7 Tips On How To Be More Productive from Elon Musk

Elon Musk gets a lot done.

The 46-year-old entrepreneur and CEO is revolutionizing the spaceflight industry with SpaceX, transforming the world of the electric car at Tesla, and pushing neuroscience and transportation forward at Neuralink and the Boring Company.

As SpaceX COO Gwynne Shotwell said at the 2018 TED Conference, Musk’s goals are a lot to keep up with.

“When Elon says something, you have to pause and not blurt out ‘Well, that’s impossible,'” she said. “You zip it, you think about it, and you find ways to get it done.”

Recently, Musk reportedly announced to Tesla employees that he wants to adopt a 24/7 shift schedule to get production for Tesla’s Model 3 electric car on track. In an email obtained by Jalopnik, Musk explained a number of changes in the works for Tesla.

He’s asking for quite a lot, so at the end of that email, he offered employees a list of his own productivity recommendations. From those tips, it’s clear that Musk is clearly not a fan of meetings, bureaucracy, hierarchy, or any system that impedes immediate communication. He prefers people apply common sense to the task at hand.

He also told employees that if they had any ideas for making work at Tesla better and more efficient, they should let him know.

Here are the seven productivity tips Musk offered in the letter, in his own words.

1. Large-format meetings waste people’s time.

“Excessive meetings are the blight of big companies and almost always get worse over time. Please get [rid] of all large meetings, unless you’re certain they are providing value to the whole audience, in which case keep them very short.”

2. Meetings should be infrequent unless a matter is urgent.

“Also get rid of frequent meetings, unless you are dealing with an extremely urgent matter. Meeting frequency should drop rapidly once the urgent matter is resolved.”

3. If you don’t need to be in a meeting, leave.

“Walk out of a meeting or drop off a call as soon as it is obvious you aren’t adding value. It is not rude to leave, it is rude to make someone stay and waste their time.”

4. Avoid confusing jargon.

“Don’t use acronyms or nonsense words for objects, software, or processes at Tesla. In general, anything that requires an explanation inhibits communication. We don’t want people to have to memorize a glossary just to function at Tesla.”

5. Don’t let hierarchical structures make things less efficient.

“Communication should travel via the shortest path necessary to get the job done, not through the ‘chain of command’. Any manager who attempts to enforce chain of command communication will soon find themselves working elsewhere.”

6. If you need to get in touch with someone, do so directly.

“A major source of issues is poor communication between depts. The way to solve this is allow free flow of information between all levels. If, in order to get something done between depts, an individual contributor has to talk to their manager, who talks to a director, who talks to a VP, who talks to another VP, who talks to a director, who talks to a manager, who talks to someone doing the actual work, then super dumb things will happen. It must be ok for people to talk directly and just make the right thing happen.”

7. Don’t waste time following silly rules.

“In general, always pick common sense as your guide. If following a ‘company rule’ is obviously ridiculous in a particular situation, such that it would make for a great Dilbert cartoon, then the rule should change.”

 

 

 

Written By: Kevin Loria
Source: Business Insider

The Growth Of The Autonomous Car Market – Infographic

The autonomous car market is currently growing at an existential rate and many driverless vehicles are expected to be on our roads this year, and in large numbers. Let’s take a look at the growth of the autonomous car market.

the-growth-of-autonomous-car-market

 

Source: Get Off Road

How Elon Musk Started – Infographic

Elon Musk is now Earth’s most future-oriented person. How did such a person come to be?

how-elon-musk-started-infographic

Source: Funders and Founders

Ford Pays $199,950 Before Taxes for Tesla’s 64th Model X SUV

1200x-1
Provided by Bloomberg

Ford Motor Co. paid $199,950 — $55,000 more than the sticker price — to buy one of the first sport utility vehicles made by Tesla Motors Inc., according to vehicle registration documents obtained by Bloomberg.

The white Model X is a Founders Series with a vehicle identification number indicating it was the 64th one made at Tesla’s factory in Fremont, California. The vehicle, with Michigan plates, has been spotted recently in the Detroit area. Registration records show that Ford purchased the vehicle March 1. The original owner, a California coin dealer, bought it as part of Tesla’s customer-referral promotion.

Automakers often buy cars made by competitors for road testing and for “tear-downs” to reveal components and materials and how they’re put together. But it’s unusual to pay such a high price — almost $212,000 after Michigan sales tax and title — for such an early model.

