#Auto company Tesla and SpaceX CEO | Explore Tumblr Posts and Blogs

speedyposts · 3 months

Text

Why has a court blocked Elon Musk’s $56bn Tesla pay?

A Delaware judge has scrapped a $55.8bn compensation package for Tesla boss Elon Musk after years of legal arguments about his pay. Tesla stocks dropped 2 percent after the ruling before recovering to close at just over $187 a share.

Wednesday’s ruling came after a shareholder sued Tesla directors in 2018 in the Delaware Court of Chancery, claiming that Musk was overcompensated. The pay package, agreed in 2018 to be paid out over 10 years after Musk hit certain targets, was the biggest in United States corporate history. It contributed to Musk’s standing as the world’s richest man as the CEO hit the dozen targets set by 2023. Musk may appeal the ruling but has not indicated whether he will.

.adtnl4-container { width: 100%; max-width: 100%; background-color: #34495e; border-radius: 10px; overflow: hidden; box-shadow: 0 10px 20px rgba(0, 0, 0, 0.2); margin: 20px auto; } .adtnl4-banner { width: 100%; max-height: 200px; overflow: hidden; } .adtnl4-banner img { width: 100%; height: auto; max-height: 200px; object-fit: cover; } .adtnl4-content { width: 100%; padding: 20px; box-sizing: border-box; text-align: left; font-family: 'Open Sans', sans-serif; color: #ecf0f1; background-color: #34495e; } .adtnl4-title a { font-size: 1.2em; font-weight: bold; margin-bottom: 10px; color: #fff; text-decoration: none; } .adtnl4-description { font-size: 1em; line-height: 1.6; color: #fff; margin-bottom: 15px; margin-top: 5px; } .adtnl4-learn-more-button { display: inline-block; padding: 10px 20px; font-size: 1em; font-weight: bold; text-decoration: none; background-color: #e74c3c; color: #fff; border-radius: 5px; transition: background-color 0.3s; } .adtnl4-learn-more-button:hover { background-color: #c0392b; } .adtnl4-marker a { font-size: 0.8em; color: #ccc; }

How to Get AdSense Approval Quickly a Personal Journey to Monetizing a Niche Blog

I will share my personal journey of getting AdSense approval quickly for my blog focused on the SME

Read Article

Ads by NSMEJ

Speaking in court, Judge Kathaleen McCormick said the amount was “unfathomable” and blamed Tesla’s leadership for not properly informing shareholders about it.

The ruling saw Musk drop a notch on the world’s richest people list by Forbes, becoming the world’s second richest person after Bernard Arnault, boss of the French fashion and cosmetics empire LVMH.

Here’s what we know about Musk’s pay deal and why it was controversial:

Musk, who founded Tesla in 2003, does not receive a salary from the electric carmaker. He agreed to the $56bn compensation package in 2018 to cover a period of 10 years.

The deal awarded Musk stock worth about 1 percent of Tesla’s equity each time the company achieved one of its operational and financial goals, such as ambitious aims set in 2018 to increase the Tesla market cap from $59bn to $650bn within 10 years. This meant hitting targets set for Tesla’s share price and the company’s profitability. Musk hit all 12 targets set by Tesla by 2023.

The package helped boost Musk’s personal worth and made him the highest paid CEO in the US. According to Forbes, the tycoon was worth from $198bn to $220bn in November.

Tesla is currently worth $596bn and is ranked the ninth largest US company by valuation.

Tesla’s lawyers argued that the pay package was designed to incentivise Musk as the company increased production of its Tesla Model 3. The CEO, a controversial figure because of his public takes on world affairs, is also head of the spacecraft company SpaceX and social media site X, formerly Twitter.

Richard Tornetta, an individual Tesla shareholder, filed the lawsuit against Musk and senior Tesla executives in 2018, arguing that the package was excessive and the board had not acted independently.

Tornetta, a drummer who was once in the heavy metal band Dawn of Correction, owned just nine of Tesla’s 3.1 billion shares in 2018 when he filed the suit. His shares are worth about $1,700 today. According to the court, Tornetta’s lawyers will be compensated by Tesla.

Gregory Varallo, Tornetta’s lawyer, argued that Tesla shareholders were not informed how easily Tesla’s financial goals would be achieved when they voted on the package and Musk, who owns more than 411 million shares (just over 12 percent), did not need further incentives.

Varallo also said the board did not disclose that Musk had designed the pay package himself or how close Musk was to some of Tesla’s payment committee members, such as Antonio Gracias and Ira Ehrenpreis, who the CEO has had personal and business relationships with for several years.

When it was announced, the deal sparked debate about widening pay inequalities at US companies and drew criticism from organisations such as the California State Teachers’ Retirement System, a major pension fund and a holder of Tesla shares.

Researchers said US CEOs were paid 399 times more than the average worker in 2021.

Outside the US, pay disparities are also pervasive. The High Pay Centre analysed 350 companies in the United Kingdom in 2022 and found that the difference in average pay between CEOs and other employees had hit a ratio of 57 to 1. At some companies, the pay gap between CEOs and the lowest-income workers was as high as 75 to 1.

