Connect with us

Science

Elon Musk and Jeff Bezos compete to help NASA return humans to the moon – The Next Web

Published

on


NASA has formally recruited tech billionaires Elon Musk and Jeff Bezos to return humans to the Moon by 2024.

The independent space agency revealed on Thursday it had awarded $967 million in deals to three US companies in relation to its Artemis project: Musk‘s SpaceX, Bezos’ Blue Origin, and IT firm Dynetics.

The three firms will submit competing designs for a human landing system to be used in NASA’s Artemis project, and will only be paid once meeting specific development milestones.

“We are on our way,” said NASA associate administrator Douglas Loverro. “With these awards we begin an exciting partnership with the best of industry to accomplish the nation’s goals. We have much work ahead, especially over these next critical 10 months. I have high confidence that working with these teammates, we will succeed.”

[embedded content]

Artemis is NASA‘s attempt at establishing a sustainable human presence in space. In addition to sending men (and women!) to the Moon for science, NASA hopes the tech developed for Artemis will let humans (and robots!) travel deeper into space than ever before.

Sorry Bezos, but SpaceX is building an actual spaceship

Blue Origin, led by Amazon founder and world’s richest man Jeff Bezos, will develop a three-stage lander vehicle for the mission. The firm will focus on the its descent element, to be powered Blue Origin’s own cryogenic engines.

Larger aerospace firms Draper, Lockheed Martin, and Northrup Grumman will look after the the vehicle’s avionics, cargo, and refuelling systems.

Musk‘s rocket company SpaceX has a far cooler objective: The Starship, an entirely reusable spaceship for transferring crew between lunar orbit and the motherfucking Moon.

The Starship’s design includes “a spacious cabin,” said NASA, and two airlocks for astronaut moonwalks.

Over the next 10 months, the companies will refine their concepts, after which NASA will select contractors to take part in initial demonstration missions.

Don’t tell Musk: Funding not secured for NASA’s Artemis project, either

All this is to say that Artemis ever gets off the ground. While Trump’s White House originally ordered NASA to send humans to the Moon by 2024 as a “tester” for future Mars missions, Congress is yet to approve the related funding in full.

In June last year, NASA administrator Jim Bridenstine told CNN that NASA needs an estimated $20 to $30 billion on top of last year’s budget of $21.5 billion over the next five years if Artemis is to succeed.

For now, Bridenstine reportedly appears confident that Congress will eventually give NASA the required funds, telling Thursday’s press conference: “It’s important that this agency do [Artemis] now, because our country and in fact the whole world has been shaken by this coronavirus pandemic. And yet we need to give people hope.”

“We need to give them something that they can look up to, [to] dream about.”

Published May 1, 2020 — 12:23 UTC

Let’s block ads! (Why?)



Source link

Continue Reading

Science

Tesla's Musk earns $770M in stock options, company confirms – Medicine Hat News

Published

on


By The Associated Press on May 28, 2020.

FILE – In this Sunday, Jan. 19, 2020, file photo, Elon Musk founder, CEO, and chief engineer/designer of SpaceX speaks during a news conference after a Falcon 9 SpaceX rocket test flight to demonstrate the capsule’s emergency escape system at the Kennedy Space Center in Cape Canaveral, Fla. Tesla confirmed Thursday, May 28, that CEO Musk will get the first tranche worth nearly $770 million of a stock-based compensation package triggered by the company meeting several financial metrics. (AP Photo/John Raoux, File)

DETROIT – Tesla confirmed Thursday that CEO Elon Musk will get the first tranche worth nearly $770 million of a stock-based compensation package triggered by the company meeting several financial metrics.

The electric car and solar panel maker’s board certified that Musk earned the big payout, according to a filing with the U.S. Securities and Exchange Commission. The filing says Musk can buy 1.69 million shares of Tesla stock for $350.02 each, but it wasn’t clear whether he had exercised the stock options. His payout is based on the difference between the option price and Thursday’s closing share price of $805.81.

Musk earned the options as part of an audacious compensation package approved by the board in 2018.

According to the filing, the board certified that Tesla had reached the milestones by hitting $20 billion in total revenue for four previous quarters and a total market value of $100 billion. The company also reached $1.5 billion in adjusted pretax earnings, but that must still be certified by the board, the filing said.

Musk has to hold the stock for a minimum of five years, under the terms of the compensation package.