“Wow, I hope that investment pays off in some good intelligence,” Michelle Krebs, senior analyst for researcher Autotrader.com, said of the premium Ford paid. “If you’re going to be one of the early buyers, you’re probably going to pay well over list. But that’s significant.”

Krebs suspects other major automakers, such as General Motors Co. and Toyota Motor Corp., are also among early buyers of the Model X. Automakers are looking for ways to make highly profitable SUVs more fuel efficient as they race to meet a federal mandate to average 54.5 miles per gallon by 2025. Ford is investing $4.5 billion in electrified vehicles and will add 13 electric cars and hybrids by 2020.

Future SUVs

“We’re going to definitely see more electrification and light-weighting,” Krebs said. “Those are the things I suspect Ford would be taking special note of as they develop their sport utilities of the future.”

Krebs said she hopes Chief Executive Officer Mark Fields and Executive Chairman Bill Ford — as well as the automaker’s top engineers and designers — get some seat time in the Model X.

“Everybody should be exposed to one of your hottest competitors,” Krebs said.

Tesla’s first Model Xs are limited-edition Founders Series — fewer than 100 of them were made — that typically go to board members and close friends of the company like Google co-founder Sergey Brin. Those are followed by the Signature Series models, which require a $40,000 deposit from customers and start at $132,000. The window sticker price on the all-wheel-drive Model X P90D that Ford purchased is $144,950, including the $10,000 Ludicrous Speed Upgrade that boasts a 0-to-60 miles per hour time of 3.2 seconds.

Original Owner

The original owner of the Model X that was ultimately purchased by Ford was Wayne Skiles, 71, who owns and operates the Carousel Coin & Jewelry Exchange in San Bernardino, California. Skiles owns a Model S sedan and participated in Tesla’s Model S referral program. Customers who referred at least 10 friends to purchase a Model S were able to buy a Model X Founders Series for a base price of $116,700.

“I sold 11 Model Ss. So I got a Founders Model X and immediately flipped it for a profit,” said Skiles in a phone interview. “The car never came to California. I flew to Chicago, took physical delivery of the Model X, and immediately drove it to a dealer in Chicago and sold it.”

Ford bought the vehicle from Corporate Auto of Auburn Hills, Michigan, according to the documents.

“It is a common industry practice among many automakers to buy production vehicles for testing as soon as they are released,” said Ford in a statement. “Sometimes, this means automakers pay more than sticker price to acquire them as quickly as possible.”

Quality Concerns

Tesla officially launched the Model X at a splashy event in late September, years after the vehicle’s early 2012 unveiling. The company announced that it delivered 2,400 of the SUVs in the first quarter as it continues to ramp up production. But early models are not without flaws: Several customers have reported issues with sensors on the “falcon-wing” doors that open vertically. Consumer Reports on Tuesday published a report about quality problems on early models. Tesla shares slipped 2.6 percent on Tuesday to $247.37, paring their year-to-date gain to 3.1 percent.

“We are committed to making the world’s most reliable cars,” said Tesla in a statement Tuesday. “While we have seen some issues with early Model X builds, the issues are not widespread, and we are working closely with each owner to respond quickly and proactively to address any problems. We will continue to do so until each customer is fully satisfied. This commitment is one of the reasons why 98 percent of our customers say they will buy another Tesla as their next car.”

Earlier this month, Tesla issued a recall on 2,700 Model Xs made before March 26 to repair the third-row seats after strength tests done by the automaker found a potential defect. Tesla has advised customers not to let anyone sit in those seats while the car is in use.

Musk has said that the Model X’s unique features were difficult to engineer and relied heavily on parts suppliers. Tesla said this month that Model X deliveries missed first-quarter expectations because of parts shortages stemming from “Tesla’s hubris in adding far too much new technology” to the Model X.

Written by Dana Hull and Keith Naughton of Bloomberg

(Source: Bloomberg)

Elon Musk Ahead of Pace for $1.6 Billion Tesla Motors Payday

Provided by MSN 
Elon Musk is ahead of schedule to get a huge payday from Tesla Motors Inc. even though he earns less than $40,000 in annual salary.
In 2012, the electric carmaker awarded its billionaire founder 5.27 million options tied to milestones including developing new vehicles and ramping up production. While he was given until 2022 to meet the goals, he has already achieved 50 percent of them, according to a proxy statement issued April 15. That means he may get $1.6 billion well before then.

