Neuralink, valued recently at $9 billion, has claimed the status of a 'small disadvantaged business' with the federal government despite Elon Musk's net worth of $364 billion. This designation is intended for companies majority-owned by economically disadvantaged individuals, defined by the Small Business Administration. To qualify, an individual must have a net worth of less than $850,000, excluding home equity. Neuralink's self-certification raises questions about eligibility, considering Musk's significant wealth, which clearly disqualifies him from this designation.
Neuralink, valued at $9 billion, has designated itself as a 'small disadvantaged business' with the government, despite Elon Musk being the richest man in the world.
The designation allows companies to be classified as majority-owned by individuals from socially or economically disadvantaged groups, but Musk's net worth exceeds the qualification limit.
The Small Business Administration defines 'economically disadvantaged individuals' as those whose ability to compete has been impaired due to reduced capital and credit opportunities.
Individual net worth exceeding $850,000, not counting home equity, disqualifies someone from being considered economically disadvantaged.
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