Elon Musk says the world needs to tap the brakes on artificial intelligence and stop forcing children to study so much. He also believes aliens probably do not exist.
The tech billionaire is also looking for someone to run Twitter day to day ― after he sacked most of the company's leadership ― and said we should limit our children's time on social media.
The Tesla and SpaceX owner gave an insight into his 20-hour workdays, which he said are "relatively unusual and rather painful".
He was speaking remotely on the final day of the World Government Summit, in a 30-minute talk with Mohammed Al Gergawi, Minister of Cabinet Affairs and chairman of the WGS.
This may slow down AI a little bit, but I think that could be a good thing
Elon Musk on regulating AI
Risky AI
At a summit dominated by talk of AI, Mr Musk said he was concerned about programmes that the public now have access to.
"Artificial intelligence is something we need to be quite concerned about," he told the audience.
"ChatGPT has illustrated to people just how advanced AI has become. It has been advanced for a while, it just didn't have a user interface that was accessible to most people.
"And there are much more advanced versions that are coming out."
He said AI must be regulated as cars, aircraft and medicine are ― "I think it is actually a bigger risk than cars, planes or medicine", he said.
"This may slow down AI a little bit, but I think that could be a good thing."
What next for Twitter
Twitter's previous boss Parag Agrawal was sacked along with other executives ― and half the workforce ― when Mr Musk took over and assumed all the top jobs.
"I need to stabilise the organisation and make sure it's in a financially healthy place … and that the roadmap is clearly laid out," said Mr Musk, who admitted that the past year has been "quite the rollercoaster".
"Towards the end of this year would be good timing to find someone else to run the company."
Mr Al Gergawi asked Mr Musk about disinformation on the platform.
The Twitter boss said there was a "competition for truth", although he admitted the need for verified accounts for governments and public figures.
The billionaire — who has notably blocked some critics from his own account on Twitter — said: "Having some criticism is fine, I am constantly attacked on Twitter and I don’t mind. I have to be thick skinned."
'We're probably alone in the universe'
Mr Musk said that the UFOs found in the US skies this past week were unlikely to be aliens.
“The whole questions of aliens is a very interesting one, what is typically the Fermi paradox, which is that if the universe is really as old as science thinks it is, then where are the aliens?
“If we’ve really been around for 13.8 billion years, shouldn’t there be aliens all over the place?”
He said that he has seen no evidence of alien technology and alien life whatsoever ― and that could be troubling in some ways because it means humankind is alone.
“What that actually could mean is that ... civilisation consciousness is like a tiny candle in a bathtub,” he said.
“And a very vulnerable, tiny candle that can easily get blown out.”
Mr Musk speaks often about the need to make human life multi-planetary to keep the human species from going extinct.
He wants to send millions of people to Mars using his Starship rockets, which are in development.
Shave a few years off school
Mr Musk said that 12 years of school and four years of higher education was too far much for young people.
“You take a long time to ensure there's emotional, mental and physical maturity that is happening simultaneously with the education,” he said.
“So 12 years is probably not bad. We probably don't need an additional four, five or six years in college, as I see it that’s probably excessive. Probably shave a few years.”
School could be made more interesting for pupils, with some subjects like maths, engineering and physics being taught in compelling ways.
“Explain to children why we are teaching a particular subject. If you teach knowledge, especially in the sciences, as a solution to a problem, it's much more effective.
“Critical thinking is something that should be taught to children at a relatively young age, as effectively like a mental firewall to really think about when somebody tells you something, is it cogent? Is it true?”
Juggling family and all those jobs
The father of nine gave an insight into his life as one of the world's busiest people, while also trying to spend time with his family.
He spoke about what kind of social media restrictions he puts on his children.
"I generally do not try to restrict social media for my kids, although that might have been a mistake," Mr Musk said.
"They've really been programmed by Reddit and Youtube, more Reddit than anything else.
"Probably, I would limit social media a bit more than I had in the past.
"And just, you know, take note of what they're watching, because I think they're being programmed by some social media algorithm, which you may or may not agree with.
"So, I think, probably, one needs to supervise children's use of social media."
Since acquiring Twitter, Mr Musk said he has added a lot more workload to his plate and currently often has a 20-hour workday, which he said was "relatively unusual and rather painful".
He said he gets six hours of sleep each night.
"So, if I stayed close to six hours, I find that I am awake longer, but I get less time," he said.
"So, I do have to work different amounts."
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Global state-owned investor ranking by size
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China
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UAE
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Canada
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
Getting%20there%20and%20where%20to%20stay
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Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
Jawan
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'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
RESULTS
6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby
7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko
7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor
20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill
8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara
9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
