Tesla CEO Elon Musk announced that his private foundation, The Musk Foundation, plans to donate directly to families. He also tweeted that he is increasing childcare benefits at his companies and hopes that other companies follow suit.
You can read more about that in Simon’s article here. I’m going to focus more on the Musk Foundation especially because it was something that came up in my interview with Elon Musk at the beginning of this month.
Kids are worth it if at all possible. I’m planning to increase childcare benefits at my companies significantly.
Hopefully, other companies do same.
Also, Musk Foundation plans to donate directly to families.
Hopefully, details to be announced next month.
— Elon Musk (@elonmusk) July 8, 2022
Poverty & Families
According to Invisible People TV, which shares stories of homeless people and families, the current face of homelessness is that of a child. Having been homeless as early as 9, this statistic hit home. When I saw Elon’s tweet about how the Musk Foundation will help families directly, this literally made my heart sing.
I grew up in poverty and I’ve been pretty fortunate. Living in and out of homeless shelters as a child, one learns that it’s a really harsh world out there. Single mothers are often shamed for having children and then being homeless. It was no different for my own mother.
This is why education and compassion are so important. We should never judge people over the situations they find themselves in. Families that are struggling need all the help they can get especially if they were abandoned by their own support systems.
How Will the Musk Foundation Help Families?
I don’t know but Elon Musk said on Twitter that hopefully, details would be released next month. I suspect he wants to focus on education. He also reminded me in our interview that we need to think beyond the United States when talking about poverty.
He’s absolutely correct in this respect. Millions of people worldwide experience poverty and here in the U.S., we are pretty fortunate that there are shelters, churches, and other organizations dedicated to helping people.
Importance of Literacy & Access To Internet
I think Elon will probably find a way to help families in need in many ways. Education is something that is important to him. During our interview, he spoke of literacy as a way to help solve poverty.
“Literacy and access to internet, I think, are fundamentally helpful. Really, we’ve got to think beyond the United States. There are billions of people who have no internet connectivity at all–nothing. Or it’s like a very low bandwidth and it’s insanely expensive. For many parts of the world, this is the case–billions of people.”
“So I think those things are helpful. Generally, education, obviously, is good. These days you can learn almost anything online. MIT, for example, has all of their lectures online and a number of other universities do. If you wanted to, you could learn almost anything for a very low cost just using a simple phone or an old tablet–a router box basically.”
Some Ideas
A lot of it comes down to spending habits of the parents as well.
— Tesla Owners Silicon Valley (@teslaownersSV) July 8, 2022
I do want to highlight what John said above. Another key contributor to poverty is the lack of financial literacy. Before I got involved with the Tesla community on Twitter, I knew nothing about stocks, investing, or crypto. Although I am clearly not an expert on these topics, I do know we often inherit our spending habits from our parents as well as the people around us.
I’ve worked hard to break that cycle, however, financial literacy and good spending habits should be commonly taught. I think that if the Musk Foundation really wants to help families, especially those who are struggling to make ends meet, perhaps Elon will consider financial literacy programs for families in homeless shelters as well as colleges and schools.
Helping Families Directly
Elon said the foundation would help families directly and this could mean a variety of things. One thing I know for sure is that Elon will make sure the money is well spent and does the most good. He told me,
“Well, we try hard with the foundation to give away money in ways that are actually useful whether it’s like a maximum number of cents on the dollar of actually helping the people in need.”
“It’s way harder to give away money than you think if you care about it actually doing good as opposed to sounding like it does good. It’s easy to make it sound like the money’s doing good but it’s hard to make actually do good.”
Elon Musk
SpaceX issues statement on Starship V3 Booster 18 anomaly
The incident unfolded during gas-system pressure testing at the company’s Massey facility in Starbase, Texas.
SpaceX has issued an initial statement about Starship Booster 18’s anomaly early Friday. The incident unfolded during gas-system pressure testing at the company’s Massey facility in Starbase, Texas.
SpaceX’s initial comment
As per SpaceX in a post on its official account on social media platform X, Booster 18 was undergoing gas system pressure tests when the anomaly happened. Despite the nature of the incident, the company emphasized that no propellant was loaded, no engines were installed, and personnel were kept at a safe distance from the booster, resulting in zero injuries.
“Booster 18 suffered an anomaly during gas system pressure testing that we were conducting in advance of structural proof testing. No propellant was on the vehicle, and engines were not yet installed. The teams need time to investigate before we are confident of the cause. No one was injured as we maintain a safe distance for personnel during this type of testing. The site remains clear and we are working plans to safely reenter the site,” SpaceX wrote in its post on X.