In a poll carried out by the organisation, 76 percent of respondents said CEOs should not earn more than 20 times the pay of middle- and low-income colleagues. Oil giant British Petroleum and shoe retailer JD recorded the widest pay gaps.

What did the judge say and what happens to the package now?

In her 201-page opinion, McCormick said Tesla’s board had failed to protect shareholders.

She noted that the Tesla executives who voted for the package were well known to Musk although the CEO and his brother, Kimbal Musk, a major shareholder, recused themselves from the vote.

“Swept up by the rhetoric of ‘all upside,’ or perhaps starry eyed by Musk’s superstar appeal, the board never asked the $55.8 billion question: Was the plan even necessary for Tesla to retain Musk and achieve its goals?” the judge wrote.

Tesla must submit a new pay package to McCormick at a yet undefined time. The judge will then approve and finalise the ruling.

Musk’s lawyers may appeal although it’s not yet clear if that will happen.

Musk conducted a poll on X on Wednesday, asking users if Tesla should change its state of registration to Texas, where the company’s headquarters is located. More than 1.1 million people responded with 87 percent in favour of the move.

“Tesla will move immediately to hold a shareholder vote to transfer state of incorporation to Texas,” Musk wrote.

Musk did not reveal a timeline for the shareholder vote and eventual transfer. The CEO said in January that he was seeking to double his Tesla stake to 25 percent after he sold shares to pay hefty bills like his $44bn purchase of Twitter in 2022.

How to Get AdSense Approval Quickly a Personal Journey to Monetizing a Niche Blog

I will share my personal journey of getting AdSense approval quickly for my blog focused on the SME

Read Article

Ads by NSMEJ

0 notes

enterprisewired · 5 months

Text

Elon Musk’s Antisemitic Tweetstorm Ignites Global Controversy and Backlash

Elon Musk, the prominent figure behind Tesla, SpaceX, and X Corp., ignited a firestorm of controversy on Wednesday with a series of tweets that many have criticized as prejudiced and divisive.

Anti-Semitic Conspiracy Theory

In a departure from his usual discourse, Musk endorsed an antisemitic conspiracy theory and then leveled accusations against “Jewish communities,” the Anti-Defamation League (ADL), and minorities, citing what he termed as “anti-white” messaging and views without substantiating his claims.

As the wealthiest individual globally, with a net worth estimated at around $225 billion, Musk heads multiple companies collectively employing approximately 150,000 individuals worldwide. His portfolio includes SpaceX, Tesla, The Boring Co., Neuralink, X Corp., and his recent venture, xAI.

The tweet details

Musk’s controversial tweet exchange centered on endorsing a statement that alleged Jewish people were promoting a form of hatred against whites, to which he emphatically agreed, drawing considerable attention and condemnation.

Yair Rosenberg of The Atlantic noted, “This exchange would have remained unnoticed if Musk hadn’t engaged with this bigoted statement.”

The response was swift, with the ADL’s CEO, Jonathan Greenblatt, warning against validating and propagating antisemitic theories, particularly in a climate of escalating antisemitism globally.

Global Backlash

Musk, facing backlash for his support of the antisemitic tweet, redirected his criticism toward the ADL, alleging unjust attacks on the majority in the West while omitting evidence supporting these claims. CNBC’s attempts to reach Musk and his companies for clarification yielded no substantial response except for an auto-reply citing being busy.

In subsequent tweets, Musk defended his stance, expressing offense at the ADL’s messaging and condemning any form of racism, including anti-white and anti-Asian sentiments.

This incident aligns with a pattern of controversial social media behavior by Musk, coinciding with previous legal challenges faced by his companies, particularly Tesla. The Equal Employment Opportunity Commission’s lawsuit against Tesla over alleged racial discrimination further compounds Musk’s recurrent controversies.

Musk had previously threatened legal action against the ADL, attributing a significant revenue decline at X to the organization’s actions, though no lawsuit has materialized.

Musk’s Statements

Hate crimes expert Brian Levin highlighted the potential consequences of Musk’s statements, suggesting that his amplification of divisive rhetoric could exacerbate antisemitic incidents and hate crimes, a concern echoed by Meredith Benton at Whistle Stop Capital, who suggested potential repercussions on Musk’s businesses.

The controversy underscores growing apprehension among investors regarding allegations of discrimination and the company’s handling of such issues, pointing to a consequential proxy season ahead for Tesla.

Also Read: Simulations suggest only 22 people are required to start a colony on Mars

#ElonMusk #Controversy #SocialMediaDebate #Tesla #SpaceX #GlobalBacklash #News #BreakingNews

0 notes

dan6085 · 11 months

Text

Ranking corporate managers of all time is a subjective matter, as different people may have different criteria for what makes a great manager. However, here are 20 corporate managers who are widely regarded as some of the most successful and influential in history:

1. Jack Welch - Former CEO of General Electric, known for his management philosophy of "boundaryless" organizations and Six Sigma quality control.

2. Steve Jobs - Co-founder and former CEO of Apple, credited with reviving the company and creating iconic products such as the iPhone and iPad.

