Neuralink, a start-up company manufacturing brain implants owned by Elon Musk, has reached a value of around five billion euros, compared to the two billion it was worth two years ago. The calculation was based on private transactions of the company’s shares.
Reuters reports that investors suddenly became interested in Neuralink shares after the company announced on May 25 that it had received permission from US regulators to test the chips on humans. However, experts estimate that it could take several years for Neuralink to obtain permission for the commercial use of the chips.
According to “optimistic” estimates from neural engineering experts, Musk’s company needs at least another 10 years to commercialize its brain implants. Neuralink also faces federal requirements for animal research.
Musk announced an ambitious plan for Neuralink, stating that his chip would allow healthy and disabled people to treat obesity, autism, depression, and schizophrenia. He also mentioned that the chip could enable internet browsing and boost telepathy.
Neuralink’s CEO stated that one of the goals is to enable paralyzed people to communicate through computerized text without typing on a keyboard. The executives of Neuralink and Musk did not comment on the allegations about the sudden increase in the company’s value.
Arno Lost 11 Billion Dollars in One Day
Bernard Arnault, the richest man in the world, lost about 11.2 billion dollars in one day. A large chunk of stock has been wiped from his broad portfolio amid concerns that the US economy will dampen demand for luxury goods.
The founder of LVMH, whose range includes Louis Vuitton bags, Moet & Chandon champagne, and Christian Dior dresses, saw its value climb to new records during 2023 as the share prices of European luxury companies rose.
However, now there has been a correction: a “return” of a certain percentage of those sudden gains. Shares in LVMH fell about five percent in 24 hours on the Paris stock market amid a broader decline that wiped about $30 billion from the European luxury sector.