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Gina Rinehart’s $1 billion bet on Elon Musk · The Front

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  Speaker 1: Today's biggest news from The Australian. I'm Claire Harvey with
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  Speaker 1: the Front's afternoon headlines. The world's first trillionaire, Elon Musk,
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  Speaker 1: has a new business partner in Australian mining tycoon Gena Reinhardt,
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  Speaker 1: as she picks up a US one billion dollar stake
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  Speaker 1: in his SpaceX. Musk launched SpaceX onto the Nasdaq in
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  Speaker 1: the world's largest initial public offering last week, and its
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  Speaker 1: market capitalization has shot up to over US two point
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  Speaker 1: five trillion dollars. Shares launched it just under one hundred
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  Speaker 1: and fifty US dollars apiece and are now one hundred
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  Speaker 1: and ninety two dollars each. That's despite SpaceX not yet
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  Speaker 1: turning a profit presently. Mask uses SpaceX's satellite Internet division,
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  Speaker 1: Starlink to pay the bills racked up in its artificial
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  Speaker 1: intelligence division, and the float will help fund the next stage,
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  Speaker 1: which is to launch data centers into space aboard satellites
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  Speaker 1: equipped with huge soul a panel arrays to capture energy
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  Speaker 1: from the sun. The cold in space will prevent the
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  Speaker 1: centers from overheating, and keeping them in orbit will avoid
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  Speaker 1: pesky negotiations with landholders and governments. Musk's big dream is
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  Speaker 1: to make human life interplanetary, with plans for his starship
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  Speaker 1: Rockets to blast off in twenty twenty eight, for thousands
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  Speaker 1: of missions to take cargo, and ultimately people to build
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  Speaker 1: a city on Mars. On Tuesday, it emerged Gena Reinhart's
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  Speaker 1: Hancock Prospecting is all in on SpaceX. Gena Reinhardt said
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  Speaker 1: in a statement Elon Musk was exactly the kind of
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  Speaker 1: quote sensible, hard working, patriotic and exceptional person she likes
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  Speaker 1: to invest with. Cosmetics giant Adore Beauty is slashing jobs left,
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  Speaker 1: right and center as it pushes into AI and remaining
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  Speaker 1: staff say morale is at an all time low. Adore
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  Speaker 1: Beauty is worth about twenty five million dollars and is
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  Speaker 1: listed on the Australian Stock Exchange. Twenty jobs across its
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  Speaker 1: customer service, Marketing, IT and HR departments were cut in April.
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  Speaker 1: A further twenty warehouse roles were cut earlier in the year.
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  Speaker 1: A spokesperson for a dooor Beauty wouldn't say what, role,
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  Speaker 1: if any, AI played in staff restructures over the past
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  Speaker 1: two years. Homeowners can breathe a sigh of relief. The
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  Speaker 1: Reserve Bank left the cash rate on hold at four
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  Speaker 1: point three five percent on Tuesday. The decision follows three
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  Speaker 1: straight rate rises this year, but experts say we shouldn't
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  Speaker 1: get our hopes up about a rate cut anytime soon.
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  Speaker 1: Reserve Bank Governor Michelle Bullock says high inflation is still
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  Speaker 1: a problem.
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  Speaker 2: These increases are tough for households with mortgages who are
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  Speaker 2: also facing high inflation, but they are necessary to slow
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  Speaker 2: demand to make sure we get inflation down. I want
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  Speaker 2: to be very clear that inflation remains too high.
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  Speaker 1: Check out those stories. Who is live right now at
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  Speaker 1: the Australian dot com dot au and come back to
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  Speaker 1: the front first thing in the morning for our look
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  Speaker 1: at what judges say are meritless rape cases being prosecuted
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  Speaker 1: in New South Wales. We speak to one of the
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  Speaker 1: women at the center of the story that's right here
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  Speaker 1: Wednesday morning.