• Sat. Jan 22nd, 2022

DMC News

We Report As It Is

Think about the merch! Elon Musk proposes the Texas Institute of Technology & Science

By

Oct 30, 2021

The South African-born billionaire and CEO of Tesla, Elon Musk is thinking about starting a new university called the “Texas Institute of Technology & Science”.

Elon Musk | Texas Institute of Technology & Science

Musk – who is expanding his operations in Texas – took to Twitter to share his new idea, which makes for a questionable acronym.

“It will have epic merch” and will be “universally admired,” Musk said after he tweeted about his initial idea.

It will have epic merch

— Elon Musk (@elonmusk) October 29, 2021

Some of his fans were quick to give him a thumbs up and share their ideas for the merchandise:

The logo will be like this pic.twitter.com/DiCALW9D8F

— Jimbonski (@sandy_dewanto) October 30, 2021

Its things like this that make me glad you’re the richest person in the world.

— Doge2Moon (@Doge2Moon72219) October 30, 2021

According to the New York Post, it’s not clear how serious the mega-billionaire is, particularly considering Musk’s reputation for joking on Twitter.

A history of raunchy acronymns

Musk has a history of making raunchy acronyms in his business operations, including by planning the rollout of Tesla’s Models S, 3, X and Y vehicles to spell out S.3.X.Y. on the company’s website.

When one Twitter user asked whether he had secured funding for the university, Musk responded, “obv.”

That could have just been a nod to Musk’s 2018 tweet in which he said he had “funding secured” to take Tesla private at $420 (almost R7 000) a share, which sent the stock price soaring and eventually led to a settlement between Musk and the Securities and Exchange Commission that was supposed to keep the mega-billionaire largely off Twitter.

Mixed feelings about universities

Musk’s own feelings about attending university, have been lukewarm. He’s repeatedly derided the experience, saying last year that colleges are “for fun and to prove that you can do your chores, but they’re not for learning.”

PUTTING ELON MUSK’S WEALTH IN PERSPECTIVE

Meanhiwle, while he is thinking about the “Texas Institute of Technology & Science”, Musk saw his wealth jump to $288.6 billion (R4.242 trillion) according to the Bloomberg Billionaires Index on Monday, 25 October.

This means that he can now buy the richest companies in South Africa and still have enough money to live a comfortable life.

Musk’s jump can be accredited to a surge in Tesla’s stock price after Hertz Global Holdings ordered 100 000 cars. However, Tesla shares have climbed in recent weeks even before the Hertz deal took place. The auto maker’s stock price is up more 40% this year, almost double the gain of the S&P 500 Index.

To put Musk’s wealth in context, it is interesting to look at how it compares to the value of South Africa’s largest companies.

Naspers is South Africa’s largest company with a market cap of R1.14 trillion. Amplats is the second largest, with a market cap of R430 billion. Other top companies include Firstrand (R325 billion), MTN (R255 billion), Vodacom (R251 billion), Standard Bank (R226 billion), Capitec (R199 billion).

Image: MyBroadband.com

Leave a Reply

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