Under the 2012 stock plan, Musk earns 1/10th of the options every time Tesla hits a pair of goals — one tied to its market value and another to the company’s operations. While he’s achieved seven targets tied to the growth of Tesla’s market capitalization, he’s only hit five of 10 operational ones.

That’s been good enough for him to receive half of the options so far. With a strike price of $31.17, those 2.64 million options would be worth $589 million if he had exercised them at Friday’s close. The total option award is intended to compensate Musk, who has never accepted his salary, for 10 years.

For Musk to receive the $1.6 billion, he needs to boost Tesla’s value another 28 percent, to $43.2 billion. He also has to maintain a 30 percent gross profit margin for four quarters, bring the car-maker’s aggregate production to 300,000 vehicles and bring the Model 3 to market.

Provided by Bloomberg

In April, six analysts set 12-month price targets of $325 or more for Tesla, the price at which Tesla’s market value would exceed the maximum target.

“Many of the requisite milestones were viewed as very difficult to achieve” when they were granted in 2012, Tesla said in the filing last week.

Khobi Brooklyn, a Tesla spokeswoman, said the company considers the April 15 filing its official comment.

Musk has faced some hurdles recently. Last week, Tesla recalled 2,700 Model X sport utility vehicles to repair third row seats, after the SUV was late coming to market. Sales missed expectations because of parts shortages, the company said in an April 4 press release. In November, Tesla recalled 90,000 Model S sedans to check seat belts.

None of that has hurt the stock price. Tesla was up 23 percent in the 12 months through April 18.

Written by Caleb Melby and Alicia Ritcey of Bloomberg

(Source: Bloomberg)

Tesla Might Use Loophole to get More Buyers a Big Discount

Tesla Model 3 in motion:   
Provided by MotorTrend

Some Tesla owners will be paying much less than others for their electric cars, thanks to tax credits offered by the federal government. A $7,500 credit is available to people buying one of the first 200,000 eligible vehicles made by an auto manufacturer.

As of a few days ago, there were 325,000 pre-orders of Tesla’s new Model 3, each reserved with a $1,000 deposit. Tesla has already sold tens of thousands of other models–roughly 25,000 Model S cars in 2015, for instance–and these too count toward the company reaching the 200,000-sale mark.

At first glance, one might assume that anyone buying a Tesla after the company has already sold 200,000 units would be out of luck and miss out on the $7,500 tax credit. But there’s a loophole. The law actually doesn’t say that the credit expires with 200,001st vehicle sold, but rather at the end of the quarter in which the company hits the 200,000th vehicle. There’s potentially some significant wiggle room here.

According to Automotive News, Tesla could hit that number on the first day of a quarter and then have a few months to pump out as many cars as possible–each eligible for the full $7,500 credit.

Asked by a Twitter user whether this move was on the table, Tesla CEO Elon Musk suggested he would potentially employ it.

With the enormous amount of pre-orders, which amount to $14 billion worth of automobiles, Tesla will have to balance lowering the cost to customers—via the tax credit—with making sure everything runs smoothly. Tesla is already sailing in uncharted waters and is playing a high-stakes game, and a botched car at this level of popularity could scare consumers and push back the electric car’s mainstream adoption for another decade.

Written by Ethan Wolff-Mann of Money

(Source: Time)

The Car Industry has Never Witnessed What Tesla is About to Go Through

People wait in line at a Tesla Motors dealership to place deposits on the electric car company’s mid-priced Model 3 in La Jolla, California, March 31, 2016. REUTERS/Mike Blake
Provided by WP Company LLC d/b/a The Washington Post

Most of the best selling cars in America, such as the Honda Accord or Nissan Altima, generally hit around 300,000 in sales every year.

Tesla saw 276,000 people sign-up to buy its newest all-electric Model 3 sedan — in two days.

That massive number, which far exceeded optimistic forecasts, upends traditional thinking about how to sell cars and is expected to spur the auto industry to shift more dramatically to market electric technology to consumers, analysts said.

“We’ve never seen anything quite like this in the auto industry,” said Jessica Caldwell, a senior analyst at Edmunds.com. “It is unprecedented.”

Mainstream car manufacturers have long dabbled in electric technology and some have made a bit of headway in getting such vehicles on the road. But the category was a niche, measured in thousands — not hundreds of thousands — of cars sold.