3. Warren Buffett - Chairman and CEO of Berkshire Hathaway, renowned for his value investing strategy and long-term focus on building sustainable businesses.

4. John D. Rockefeller - Founder of Standard Oil and one of the wealthiest individuals in history, known for his innovative business practices and philanthropic efforts.

5. Andrew Carnegie - Founder of Carnegie Steel and one of the most influential philanthropists of his time, known for his focus on efficiency and productivity.

6. Peter Drucker - Management consultant and author, known for his groundbreaking work on management theory and practice.

7. Akio Morita - Co-founder of Sony Corporation, known for his innovative approach to product design and marketing.

8. Lee Iacocca - Former CEO of Chrysler Corporation, credited with turning around the struggling automaker in the 1980s.

9. Bill Gates - Co-founder of Microsoft, known for his vision and leadership in the development of the personal computer industry.

10. Alfred Sloan - Former CEO of General Motors, credited with transforming the auto industry through the creation of the modern corporate structure.

11. Sam Walton - Founder of Walmart, known for his focus on low prices and efficient supply chain management.

12. Jeff Bezos - Founder and CEO of Amazon, credited with revolutionizing the retail industry and creating one of the most valuable companies in the world.

13. Indra Nooyi - Former CEO of PepsiCo, known for her focus on corporate sustainability and diversity.

14. Herb Kelleher - Co-founder and former CEO of Southwest Airlines, known for his innovative approach to low-cost air travel and corporate culture.

15. Howard Schultz - Former CEO of Starbucks, credited with transforming the coffee industry and creating a global brand.

16. Ray Kroc - Founder of McDonald's Corporation, known for his focus on standardized systems and franchising.

17. Richard Branson - Founder of Virgin Group, known for his entrepreneurial spirit and focus on innovation and disruption.

18. Carlos Ghosn - Former CEO of Nissan and Renault, credited with turning around the struggling Japanese automaker and creating a global automotive alliance.

19. Elon Musk - Founder and CEO of Tesla and SpaceX, known for his vision and leadership in the development of electric cars and space exploration.

20. Mary Barra - CEO of General Motors, known for her focus on innovation and the development of autonomous and electric vehicles.

These managers are widely regarded as some of the most successful and influential in history for their visionary leadership, innovative approaches to business, and long-term focus on sustainability and growth. They have left a lasting impact on their industries and the wider business world, and their legacies continue to inspire current and future generations of corporate leaders.

0 notes

mariacallous · 1 year

Text

Elon Musk has a lot going on right now. In the week since he bought Twitter for $44 billion, he fired its upper management and laid off thousands of employees, declared himself CEO and sole director, and used tweets and memes to publicly thrash out a dubious business plan that involves charging users $8 a month for benefits that include a blue check mark.

All that is just Musk’s new side gig. The world’s richest man is perhaps now its busiest, revamping Twitter while also serving as CEO of electric-auto maker Tesla; rocket maker SpaceX; the Boring Company, which digs tunnels for transit; and Neuralink, which is testing brain implants meant to eventually connect humans with computers.

How does Musk manage and lead all those complex projects at the same time? His performance is probably patchy—and at risk of getting more so. “It's not possible for a CEO to run four or five companies equally effectively,” says David Yoffie, a professor at Harvard Business School who has studied Musk and his businesses. “That's not the expectation we should have.” Taking on a new CEO role at a company in an unfamiliar industry at a time when Musk’s other ventures face complex challenges will only make juggling them all more difficult.

It’s not a good time for Musk to be distracted from Tesla, his most valuable company. Under his management it has made strides in battery technology, production, and automated driving, and has rapidly ramped up sales. The company delivered an impressive 343,000 vehicles worldwide in the third quarter of 2022, an increase of more than a third over the same period a year earlier. But Tesla faces pressure from other automakers producing competitive electric vehicles of their own, and it has a deepening and potentially difficult dependency on China.

More than a dozen new EVs from various brands will debut in the US alone in the next couple of years. A Bank of America Merrill Lynch report published in June estimated that Tesla’s share of the EV market could decline from over 70 percent in 2021 to the low teens by 2025. The company is also facing several lawsuits over accidents involving Tesla’s Autopilot automated driving system and, according to a recent report from Reuters, a criminal investigation by the US Department of Justice into Tesla’s “full self-driving” software package that cannot fully self-drive.

Tesla’s dependence on China brings competitive and political risks. The company sources crucial raw materials from Chinese mines, and almost half its manufacturing capacity is now in a vast factory in Shanghai. But China’s automakers are rapidly electrifying, and its government has shown willingness to pressure Musk politically. In October, Musk told the Financial Times that China had told him it disapproved of the rollout of SpaceX’s Starlink satellite internet service in Ukraine. The entrepreneur went on to parrot Chinese policy on Taiwan, saying that the country should become a “special administrative zone” of China.

Operating in China could get more difficult for Musk if the country’s leaders dislike how he operates Twitter. Government news sources there have complained that the platform labels its staff on the platform as “China state-affiliated media,” and Twitter recently disrupted China-based operations said to be using the site to influence the US midterm elections.