Musk can afford to wait before cashing in on his latest windfall, given his wealth is estimated at $39 billion by Forbes magazine.

All told, the incentives approved by Tesla’s board in 2018 consist of 20.3 million stock options that will be doled out in 12 different bundles if the company is able to reach progressively more difficult financial goals. It’s one of the biggest corporate pay packages in U.S. history.

In order for Musk to receive all 20.3 million stock options, Tesla will have to generate adjusted annual earnings of $14 billion on annual revenue of $175 billion coupled with a market value of $650 billion. In the past four quarters, Tesla, which is based in Palo Alto, California, has reported adjusted earnings totalling $3.6 billion on revenue totalling $26 billion.

Share this story:


Leave a Reply

You must be logged in to post a comment.

Let’s block ads! (Why?)



Source link

Continue Reading

Science

Tesla's Musk earns $770M in stock options, company confirms – Weyburn Review

Published

on


DETROIT — Tesla confirmed Thursday that CEO Elon Musk will get the first tranche worth nearly $770 million of a stock-based compensation package triggered by the company meeting several financial metrics.

The electric car and solar panel maker’s board certified that Musk earned the big payout, according to a filing with the U.S. Securities and Exchange Commission. The filing says Musk can buy 1.69 million shares of Tesla stock for $350.02 each, but it wasn’t clear whether he had exercised the stock options. His payout is based on the difference between the option price and Thursday’s closing share price of $805.81.

article continues below

Musk earned the options as part of an audacious compensation package approved by the board in 2018.

According to the filing, the board certified that Tesla had reached the milestones by hitting $20 billion in total revenue for four previous quarters and a total market value of $100 billion. The company also reached $1.5 billion in adjusted pretax earnings, but that must still be certified by the board, the filing said.

Musk has to hold the stock for a minimum of five years, under the terms of the compensation package.

Musk can afford to wait before cashing in on his latest windfall, given his wealth is estimated at $39 billion by Forbes magazine.

All told, the incentives approved by Tesla’s board in 2018 consist of 20.3 million stock options that will be doled out in 12 different bundles if the company is able to reach progressively more difficult financial goals. It’s one of the biggest corporate pay packages in U.S. history.

In order for Musk to receive all 20.3 million stock options, Tesla will have to generate adjusted annual earnings of $14 billion on annual revenue of $175 billion coupled with a market value of $650 billion. In the past four quarters, Tesla, which is based in Palo Alto, California, has reported adjusted earnings totalling $3.6 billion on revenue totalling $26 billion.

Let’s block ads! (Why?)



Source link

Continue Reading

Science

Tesla's Musk earns $770M in stock options, company confirms – Business News – Castanet.net

Published

on


Tesla confirmed Thursday that CEO Elon Musk will get the first tranche worth nearly $770 million of a stock-based compensation package triggered by the company meeting several financial metrics.

The electric car and solar panel maker’s board certified that Musk earned the big payout, according to a filing with the U.S. Securities and Exchange Commission. The filing says Musk can buy 1.69 million shares of Tesla stock for $350.02 each, but it wasn’t clear whether he had exercised the stock options. His payout is based on the difference between the option price and Thursday’s closing share price of $805.81.

Musk earned the options as part of an audacious compensation package approved by the board in 2018.

According to the filing, the board certified that Tesla had reached the milestones by hitting $20 billion in total revenue for four previous quarters and a total market value of $100 billion. The company also reached $1.5 billion in adjusted pretax earnings, but that must still be certified by the board, the filing said.

Musk has to hold the stock for a minimum of five years, under the terms of the compensation package.

Musk can afford to wait before cashing in on his latest windfall, given his wealth is estimated at $39 billion by Forbes magazine.

All told, the incentives approved by Tesla’s board in 2018 consist of 20.3 million stock options that will be doled out in 12 different bundles if the company is able to reach progressively more difficult financial goals. It’s one of the biggest corporate pay packages in U.S. history.

In order for Musk to receive all 20.3 million stock options, Tesla will have to generate adjusted annual earnings of $14 billion on annual revenue of $175 billion coupled with a market value of $650 billion. In the past four quarters, Tesla, which is based in Palo Alto, California, has reported adjusted earnings totalling $3.6 billion on revenue totalling $26 billion.

Let’s block ads! (Why?)



Source link

Continue Reading

Trending