Tesla now appears to be doing what no other has so far been able to accomplish — sell electric cars to big crowds.

A Tesla Model 3 sedan, its first car aimed at the mass market, is displayed during its launch in Hawthorne, California, March 31. REUTERS/Joe White
Provided by WP Company LLC d/b/a The Washington Post

The company has received nearly as many Model 3 reservations in the past several days as some automakers produce in a single year. Mazda sold 319,000 vehicles in the United States in 2015, according Caldwell. Lexus sold 344,000.

Even if some pre-orders for the $35,000 Model 3 are cancelled — or if Tesla struggles to meet such demand, which many analysts say is likely — the company has shown that consumer appetite for a well-designed car can be robust, even if it is purely electric, said James McQuivey, an auto analyst at Forrester.

“It’s a watershed moment for rethinking vehicles all together. Tesla is putting together the idea a vehicle needs to be cutting edge and cool, more like an iPhone than like a Model T,” said McQuivey. “It’s changing what we mean when we buy a car and what it says about us.”

He added: “Years from now we’ll look back and say Tesla started an electric vehicle revolution. But that’s not because the people buying Tesla thought of it as an electric vehicle revolution.”

Some of the additional comfort consumers may now have with electric technology is due to advancements in the batteries as well as the public infrastructure, analysts said. Drivers generally no longer need to fear running out of juice on the road, stranded without a power outlet. The Model 3, for instance, has a range of 215 miles, similar to that of a rival from General Motors, called the Chevy Bolt, which is priced in the low $30,000s.

Here’s the Chevy Bolt, the main rival to the Tesla Model 3
AP Photo/Paul Sancya File

And the number of publicly-stationed superchargers — which can recharge a battery in a matter of minutes rather than hours — will double to 7,200 by the end of next year, Tesla said. The company also expects its network of car chargers to grow to roughly 20,000 locations by the same time.

Of course, some of the intense demand for the Model 3 may simply be the fruits of Tesla’s public relations strategy, which centers around its charismatic chief executive, Elon Musk. Interest in his newest creation was helped by the critically-acclaimed reviews of the company’s more expensive models as well as flashy presentations that featured his cars’ cutting-edge tech, such as the ability to summon the car, with no one inside, through a smartphone app.

“The Model 3’s huge reservation list should serve as a big wake-up call for the rest of the industry,” said Kelley Blue Book analyst Tony Lim. “Tesla just did a lot of heavy lifting to attract attention to the EV segment. Now is the time for competitive manufacturers to begin leveraging this momentum that Tesla created and building awareness to their fully electric vehicles that have comparable performance and appeal.”

The surge in orders is all the more impressive because most people will be paying an average of $42,000 for the Model 3, Musk said. The $35,000 model is a stripped down version.

By comparison, most of the best selling sedans in the country generally cost $25,000 or less.

Indeed, tens of thousands of customers lined up outside Tesla’s stores to order the car last week, with some camping out in tents to make sure they were among the first to put down their $1,000 deposits — even though Model 3 is not expected to be delivered until the end of next year.

“In regards to the recent news, we’re certainly pleased to see such strong demand for affordable long range EVs,” said GM spokesman Fred Ligouri. “We trust that the initial interest from consumers will continue when the Bolt begins production later this year.”

After the company announced its latest pre-order number on Monday, shares of Tesla jumped about 4 percent in regular trading.

Yet significant doubts linger over whether Tesla can ever manufacture that many cars. “Definitely going to need to rethink production planning,” a giddy Musk tweeted Friday when orders for the Model 3 had hit a mere 198,000. Tesla has never delivered more than 5,850 cars in a month, according to estimates by Inside EVs. And it has experienced delays in delivering its SUV, the Model X.

Tesla on Monday said that its “hubris in adding far too much new technology,” the lack of oversight over its suppliers, and not having enough internal capacity led to a shortage of parts for the Model X.

But Musk has expressed confidence in being able to meet demand for the Model 3, noting last week that Tesla’s Fremont, Calif. factory had produced 500,000 cars per year — albeit under a different owner.

Written by Brain Fung, Matt McFarland of The Washington Post

(Source: The Washington Post)

 

In Transport Wars, it’s Hyperloop vs Hyperloop

The Hyperloop is becoming a modern day gold rush, with 2 technology companies battling to capitalize on the transportation mode’s promise of interstate travel at breakneck speed.