Tesla’s stock has fallen significantly in the months since Musk announced his plan to acquire Twitter. Yoffie says that may be a sign investors worry he is stretched too thin. In 2018, when Tesla suffered a production crunch, Musk rallied his workers and slept some nights at the factory. He may be less able to pitch in on future crises. “Fundamentally, Elon is a micro-manager,” Yoffie says. “If he had bought Twitter during that period of time, he wouldn't have been able to give Tesla any attention whatsoever.”

SpaceX, where Musk is both CEO and lead designer, also has a busy schedule and some complex management challenges. An official with NASA, which has signed a $3 billion contract to use the company’s heavy-lift rocket Starship, said last week that the craft could make its maiden voyage as soon as this December. But the US Federal Aviation Administration announced in June that SpaceX is required to make 75 changes to Starship to mitigate environmental impacts, and the agency has not yet approved the rocket for launch.

Like Tesla, SpaceX has also entangled Musk in geopolitics. After Russia invaded Ukraine, the company—with some US government support—donated 20,000 Starlink satellite internet terminals to help keep Ukrainian military and civilians online. This October, Musk said SpaceX could no longer afford to provide that service, citing $100 million in costs by year’s end. A week later, after bad press about that move, he reversed himself, saying SpaceX would keep funding Starlink service to Ukraine. Amid the recent drama, Musk found time to tweet out a controversial peace plan for Russia’s invasion, involving Ukraine ceding territory to its attacker. Musk later denied claims he had discussed the war in Ukraine with Russian leader Vladimir Putin, but said they had spoken about space.

The Boring Company and Neuralink, Musk’s other main interests, are younger than Tesla and SpaceX and have so far been less successful. The former, founded in 2016, completed prototype tunnels in Los Angeles and Las Vegas, but plans to build underground links connecting New York and Washington, DC; Chicago’s downtown with an airport; and downtown Los Angeles with Dodger Stadium have stalled. In a TED interview in 2017, Musk said the Boring Company accounted for about 2 to 3 percent of his time. Musk originally proposed a hyperloop—a pressurized tube through which things can travel at high speed using magnetic levitation—as a more efficient form of transportation, but his company has more recently backed away from the idea. SpaceX this year disassembled one of its Los Angeles test tunnels, turning the site into a parking lot.

Neuralink, which works on brain implants for controlling a computer, was also founded in 2016. Musk has previously said he planned to have regulatory approval for the brain chips by 2020, and would begin human trials in 2022, but the company is behind schedule. Neuralink has held more than just business interest for Musk. This July, Business Insider revealed that Musk had twins with one of the company’s executives, Shivon Zilis, in November 2021.

Is there method to this Muskness? Andy Wu, an assistant professor at Harvard, argues that Musk’s businesses share a pattern of tackling complex problems that require mastering large scale through huge capital investment, daring bets, and persuading employees and investors to believe in the bigger mission.

The Twitter acquisition doesn’t yet fit that pattern. Wu has been impressed by how quickly the new CEO has sought to reorganize the company, but he has yet to see clear communication about the mission. Musk’s takeover of Twitter doesn’t provide a clear and inspiring engineering goal like Tesla and SpaceX—the company’s business problems are mostly people problems. And his apparent focus on free speech appears somewhat at odds with the challenge of running a social media company safely and profitably. Musk in recent days appeared to backtrack on earlier suggestions he would strip away Twitter’s content moderation policies, to the dismay of some supporters of his project.

Wu says it is important to separate distaste or ardor for Musk’s politics or personal life from any assessment of his business skills. He points out that juggling more than one CEO job is not unprecedented, and that many investors take an active hand in multiple ventures. “The closest analogy is after Steve Jobs was fired from Apple, he was affiliated with both Pixar and Next Computing—and did pretty innovative things at both companies,” Wu says. He adds, however, that Tesla and SpaceX are probably a lot more complex and challenging to manage.

One of Musk’s talents cuts across his ventures without conflict. Yoffie says that Tesla and its stock price has benefited hugely from the entrepreneur’s antics on Twitter, which include interacting with customers, hyping up investors, and taking aim at critics. Taking control of the platform that has helped him burnish his personal brand has so far only made his voice—and its reverberations around the business world—that much louder. “He gets an amazing amount of free PR,” Yoffie says.

1 note · View note

adminnewstrust24 · 3 years

Text

Elon Musk slipped to third in the list of world's top rich, know who got ahead

Elon Musk slipped to third in the list of world’s top rich, know who got ahead

Credit: Win McNamee Getty Images Auto company Tesla and SpaceX CEO Elon Musk have now come at number three on the rich list. According to the Bloomberg Billionaires Index, Musk ranks third in the list of the world’s top rich. French businessman and CEO of the world’s largest luxury goods company (LVMH Moët Hennessy), Bernard Arnault has overtaken him to number two. On Monday, Tesla shares fell…

View On WordPress

#Auto company Tesla and SpaceX CEO #Bernard Arnault #Elon Musk #French businessman #SpaceX CEO #Worlds Top Richest

0 notes

jenniferpham17-blog · 4 years

Text

Tesla Inc. is a American electric vehicle and clean energy company. Tesla is a unique automaker that only manufactures all-electric vehicles. They produce battery energy storage from home to grid scale. They obtained SolarCity a solar panel and solar roofing tile manufacturing Company. Formerly named Tesla Motors was founded on July 1, 2003 in San Carlos California by Elon Musk, JB Straubel, Martin Eberhard, Marc Tarpenning, Ian Wright. Tesla's headquarters is located in Palo Alto, California.

