is available, filings show. That represented roughly 0.02% of his net worth as of the end of that year, according to Forbes rankings.</p><p>Though Mr. Musk is known to favor his own counsel most of all, the man in charge of his foundation since 2016 has been Mr. Birchall, one of the longest standing in his inner circle.</p><p>The alliance reflects Mr. Birchall&#39;s role as the ultimate fixer for Mr. Musk, taking care of matters large and small. In addition to handling billions in assets, Mr. Birchall in 2018 under a pseudonym registered the website www.justballs.com, for example, after Mr. Musk mused online that he might want to own the domain name someday, legal documents show.</p><p>Mr. Birchall entered the technology world through finance. After his brief singing stint with his siblings -- he is one of 11 children -- he attended Brigham Young University.</p><p>He then spent a year at Merrill Lynch, where he was discharged for what the firm described in a filing as &#34;sending correspondence to a client without management approval.&#34;</p><p>Mr. Birchall eventually moved into private wealth and crossed paths with Mr. Musk about a decade ago while working as a client adviser in <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>&#39;s southern California offices. There, he impressed Mr. Musk by helping arrange hundreds of millions of dollars of loans from the investment bank at a time when the Tesla co-founder was strapped for cash, a person close to Mr. Musk says. When Mr. Musk started a private firm to manage his own money roughly six years ago, he tapped Mr. Birchall to run it.</p><p>Mr. Birchall&#39;s work for Mr. Musk has at times led him into strange public controversies and lawsuits. After a British spelunker criticized Mr. Musk&#39;s offer to help rescue a youth soccer team trapped in a flooded Thailand cave in 2018, Mr. Birchall created a fake email address under the name &#34;James Brickhouse&#34; to hire a private investigator to investigate the man, according to court documents.</p><p>Mr. Musk subsequently called the man &#34;pedo guy&#34; in a tweet, though he later apologized and said it was a joking taunt. The spelunker unsuccessfully sued Mr. Musk for defamation in a Los Angeles federal court.</p><p>In addition to his role helping manage Mr. Musk&#39;s fortune, Mr. Birchall is also a director of his tunneling startup, Boring Co., and chief executive officer of Mr. Musk&#39;s Neuralink, which aims to make a brain implant that could be used by quadriplegic patients to control a computer or other devices.</p><p>When Mr. Musk announced in 2020 he would move from California to Texas, Mr. Birchall moved his family there, too. He has since become the closest thing Mr. Musk has to a public face in the Texas capital, handling business and attending events on Mr. Musk&#39;s behalf.</p><p>&#34;No one else you reach out to who is close to Elon is going to return your calls,&#34; says Tyson Tuttle, former chief executive of Austin semiconductor manufacturer Silicon Labs.</p><h2>&#39;Make big moves&#39;</h2><p>Mr. Kurganov first became friendly with Mr. Musk socially.</p><p>Born in Russia but raised in Germany from age 4 by parents who were engineers by trade, Mr. Kurganov grew up in a working class, immigrant household, according to an interview he gave to the Paul Phua Poker podcast.</p><p>In his 20s, he gained a level of fame as a professional poker player. Beginning around a decade ago, he began playing high-stakes tournaments in Las Vegas and racking up wins, fellow poker players say. He earned particular renown in 2012 when he won a EUR1,080,000 purse in Monte Carlo.</p><p>He was known as an aggressive player, and had the respect of his fellow pros, the players say. &#34;Igor had a willingness to play a lot of hands and make big moves,&#34; says one of them, Dan Smith.</p><p>Though he was spending much of his time in Las Vegas, his personality didn&#39;t match the city&#39;s loud stereotypes. One person who knows him says he was often drawn into long, philosophical conversations on topics such as the rise of artificial intelligence in poker. Mr. Kurganov was concerned that a computer program could be built that could beat even the most talented human player.</p><p>Ging Masinda, a Las Vegas marketer and acquaintance of Mr. Kurganov, says the flashiest thing about him is that he sometimes wears eyeliner. &#34;There&#39;s a kid in him,&#34; she says.</p><p>In a 2015 interview on the Poker Life Podcast, he said he was developing an accounting app for poker players. He also co-founded the organization Raising for Effective Giving, designed to help poker players, as well as fantasy-sports players and finance professionals, find the right charities to which to donate their winnings, according to archived webpages.</p><p>REG was focused on effective altruism, an approach to giving that suggests that inherently subjective qualities such as relative charitable need can be quantified. It&#39;s still a niche approach, because many charitable experts say it can encourage an impersonal, utilitarian approach to complicated moral issues.</p><p>Mr. Kurganov&#39;s social life, the fellow poker players say, revolved around his longtime partner, fellow professional poker player Liv Boeree. Ms. Boeree has long been friends with the recording artist Grimes, who was first romantically linked to Mr. Musk in 2018. Around the same time, Mr. Musk made Ms. Boeree one of the handful of people he follows on Twitter.</p><p>&#34;She was elated&#34; about the follow, according to Joe Stapleton, a poker commentator who spoke to her about it.