The innovation, with its science fiction-like description, is the brainchild of entrepreneur and Tesla Motors (TSLA)founder Elon Musk. The technology looks to challenge existing transportation methods by offering cheaper, faster and safer travel through a low-pressure system that move pods just under sonic levels, at about 760 mph. As the the idea gradually moves from concept to reality, a number of startups aim to plant their flags in the emerging sector.

“We are the first ones that took the Elon Musk project in 2013 and transformed it into something real,” Bibop Gresta, Hyperloop Transportation Technologies (HTT) COO told CNBC in a recent interview. “We are the only company who are actually building a real full-scale Hyperloop.”

Yet a company with a similar name, Hyperloop technologies, is also jumping into the fray. The company has raised $100 million in funding to track test Hyperloop technology in Nevada, and is also trying to stake a claim on the emerging technology.

Recently, Gresta’s company announced the construction of a Hyperloop prototype in Quay Valley, California, which is halfway between L.A. and San Francisco. The company also signed a deal with Slovakia, a hub for technology development in Europe, which HTT expects will be a beneficial catalyst for Hyperloop’s expansion quest.

Gresta told CNBC that the difference between Hyperloop Technologies and HTT is that his company researched its scheme aside 520 scientist from 42 countries before building a “full-scale” Hyperloop. He contends that Hyperloop Technologies has taken a different approach, and that employees of Space X and NASA are working actively with HTT.

“There’s an old model where you raise a bunch of money and then you have to spend it as fast as you can to demonstrate to your investor that you’re doing something,” he told CNBC, before adding that the corporation is “very happy to create an industry together because it means that the concept is valid.”

Separately, Rob Lloyd, CEO of Hyperloop Technologies told CNBC that his company is “clearly leading” the development of the Hyperloop concept, as itsboard members have been leaders in major companies before the startup. Hyperloop Technologies is looking to reap nearly $10 million in various incentives from the state of Nevada for its rail, which will carry passengers at 600 miles per hour.

“Our company is leading; we are not the only company, I don’t expect us to be the only company, but we are the company that’s leading.” Lloyd said in a recent interview. He added that positions in Hyperloop Technology are in high demand, with 130 full-time employees and hundreds of applicants per open positions.

Lloyd is a tech veteran, having worked for Cisco Systems (CSCO) for more than 20 years before joining Hyperloop Tech. Co-founder Shervin Pishevar, who is also managing director of Sherpa Ventures, a venture capital firm that’s invested in startups such as AirBnB, Uber and Munchery, co-leads the tech start-up.

Regardless, the idea of rapid transportation is gathering momentum, and may get a boost from the federal government. Transportation Secretary Anthony Foxx said recently that Hyperloop tech could be eligible for funding via the University Transportation Centers program, which doles out more than $70 million per year.

Lloyd said that the difference between his company and others is that Hyperloop Tech focuses on both freight and people. Gresta also mentioned the idea of transported goods in a recent interview.

“The movement of freight is something that has tremendous impact on reducing traffic, moving to a more sustainable electric only and even shipping containers,” Lloyd said. “Our company believes this will be truly transformational.”

Written by Denise Garcia of CNBC

(Source: MSN)

The Hyperloop is About to Be Built — But Not in California

MW-EI722_hyperl_20160325102229_MG
Hyperloop Transportation Technologies

The Hyperloop could easily become the next big thing after bullet trains. It’s a tube-based transportation system, in which pressurized passenger pods are accelerated through reduced-pressure tubes, which enables them to develop speeds as high as 760 miles per hour.

One of the Hyperloop design’s advantages is that the system is self-sufficient because of solar panels placed along the track that produce enough energy to run it. It is also earthquake-resistant, thanks to the use of pylons that carry the weight of the construction and provide the stability.

The project was first proposed by Elon Musk, the entrepreneur and co-founder of Tesla Motors Inc. . The system was touted to be a lower-cost alternative to a high-speed-train service between San Francisco and Los Angeles.

If you follow my column, you have probably noticed that I’ve closely followed the Hyperloop development since June 2015. At that time there were many unknown factors about the project, both bureaucratic and technical, that needed to be taken into account. While resolving technical issues was just a matter of time, crossing the red-tape sea in the U.S. forced one of the companies competing to make the Hyperloop a reality — Hyperloop Transportation Technologies, or HTT — to consider building their futuristic transportation pod in Slovakia, at the center of Europe.