Tesla's latest mission statement was quoted on November 28, 2018 by Elon Musk CEO, Chairman & Product Architect. Stating “Our goal when we created Tesla a decade ago was the same as it is today: to accelerate the advent of sustainable transport by bringing compelling mass market electric cars to market as soon as possible.” A key to Tesla success is its Founder and CEO Elon Musk who owns the biggest share of his Tesla Inc. at 21%. He is an entrepreneur/businessman that founded several other companies like Paypal and SpaceX. For the first time in history Tesla inc, has surpassed Ford and General Motors the two largest US automakers as the most valuable American automaker. As of January of 2020 Tesla Inc. is worth an estimated 103 billion dollars. Tesla has a market cap of 133.5 billion and a market share of $725.00 dollars as of April 27, 2020. Tesla made people rethink about environment friendly cars that can be eye catching, popular, cost effective, and luxurious all together. Tesla’s brand is known for several reasons : technological advances, fast acceleration speed, luxury style, safety features, no emissions, vehicle updates and unique features. Autopilot started providing semi-autonomous driver assist. Tesla allocates its finances to support its business by spending on what's needed to sell its cars. Tesla, like Lamborghini another major automaker, spends zero dollars on advertising. They believe if they make a good high-end quality product that will sell itself. Their strategy is to impress their consumers so that their consumers can spread the message by word of mouth, on their social media platforms, etc. Tesla found a way to make its consumers its marketing and advertising team. Their old fashioned market strategies essentially give them free advertisement. You will not find a Tesla vehicle at a dealership because they don't have any, instead they have showrooms around the world most commonly in malls. Having dealerships and waiting for cars to be sold will cost more than selling directly to consumers. The company saves by not having any commercial real estate for dealership , staffing , maintenance property, etc. They cut out the middleman and dealership fees to connect directly to their customers building a stronger consumer relationship. Tesla is the first automaker that sells cars directly to consumers. To purchase a Tesla consumer would have to go to one of the Tesla showrooms or order their vehicle online at Tesla.com. Tesla has a steady cash flow because of this strategy product purchased online and are often pre-ordered. Consumers pay for the vehicle to reserve its spot in inventory or in the production line. They essentially have a pay to order strategy that differentiates them to their competitors. They figured that having vehicles waiting to be sold at a regular dealership or partner dealership will depreciate its value and increase unsold inventory. From having this control they are able to obtain all their data from their vehicles and websites. To better understand their consumers and what they want from their vehicle.

Tesla has a car service location around the world to maintain and repair buyers vehicles. Its vehicles all tend to have futuristic style and technology advances not seen in other automakers.

Tesla doesn't have third party repair shops or sell parts directly to consumers. Because of its high tech vehicle and complicated computer system. Tesla consumers have to go to one of its car servicing centers because third party auto repair don’t have any tools or coding to fix or maintain a Tesla vehicle. Its vehicles are charged with Tesla Supercharger that are installed all around the world and it's absolutely free of charge. It also comes with an adapter so if the consumer can’t get to a charging station they can charge it at home. Tesla's vision statement is “to create the most compelling car company of the 21st century by driving the world's transition to electric vehicles.” This corporate vision emphasizes the company's focus on renewable energy.

The Model S is a five-door liftback sedan. The Model 3 is a four-door sedan, and is Tesla's third-generation car with the most economical costing around $35,000 dollars. The Model X is a mid-size crossover SUV with a lightweight aluminum body. The Model Y car will have up to three rows of seats up to 7 people. The Roadster is under the supercar category it achieves 0–60 mph in 1.9 seconds; it also will achieve 0–100 mph in 4.2 seconds costing $200,000 - $300,000 dollars. The Tesla Semi is an all-electric Class 8 semi-trailer truck.

The Cybertruck was unveiled on November 21, 2019, Five days after the reveal, Cybertruck had more than 250,000 preorders.

Its vehicle names indirect indication the world Sexy : Model S Model 3 Model X Tesla Y

Fun Fact : Tesla wanted to name Model 3 Model E but Ford motors already obtained the name so Tesla went with model 3 instead. Tesla being an all electric automaker with silicon valley's modern tech. Applicants can’t go to regular auto mechanic school and then work for Tesla. Tesla has an educational program called START it stands for Student Automotive Technician Program. They partner up with 8 colleges around the US to provide automotive technician curriculums as a 12-week capstone providing students with a smooth transition from college to full-time employment. Tesla employs over 48,016 workers as of 2019. Service Technician at Tesla Motors earns an average of $66,274, ranging from $61,411 at the 25th percentile to $70,740 at the 75th percentile, with top earners (the top 10%) earning more than $75,389. Compensation is derived from 85 profiles, including base salary, equity and bonus. Service technicians get paid well above traditional auto mechanic salary which is $41,000 dollars yearly.