Incident and aftermath
Livestream footage from LabPadre showed Booster 18’s lower half crumpling around the liquid oxygen tank area at approximately 4:04 a.m. CT. Subsequent images posted by on-site observers revealed extensive deformation across the booster’s lower structure. Needless to say, spaceflight observers have noted that Booster 18 would likely be a complete loss due to its anomaly.
Booster 18 had rolled out only a day earlier and was one of the first vehicles in the Starship V3 program. The V3 series incorporates structural reinforcements and reliability upgrades intended to prepare Starship for rapid-reuse testing and eventual tower-catch operations. Elon Musk has been optimistic about Starship V3, previously noting on X that the spacecraft might be able to complete initial missions to Mars.
Investor's Corner
Tesla analyst maintains $500 PT, says FSD drives better than humans now
The team also met with Tesla leaders for more than an hour to discuss autonomy, chip development, and upcoming deployment plans.
Tesla (NASDAQ:TSLA) received fresh support from Piper Sandler this week after analysts toured the Fremont Factory and tested the company’s latest Full Self-Driving software. The firm reaffirmed its $500 price target, stating that FSD V14 delivered a notably smooth robotaxi demonstration and may already perform at levels comparable to, if not better than, average human drivers.
The team also met with Tesla leaders for more than an hour to discuss autonomy, chip development, and upcoming deployment plans.
Analysts highlight autonomy progress
During more than 75 minutes of focused discussions, analysts reportedly focused on FSD v14’s updates. Piper Sandler’s team pointed to meaningful strides in perception, object handling, and overall ride smoothness during the robotaxi demo.
The visit also included discussions on updates to Tesla’s in-house chip initiatives, its Optimus program, and the growth of the company’s battery storage business. Analysts noted that Tesla continues refining cost structures and capital expenditure expectations, which are key elements in future margin recovery, as noted in a Yahoo Finance report.
Analyst Alexander Potter noted that “we think FSD is a truly impressive product that is (probably) already better at driving than the average American.” This conclusion was strengthened by what he described as a “flawless robotaxi ride to the hotel.”
Street targets diverge on TSLA
While Piper Sandler stands by its $500 target, it is not the highest estimate on the Street. Wedbush, for one, has a $600 per share price target for TSLA stock.
Other institutions have also weighed in on TSLA stock as of late. HSBC reiterated a Reduce rating with a $131 target, citing a gap between earnings fundamentals and the company’s market value. By contrast, TD Cowen maintained a Buy rating and a $509 target, pointing to strong autonomous driving demonstrations in Austin and the pace of software-driven improvements.
Stifel analysts also lifted their price target for Tesla to $508 per share over the company’s ongoing robotaxi and FSD programs.
Elon Musk
SpaceX Starship Version 3 booster crumples in early testing
Photos of the incident’s aftermath suggest that Booster 18 will likely be retired.
SpaceX’s new Starship first-stage booster, Booster 18, suffered major damage early Friday during its first round of testing in Starbase, Texas, just one day after rolling out of the factory.
Based on videos of the incident, the lower section of the rocket booster appeared to crumple during a pressurization test. Photos of the incident’s aftermath suggest that Booster 18 will likely be retired.
Booster test failure
SpaceX began structural and propellant-system verification tests on Booster 18 Thursday night at the Massey’s Test Site, only a few miles from Starbase’s production facilities, as noted in an Ars Technica report. At 4:04 a.m. CT on Friday, a livestream from LabPadre Space captured the booster’s lower half experiencing a sudden destructive event around its liquid oxygen tank section. Post-incident images, shared on X by @StarshipGazer, showed notable deformation in the booster’s lower structure.
Neither SpaceX nor Elon Musk had commented as of Friday morning, but the vehicle’s condition suggests it is likely a complete loss. This is quite unfortunate, as Booster 18 is already part of the Starship V3 program, which includes design fixes and upgrades intended to improve reliability. While SpaceX maintains a rather rapid Starship production line in Starbase, Booster 18 was generally expected to validate the improvements implemented in the V3 program.
Tight deadlines
SpaceX needs Starship boosters and upper stages to begin demonstrating rapid reuse, tower catches, and early operational Starlink missions over the next two years. More critically, NASA’s Artemis program depends on an on-orbit refueling test in the second half of 2026, a requirement for the vehicle’s expected crewed lunar landing around 2028.
While SpaceX is known for diagnosing failures quickly and returning to testing at unmatched speed, losing the newest-generation booster at the very start of its campaign highlights the immense challenge involved in scaling Starship into a reliable, high-cadence launch system. SpaceX, however, is known for getting things done quickly, so it would not be a surprise if the company manages to figure out what happened to Booster 18 in the near future.
SpaceX issues statement on Starship V3 Booster 18 anomaly
Tesla analyst maintains $500 PT, says FSD drives better than humans now