Just a few weeks ago, HTT CEO Dirk Ahlborn announced that his company has reached an agreement with the Slovakian government. Their plan is to establish the Hyperloop transportation route from Vienna to Bratislava, Slovakia, and from Bratislava to Budapest, Hungary.

It normally takes about eight hours to travel from Košice, Slovakia, to Vienna to Budapest. But it’s only 43 minutes with the Hyperloop.

“Slovakia is a technological leader in the automotive, material science and energy industries, many of the areas that are integral to the Hyperloop system,” Ahlborn said in a press release. “With our project in Quay Valley, this agreement with Slovakia, and future developments with other regions of the world, HTT truly has become a global movement.”

The company’s suggestion has been met with enthusiasm from Slovak Republic officials:

“Hyperloop in Europe would cut distances substantially and network cities in unprecedented ways. A transportation system of this kind would redefine the concept of commuting and boost cross-border cooperation in Europe,” said Vazil Hudak, Slovakia’s economic minister, said in a statement. “The expansion of Hyperloop will lead to an increased demand for the creation of new innovation hubs, in Slovakia and all over Europe.”

However, before we can look forward to backpacking across Central Europe and getting back home by dinner, significant financial hurdles need to be overcome, more specifically the cost, which is somewhere between $200 million and $300 million. If everything goes according to plan, the project should be finished by 2020, Wired reports.

In an interview with Vice, HTT Chief Operating Officer Bibop G. Gresta said the initial feasibility study showed that the Hyperloop pod could transport up to 10 million people a year. The biggest challenges, he said, are politics and regulation.

Do you think the Hyperloop will be embraced as a new modern transportation system? If not, why not? Please let me know in the comment section below.

Written by Jurica Dujmovic of MarketWatch

(Source: MarketWatch)

Hey Musk, Bezos — My Spaceship is Better: Branson

Provided by CNBC

The modern day space race doesn’t pit country against country. It’s a game of thrones of sorts among three billionaires: Elon Musk, Jeff Bezos, and Richard Branson.

Under the guise of “we compete in a friendly way,” Branson engaged in a little trash-talk at the World Economic Forum in Davos, Switzerland.

“Our spaceship comes back and lands on wheels. Theirs don’t,” he told CNBC’s “Squawk Box” in an interview that aired Friday. “Because ours is shaped like an airplane, we hope to do point-to-point air travel one day. Theirs is not.”

To be fair, he said that Musk, founder of SpaceX, and Bezos, founder of Blue Origin, would probably give reasons why theirs are better than Branson’s Virgin Galactic effort.

Branson, who said he’s friends with Musk but does not know Bezos well, stressed that competition is good. “You need competition. And the public will benefit from the three of us getting out there and competing.”

Besides space, Branson’s Virgin conglomerate runs branded businesses worldwide in industries including mobile phones, airlines, financial services, music, as well as health and wellness.

Musk, also a serial entrepreneur, is the founder and chief of electric automaker Tesla (TSLA). He’s also chairman of energy company, SolarCity (SCTY). Bezos is founder and chief of Amazon (AMZN) and the owner of The Washington Post.

During his CNBC interview, Branson also addressed the most pressing concern for financial markets: the depressed price of oil that’s seen somewhat of a bounce recently.

He said he sees oil prices likely staying low for a long time, but he believes that’s a good thing for the global economy.

“There’s no need to try to make up a recession [case],” he said. “This is going to be the greatest boost to the economy you could imagine. And everyone is going to have money in their pockets to spend,” because of cheaper gasoline prices.

Depressed oil, which also translates into lower jet fuel prices, has been a boon to the airline industry and passengers.

When the oil hedges that many carriers engage in to lock-in steady costs come off, “they can afford to reduce fares,” Branson said. “And that will stimulate demand on planes. And they can also afford to make some decent profits.”

“I remember $149 a barrel,” he recalled, with U.S. and global crude around $31 per barrel early Friday. “If you can’t make money today, you can’t make money ever in the airline industry.”

Reflecting on what some market watchers consider a bubble in so-called privately held unicorns, Branson said: “There’s always something of a bubble in the Valley,” referring to Silicon Valley. Unicorn companies are start-ups with market values exceeding $1 billion.

There are many good pre-initial public offering (IPO) companies, Branson acknowledged, but he warned that others are going to “fall flat on their face.”

Written by Mattheew J. Belvedere of CNBC

(Source: CNBC)