Reference

Routley, N. (2020, January 24). Tesla's Valuation Surpasses Ford and GM Combined. Retrieved from https://www.visualcapitalist.com/teslas-valuation-surpasses-ford-and-gm-combined/

Electric Cars, Solar Panels & Clean Energy Storage: Tesla. (n.d.). Retrieved from https://www.tesla.com/

Tesla Motors Service Technician Salaries. (n.d.). Retrieved from https://www.paysa.com/salaries/tesla-motors--service-technician

#tesla

1 note · View note

deniscollins · 6 years

Text

Tesla’s Elon Musk Had a Deal From the S.E.C. It Fell Apart in a Morning.

Elon Musk, CEO and Chairman of the Board at Tesla, posted on Twitter that he had “funding secured” to take Tesla private for $420 a share, but that was not true, though Tesla’s stock price increased dramatically. The S.E.C., after investigating the fraud, offered Musk a settlement that would cost the company tens of millions of dollars in fees (considered a modest fine), where, Musk could remain as CEO but would have to step down from Chairman of the Board for 2 years, and could plead “neither admit nor deny,” deal, meaning that Mr. Musk would not have to acknowledge knowingly committing a violation, but he could publicly state that he had done nothing wrong. If the settlement is not accepted, the SEC could sue Tesla and remove him from both Chairman and CEO positions indefinitely. If you were Musk, would you accept this settlement: (1) Yes, (2) No? Why? What are the ethics underlying your decision?

When Thursday began, Elon Musk had a deal on the table.

After days of tense negotiations, the Securities and Exchange Commission and lawyers for Mr. Musk, Tesla’s chief executive, had agreed on a settlement that would bring to a close a drama that has riveted Wall Street and Silicon Valley for the past two months.

Under the terms of the agreement, what started on Aug. 7 — when Mr. Musk posted on Twitter that he had “funding secured” to take Tesla private for $420 a share — would end with some modest penalties and Mr. Musk staying on as chief executive, according to two people briefed on the talks.

The plan, as it was negotiated by lawyers, was for Mr. Musk to step down as chairman of Tesla within 45 days and not resume that post for two years. The company, also a party to the proposed agreement, would add two new directors to its board. Mr. Musk and the company would pay tens of millions of dollars in fines, according to the people, who requested anonymity because they were not authorized to speak publicly. The negotiators planned to announce the agreement on Thursday after the markets closed.

But for Mr. Musk — an emotional, volatile and cocksure billionaire — the deal was unacceptable.

The settlement with the S.E.C. was a “neither admit nor deny” deal, meaning that Mr. Musk would not have acknowledged knowingly committing a violation. Mr. Musk, however, would not have been allowed to publicly state that he had done nothing wrong — and that was something he couldn’t accept, according to three people familiar with the talks.

So on Thursday morning, as settlement papers were being drawn up and news releases were being drafted, Mr. Musk walked away. Lawyers, Tesla executives and advisers to the company were stunned that he would turn away from such a favorable settlement.

And the S.E.C., taken aback, quickly changed course and upped the ante significantly. On Thursday afternoon, the agency sued Mr. Musk, seeking to bar him from serving as an executive or a director of a public company. If it wins, Mr. Musk will lose the company he co-founded. Tesla stock fell 14 percent on Friday.

“The company’s brand and stock will suffer if he leaves,” said Mike Ramsey, an auto analyst at Gartner. “But I hate to say it, they might be better off.”

Tesla has lurched from crisis to crisis over the past year, and has been scrambling to contain the fallout from Mr. Musk’s tweet, which touched off a market frenzy that sent Tesla’s shares soaring, and prompted federal regulators to examine whether Mr. Musk had misled investors with a surprise declaration that vastly overstated reality.

On Friday, the S.E.C. set a date of Feb. 1 for a preliminary hearing on the case, leaving plenty of time for Mr. Musk to change his mind and agree to a settlement, albeit a potentially less favorable one. But the lawsuit, which could take years to come to trial, will cast a cloud over the company as long as the matter remains unresolved.

In recent weeks, the S.E.C. was preparing to send Tesla a Wells Notice, signaling that it intended to bring civil charges against the company and Mr. Musk. But by Thursday, after the settlement talks fell apart, the S.E.C. narrowed its focus. Instead of looking to settle with the company and Mr. Musk, it sued Mr. Musk alone, according to a person close the company.

After the commission began to investigate Mr. Musk’s assertion on Twitter, his lawyers sent two lengthy letters to regulators making their case that he had done nothing wrong, according to that person.

The letters outlined meetings that Mr. Musk had had with officials from a Saudi Arabian sovereign wealth fund, which had led him to believe he had financial support to take Tesla private, the person said.

