Why are Bill Gates and Jeff Bezos paying millions for specific metals?

Billionaires such as Bill Gates and Jeff Bezos are paying millions to companies that are searching for these specific metals.

Published Thu, Aug 12 2021 5:06 AM CDT   |   Updated Mon, Sep 13 2021 2:40 PM CDT

Billionaires such as Microsoft founder Bill Gates and Amazon founder Jeff Bezos are paying millions for certain metals, but why?

Why are Bill Gates and Jeff Bezos paying millions for specific metals? 01 | TweakTown.com

One word, electric vehicles. A mineral company that is financially backed by billionaires such as Jeff Bezos and Bill Gates has agreed in a joint venture with mining firm Bluejay. The mineral mining company KoBold Metals will be spending $15 million to search for nickel, copper, cobalt, and platinum at the Disko-Nuussuaq project in Central West Greenland.

Blujay said in a statement that in return for spending the $15 million, KoBold Metals will have a 51% stake in the project. For those that don't know, KoBold Metals is a privately-owned company that has been "recognized in 2021 as a Technology Pioneer by the World Economic Forum and as one of the 100 most promising private artificial intelligence companies in the world by CB Insights." Additionally, KoBold Metals is the only mining company using artificial intelligence.

KoBold Metals' main investor is Breakthrough Energy Ventures, a climate, and technology fund chaired by Bill Gates and features other investors such as Michael Bloomberg, Jeff Bezos, and Ray Dalio. For more information on this story, check out this link here.

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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