</p><p>The two couples began spending time together. Messrs. Musk and Kurganov bonded over a shared love of Burning Man, the free-spirited desert festival that both regularly attend. Ms. Boeree, meanwhile, stayed close with Grimes; the two women posted photos together on social media. Ms. Boeree didn&#39;t respond to requests for comment, and Grimes, whose legal name is Claire Boucher, couldn&#39;t be reached.</p><p>The introduction to Mr. Musk came as Mr. Kurganov was soon to retire from professional poker with millions in personal winnings. Yet his poker accounting app had never gotten off the ground, and REG remained small-fry in terms of the amount of money it directed.</p><p>REG said on its website that it directed $3.1 million in charitable giving in 2019, the most recent year mentioned, which the organization said &#34;reflects all donations that have been significantly influenced by us.&#34; The amount couldn&#39;t be independently verified. REG didn&#39;t respond to requests for comment.</p><p>Copyright (c) 2022 Dow Jones &amp; Company, Inc.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4527":"明星科技股","BK4551":"寇图资本持仓","BK4534":"瑞士信贷持仓","BK4581":"高盛持仓","TSLA":"特斯拉","BK4555":"新能源车","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4550":"红杉资本持仓","BK4511":"特斯拉概念","BK4099":"汽车制造商","BK4574":"无人驾驶","TWTR":"Twitter","BK4548":"巴美列捷福持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2251415343","content_text":"Late last year, Jared Birchall cornered his boss, Elon Musk.Mr. Birchall, a straight-laced, 48-year-old wealth manager who rose to become Mr. Musk's top deputy and the head of his family office, had growing concerns about a new power player in the Tesla Inc. CEO's orbit.Mr. Musk was increasingly relying on a new adviser, a 34-year-old, Russian-born ex-professional gambler named Igor Kurganov. Mr. Kurganov spent some of the pandemic sleeping in Mr. Musk's home, where they chatted late into the night about how the world's richest person might use his fortune to help shape the planet through a giving strategy known as \"effective altruism.\"Mr. Kurganov had no experience in finance or security but was suddenly a central figure in both areas for Mr. Musk. He had moved from London to Texas and replaced some of Mr. Musk's protection detail with new hires of his own. Not long after, the Tesla CEO told Mr. Birchall that he was so taken by the younger man's ideas that he wanted to leave him in charge of his charitable giving, dispersing funds from Mr. Musk's vast private fortune, currently around $230 billion, as he saw fit.\"Elon,\" Mr. Birchall told his boss, according to three people briefed afterward. \"You can't.\"The clash between the two men, and their dueling efforts to gain the upper hand with Mr. Musk, provides a peek into the often tumultuous private workings of Mr. Musk's inner circle. As Mr. Musk's breakneck, $44 billion bid for Twitter shows, the entrepreneur can be prone to quick decisions, ones that he can reverse just as quickly as he makes them. That deal is now in peril, with Mr. Musk trying to walk away and Twitter suing him to complete it.All the while he is egged on by a rotating crew of investors, underlings and ever-changing friends whose power and personal wealth is closely tied to their proximity to Mr. Musk, according to people who do business with him.Two men in particular have pulled the Tesla CEO in opposing directions.Mr. Birchall is an Eagle Scout and practicing Mormon who doesn't smoke or drink and grew up traveling California as part of a song-and-dance troupe called \"The Birchall Family Singers.\" He declined to be interviewed through a representative of Mr. Musk's foundation.Mr. Kurganov is a high-roller with a reported more than $18 million in poker winnings, with long hair and beard and a peaceful demeanor. He has said in a podcast interview that he dropped out of college because he was smoking too much marijuana. He didn't respond to requests for comment.Last winter, Mr. Musk came to a compromise between the two. He allowed Mr. Kurganov to oversee $5.7 billion in Tesla shares that the CEO pledged late last year to eventually donate to charity. The rest of Mr. Musk's overall fortune remained under Mr. Birchall's purview.That decision wasn't, however, the end of the fracas.This account is based on interviews with more than a dozen people close to Messrs. Musk, Birchall and Kurganov, including associates of the Musk Foundation and investors.Ultimate fixerFor a man of immense resources, Mr. Musk is a minnow in the world of big-dollar philanthropy. Compared with other magnates such as Microsoft Corp. co-founder Bill Gates and Amazon.com Inc. founder Jeff Bezos, whose wealth, like Mr. Musk's, is tied up in shares of their companies, Mr. Musk has said little concrete about his approach to giving. He didn't respond to requests for comment.Mr. Musk's personal foundation gave away $23.6 million in fiscal 2020, the most recent year for which data is available, filings show. That represented roughly 0.02% of his net worth as of the end of that year, according to Forbes rankings.Though Mr. Musk is known to favor his own counsel most of all, the man in charge of his foundation since 2016 has been Mr. Birchall, one of the longest standing in his inner circle.The alliance reflects Mr. Birchall's role as the ultimate fixer for Mr. Musk, taking care of matters large and small. In addition to handling billions in assets, Mr. Birchall in 2018 under a pseudonym registered the website www.justballs.com, for example, after Mr. Musk mused online that he might want to own the domain name someday, legal documents show.Mr. Birchall entered the technology world through finance. After his brief singing stint with his siblings -- he is one of 11 children -- he attended Brigham Young University.He then spent a year at Merrill Lynch, where he was discharged for what the firm described in a filing as \"sending correspondence to a client without management approval.