On an evening in March 2017, for example, Mr. Musk and Tesla’s chief financial officer dined at the Tesla factory in Fremont, Calif., with Larry Ellison, the chairman of Oracle, and Yasir Al Rumayyan, the managing director of the Saudi Public Investment Fund. During the meal, the letters said, Mr. Rumayyan raised the idea of taking Tesla private and increasing the Saudi fund’s stake in it.

More than a year later, the lawyers said, Mr. Musk and Mr. Rumayyan met at the Tesla factory on July 31. When Mr. Rumayyan spoke again of taking the company private, Mr. Musk asked him whether anyone else at the fund needed to approve of such a significant deal. Mr. Rumayyan said no, according to the person familiar with the letters.

Representatives for Mr. Ellison and the Saudi investment fund did not immediately respond to messages seeking comment Friday evening. People familiar with the workings of the Saudi fund previously said it had taken none of the steps that such an ambitious transaction would entail, like preparing a term sheet or hiring a financial adviser to work on the deal.

Mr. Musk and other Tesla executives told Tesla’s board about the talks with the Saudis, the lawyers wrote, according to the person familiar with the letters. On Aug. 3, Mr. Musk shared his idea for the $420 share price with the board.

It was an Aug. 7 Financial Times story that spurred Mr. Musk to action, the lawyers said in the letters to the commission. An alarm bell went off when he saw the newspaper’s report that the Saudis had built up a significant stake in Tesla. He feared that word would get out that a deal to take Tesla private was possible. So he began to tweet, the lawyers said.

His tweets, the lawyers wrote, were sent in good faith. He believed that the Saudis were capable of doing a deal and interested in doing one, and that what remained was a matter of details, according to the person familiar with the letters.

One sticking point for Mr. Musk in the tentative S.E.C. settlement was the particular statute which he was said to have violated.

That statute contains language about misleading investors. Mr. Musk’s lawyers wanted the commission to change its claim to say he was merely negligent in his statement, according to a person familiar with the details of the negotiations.

Mr. Musk was concerned about what those terms might mean for his other businesses, SpaceX and the Boring Company. He was worried the agreement could jeopardize those companies’ ability to continue working for the government, the person said.

In a statement after the commission filed its suit on Thursday, Mr. Musk called the agency’s enforcement effort “unjustified.”

“I have always taken action in the best interests of truth, transparency and investors,” he said. “Integrity is the most important value in my life, and the facts will show I never compromised this in any way.”

Mr. Musk’s decision to back away from the settlement could complicate Tesla’s future. He has said the company will be consistently profitable by the end of this year, propelled by sales of its newest car, the midsize Model 3 sedan. But Tesla has struggled to meet its production targets for the Model 3, and has continued to burn through cash while two bond payments totaling more than a billion dollars will come due in the next six months.

Tesla had $2.2 billion in cash at the end of the second quarter, but has been using up nearly a $1 billion every three months. It also has about $11 billion in debt, and owed its suppliers $3 billion as of June 30.

Mr. Musk has said Tesla won’t seek additional capital. But Garrett Nelson, an analyst at CFRA Research, said he believed Tesla will have do so in the first half of 2019.

Mr. Musk’s legal troubles will only make it more difficult for the company to issue bonds or secure other financing.

“The best case is they can get access to capital but it’s more expensive than they would like,” Mr. Nelson said. “The worst case is they won’t be able to raise capital.”

Another uncertainty for investors is who will ultimately be at the helm of Tesla. Mr. Musk is Tesla’s visionary, much like Steve Jobs was at Apple, Mr. Nelson said, and belief in him is one of the reasons investors have bet on Tesla shares.

“He’s critical, in our opinion,” Mr. Nelson said.

#Tesla #Elon Musk

2 notes · View notes

isfeed · 3 years

Text

Elon Musk slams Biden as ‘not the friendliest’ after White House EV summit snub

Tesla and SpaceX boss Elon Musk criticized President Joe Biden as “not the friendliest administration” after the White House snubbed his company last month. Musk’s comments came during a Code Conference interview and followed a tweet in which the Tesla CEO mocked Biden using similar insults as former President Donald Trump. The Biden administration invited auto executives to the White House last…

View On WordPress

0 notes

netbreakingnews9 · 3 years

Text

Elon Musk to host 'Saturday Night Live' on May 8

Elon Musk to host ‘Saturday Night Live’ on May 8

Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020. Johannessen-Koppitz | Bloomberg | Getty Images Elon Musk will host NBC’s “Saturday Night Live” for the first time on May 8, the long-running sketch comedy show announced over the weekend. The CEO of auto company Tesla and aerospace firm…

View On WordPress

0 notes

freenewstoday · 3 years

Photo

New Post has been published on https://freenews.today/2021/03/25/tesla-ordered-to-have-elon-musk-delete-anti-union-tweet/

Tesla ordered to have Elon Musk delete anti-union tweet

Elon Musk, founder of SpaceX and chief executive officer of Tesla, waves while arriving to a discussion at the Satellite 2020 Conference in Washington, D.C., on Monday, March 9, 2020.

Andrew Harrer | Bloomberg | Getty Images

The National Labor Relations Board has decided that Tesla violated labor laws when it fired a union activist, and when CEO Elon Musk wrote on Twitter in 2018: “Nothing stopping Tesla team at our car plant from voting union. Could do so tmrw if they wanted. But why pay union dues & give up stock options for nothing?”

Among other things, the federal agency has directed Tesla to ask Musk to remove his offending tweet, and to offer a job back to the terminated employee, Richard Ortiz. Tesla must also compensate Ortiz for loss of earnings, benefits and adverse tax consequences that resulted from his firing.

The employee was part of an organizing campaign, “Fair Future at Tesla.” At the time of the campaign, Tesla said its business should stay union-free. But Musk’s public comments on his Twitter account, where he has tens of millions of followers, were seen as threatening. Tesla considers Elon Musk tweets to be official company communication, as disclosed in its financial filings.

Tesla will also have to revise a confidentiality agreement it gives to employees as a matter of course. The company previously told employees they were not allowed to speak with media without explicit written permission. However, national labor law generally “protects employees when they speak with the media about working conditions, labor disputes, or other terms and conditions of employment,” the NLRB noted.

The board also directed Tesla to post notices nationwide, and hold a meeting (or series of meetings) at their main U.S. car plant in Fremont, to inform workers of their protected rights. At the meeting, Musk himself or a “board agent” in the presence of Musk, will have to read that notice to workers, along with security guards, managers and supervisors.

News of the decision was previously reported by Bloomberg, and confirmed by the United Auto Workers, which brought the suit. UAW said it was preparing a statement, and Tesla was not immediately available to comment.

Thursday’s decision was largely in line with one from September 2019 by an administrative law judge, who had considered the complaint before. Tesla appealed that all the way to the full board.

Read the NLRB’s full decision and order here.

CNBC’s Michael Wayland contributed to this report.

Source

#Autos #business news #Elon Musk #Labor unions #National Labor Relations Board #Technology #Tesla Inc #Venture capital

0 notes

orbemnews · 3 years

Link

Elon Musk is now 'Technoking' of Tesla. Seriously In a filing with his least favorite regulator, the Securities and Exchange Commission, on Monday, Tesla disclosed that Musk is adding the title of “Technoking of Tesla.” It also said that Chief Financial Officer Zach Kirkhorn had taken on the title of “Master of Coin.” Each executive will keep his more standard title as well. Musk once had the title of chairman of Tesla, but he was stripped of that title in 2018 in a settlement with the SEC over deceptive tweets he sent out. He had said that “funding secured” to take Tesla private at $420 a share, when, in fact, he had only had discussions, not a firm agreement, on such funding with a Saudi sovereign wealth fund. The SEC originally sought to strip him of his CEO title, but settled for having him pay a $20 million fine and give up the chairman title instead, a position now held by Robyn Denholm. The bizarre title changes overshadowed a separate filing, which disclosed that Jerome Guillen, who has been president of Tesla’s automotive division, “transitioned” last week to president of Tesla heavy truck. Tesla has been working on an electric semi-tractor truck. But it is severely delayed: Tesla originally promised it would be available in 2019. In January, Musk told investors it “would not make sense” to build the truck right now, because it would require five times as many batteries as a Tesla car — but it would not sell for five times as much money. The batteries are a significant part of the cost of an electric vehicle. While Guillen had the title of president of Tesla automotive, it was clear that Musk was the one overseeing the company’s automotive operations, in addition to his role as chairman, CEO and chief technology officer of rocket company SpaceX. From the start, Musk has run Tesla as a disruptive force trying to change the entire auto industry and shift the world to using electric rather than traditional internal combustion engine vehicles. Among his most recent disruptive moves was the disclosure that Tesla has purchased volatile digital currency bitcoin with $1.5 billion of its cash on hand. Musk has been a vocal critic of safety measures taken to combat Covid-19, using an investor call for an obscenity laced rant in which he called such measures “fascist” and un-American. That wasn’t his only unusual investor call: During a call in 2018 he interrupted his then-CFO who was answering an analyst question to say, “Boring, bonehead questions are not cool. Next?” He insulted others asking questions on that call, too. He also recently reached out on Twitter to Russian President Vladimir Putin to ask if he’d like to do an interview with him on social media app Clubhouse. In the past he’s gone on a podcast and smoked pot, although it was done in California where it was legal. Tesla has on occasion seen rapid turnover of top executives, including a chief accounting officer who left after less than a month on the job following his tweet about taking the company private. But Kirkhorn — the newly appointed Master of the Coin — has held the CFO title for two years. Investors have embraced Musk and Tesla, driving up the value of the firm’s shares to make it one of the most valuable US companies of any kind. The company is worth roughly as much as the world’s seven largest automakers combined. But the stock has been on something of a rollercoaster recently. It closed Friday down 21% from its record high close in late January. That places it in bear market territory — although it was up 23% from where it closed on Monday of last week. Source link Orbem News #Elon #ElonMuskhasanewtitleatTesla.He'sthe'Technoking'-CNN #investing #Musk #Technoking #Tesla

0 notes