\"Mr. Birchall eventually moved into private wealth and crossed paths with Mr. Musk about a decade ago while working as a client adviser in Morgan Stanley's southern California offices. There, he impressed Mr. Musk by helping arrange hundreds of millions of dollars of loans from the investment bank at a time when the Tesla co-founder was strapped for cash, a person close to Mr. Musk says. When Mr. Musk started a private firm to manage his own money roughly six years ago, he tapped Mr. Birchall to run it.Mr. Birchall's work for Mr. Musk has at times led him into strange public controversies and lawsuits. After a British spelunker criticized Mr. Musk's offer to help rescue a youth soccer team trapped in a flooded Thailand cave in 2018, Mr. Birchall created a fake email address under the name \"James Brickhouse\" to hire a private investigator to investigate the man, according to court documents.Mr. Musk subsequently called the man \"pedo guy\" in a tweet, though he later apologized and said it was a joking taunt. The spelunker unsuccessfully sued Mr. Musk for defamation in a Los Angeles federal court.In addition to his role helping manage Mr. Musk's fortune, Mr. Birchall is also a director of his tunneling startup, Boring Co., and chief executive officer of Mr. Musk's Neuralink, which aims to make a brain implant that could be used by quadriplegic patients to control a computer or other devices.When Mr. Musk announced in 2020 he would move from California to Texas, Mr. Birchall moved his family there, too. He has since become the closest thing Mr. Musk has to a public face in the Texas capital, handling business and attending events on Mr. Musk's behalf.\"No one else you reach out to who is close to Elon is going to return your calls,\" says Tyson Tuttle, former chief executive of Austin semiconductor manufacturer Silicon Labs.'Make big moves'Mr. Kurganov first became friendly with Mr. Musk socially.Born in Russia but raised in Germany from age 4 by parents who were engineers by trade, Mr. Kurganov grew up in a working class, immigrant household, according to an interview he gave to the Paul Phua Poker podcast.In his 20s, he gained a level of fame as a professional poker player. Beginning around a decade ago, he began playing high-stakes tournaments in Las Vegas and racking up wins, fellow poker players say. He earned particular renown in 2012 when he won a EUR1,080,000 purse in Monte Carlo.He was known as an aggressive player, and had the respect of his fellow pros, the players say. \"Igor had a willingness to play a lot of hands and make big moves,\" says one of them, Dan Smith.Though he was spending much of his time in Las Vegas, his personality didn't match the city's loud stereotypes. One person who knows him says he was often drawn into long, philosophical conversations on topics such as the rise of artificial intelligence in poker. Mr. Kurganov was concerned that a computer program could be built that could beat even the most talented human player.Ging Masinda, a Las Vegas marketer and acquaintance of Mr. Kurganov, says the flashiest thing about him is that he sometimes wears eyeliner. \"There's a kid in him,\" she says.In a 2015 interview on the Poker Life Podcast, he said he was developing an accounting app for poker players. He also co-founded the organization Raising for Effective Giving, designed to help poker players, as well as fantasy-sports players and finance professionals, find the right charities to which to donate their winnings, according to archived webpages.REG was focused on effective altruism, an approach to giving that suggests that inherently subjective qualities such as relative charitable need can be quantified. It's still a niche approach, because many charitable experts say it can encourage an impersonal, utilitarian approach to complicated moral issues.Mr. Kurganov's social life, the fellow poker players say, revolved around his longtime partner, fellow professional poker player Liv Boeree. Ms. Boeree has long been friends with the recording artist Grimes, who was first romantically linked to Mr. Musk in 2018. Around the same time, Mr. Musk made Ms. Boeree one of the handful of people he follows on Twitter.\"She was elated\" about the follow, according to Joe Stapleton, a poker commentator who spoke to her about it.The two couples began spending time together. Messrs. Musk and Kurganov bonded over a shared love of Burning Man, the free-spirited desert festival that both regularly attend. Ms. Boeree, meanwhile, stayed close with Grimes; the two women posted photos together on social media. Ms. Boeree didn't respond to requests for comment, and Grimes, whose legal name is Claire Boucher, couldn't be reached.The introduction to Mr. Musk came as Mr. Kurganov was soon to retire from professional poker with millions in personal winnings. Yet his poker accounting app had never gotten off the ground, and REG remained small-fry in terms of the amount of money it directed.REG said on its website that it directed $3.1 million in charitable giving in 2019, the most recent year mentioned, which the organization said \"reflects all donations that have been significantly influenced by us.\" The amount couldn't be independently verified. 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