Musk appeared to be smoking a marijuana-and-tobacco concoction during a podcast interview, the latest in a string of actions raising concerns over his management AFP/Robyn Beck Tesla shares sank 6.3 to close at $263.24 after the latest events that heightened concerns over Musk's erratic management style at the electric carmaker. "Elon's actions are making it harder and harder to support Tesla as a company," said analyst Gene Munster of Loup Ventures. "His actions directly affect Tesla's share price because Elon is Tesla." Munster said that while there may be more "upside" to Tesla, Musk's actions are hurting. "The use of recreational drugs, legal or not, goes against the unspoken rules of being a public CEO," the analyst said in a blog post. Shares came under pressure at the opening following the Musk online interview and news that chief accounting officer Dave Morton was leaving only a month on the job, citing the company's frenetic pace. Separately, human resources chief Gabrielle … [Read more...] about Tesla tumbles on new executive departures, Musk interview
Tesla model s ludicrous mode
Elon Musk says in talks with Saudis on taking Tesla private
Tesla chief executive Elon Musk disclosed on Monday (Aug 13) he was in talks with Saudi Arabia's sovereign wealth fund and other investors to take the electric automaker private. Tesla Motors CEO Elon Musk says he is in talks with the Saudi government's sovereign wealth fund as part of his efforts to take Tesla private. (Photo: AFP/David McNew) The revelation comes days after Musk's claim in an Aug 7 Twitter post that financing for a deal to take Tesla private had been "secured." Musk said in a blog post on Monday he had "no question" that the Saudis would finance such a transaction following a Jul 31 meeting. "I continue to have discussions with the Saudi fund, and I also am having discussions with a number of other investors, which is something that I always planned to do since I would like for Tesla to continue to have a broad investor base," Musk wrote. "It is appropriate to complete those discussions before presenting a detailed proposal to an independent board … [Read more...] about Elon Musk says in talks with Saudis on taking Tesla private
Tesla boss Musk weighs go private deal for electric carmaker
Controversial Tesla chief executive Elon Musk said on Tuesday (Aug 7) he was considering taking the electric carmaker private, sending shares sharply higher in anticipation of a big premium. Tesla boss Musk weighs go-private deal for electric carmaker, (Crédits: AFP) Going private would take the company out of the quarterly reporting cycle, making it "free from as much distraction and short-term thinking as possible," Musk said in a blog post. Musk, who has depicted the quest to build up no-emissions electric cars as an environmental mission, said he viewed going public as "the best path forward," but that a final decision had not been made and ultimately rested on shareholder support. Shares finished up 11 per cent at US$379.57 after being suspended for about 90 minutes following a series of Musk statements on Twitter in which he initially floated the idea of going private. Musk's first tweet said funding was "secured" for a transaction that could value the company at … [Read more...] about Tesla boss Musk weighs go private deal for electric carmaker
Tesla shares tumble after Musk tweet controversy
Tesla shares tumbled on Monday as chief executive Elon Musk faced criticism over a public spat with a British diver who worked on the Thai soccer team rescue. Tesla shares were in a tailspin after CEO Elon Musk got into a Twitter spat with a British diver over the Thai cave rescue. (AFP/Alberto E. Rodriguez) Shares of the electric car maker were down 3.5 per cent in late-morning trading at US$307.82 on news that Musk could face a libel suit over the episode. Musk attacked British diver Vern Unsworth, who had dismissed the Tesla chief's efforts to help the rescue mission for the 12 boys as a "PR stunt" in a widely seen interview on CNN. Musk, without providing any justification or explanation, referred to Unsworth as "pedo guy" in a since-deleted tweet on Sunday. "Pedo" is short for paedophile. Unsworth told AFP on Monday he had not reviewed the tweets in full and had only heard about them. But asked if he would take legal action against Musk over the allegation, Unsworth … [Read more...] about Tesla shares tumble after Musk tweet controversy
Tesla unveils Shanghai factory plans amid US China trade row
The Shanghai deal marks the biggest overseas foray yet for Tesla, which is looking to expand into global markets AFP/WANG ZHAO Musk said the plant, which has been in the works for a year, would eventually have an annual production capacity of 500,000 cars, and he hoped it would be "completed very soon." The announcement of the new Tesla venture comes as US companies face pressure from US President Donald Trump to keep manufacturing jobs at home, and as Beijing and Washington spar over terms of a trade in a fight that only last weekend significantly hiked the price of imported Teslas sold in China. Analysts noted that the announcement included no details about how much the plant would cost or how it would be financed. China already is the world's biggest electric car market and is expected to grow further due in part to favorable government policies for the environmentally-friendly vehicles. "Shanghai will be the location for the first Gigafactory outside the United States," Musk … [Read more...] about Tesla unveils Shanghai factory plans amid US China trade row
Justin Bieber engaged to model Hailey Baldwin: Reports
Trouble-prone pop star Justin Bieber will be a married man after popping the question to model Hailey Baldwin whom he has dated for one month, reports said on Sunday (Jul 8). File combo photos show singer Justin Bieber (left) on Feb 10, 2016 and TV personality-model Hailey Baldwin (right) on May 20, 2018. (ROBYN BECK/AFP) The 24-year-old Canadian heartthrob, who has become better known for his off-stage antics, proposed to the 21-year-old over dinner Saturday night at a restaurant in The Bahamas, the celebrity news site TMZ said. The site quoted witnesses at the restaurant, who said that Bieber's security team asked them all to put their phones away for the proposal. A representative for Bieber did not comment but relatives of the couple suggested that the news was true. "Proud is an understatement! Excited for the next chapter!" the singer's father Jeremy Bieber wrote on Instagram with a picture of his son. His mother, Pattie Mallette, simply tweeted: "Love Love Love Love … [Read more...] about Justin Bieber engaged to model Hailey Baldwin: Reports
Justin Bieber engaged to model Baldwin: reports
Singer Justin Bieber (second right), pictured in 2016, is better known for his off-stage antics. — AFP PhotoViet Nam News NEW YORK — Trouble-prone pop star Justin Bieber will be a married man after popping the question to model Hailey Baldwin whom he has dated for one month, reports said on Sunday. The 24-year-old Canadian heartthrob, who has become better known for his off-stage antics, proposed to the 21-year-old over dinner Saturday night at a restaurant in The Bahamas, the celebrity news site TMZ said. The site quoted witnesses at the restaurant, who said that Bieber’s security team asked them all to put their phones away for the proposal. A representative for Bieber did not comment but relatives of the couple suggested that the news was true. "Proud is an understatement! Excited for the next chapter!" the singer’s father Jeremy Bieber wrote on Instagram with a picture of his son. His mother, Pattie Mallette, simply tweeted: "Love Love Love Love Love … [Read more...] about Justin Bieber engaged to model Baldwin: reports
Tesla to cut 9pc of staff, says layoffs won’t affect Model 3 production
Electric car manufacturer Tesla Motors announced on Tuesday (Jun 12) it was cutting nine per cent of its workforce to enhance profitability but said the move would not affect an ambitious production ramp-up of its Model 3 sedan. Tesla to cut 9pc of staff, says layoffs won't affect Model 3 production, (AFP Photo/Johannes Eisele) The job cuts are part of a company-wide restructuring to address excess staff in some areas due to the company's speedy growth, Tesla chief Elon Musk said in an email to employees. The cuts concern salaried staff but not production workers and will not affect Model 3 output targets, said Musk, who characterized the downsizing as an acknowledgement of the need to focus more on costs. "Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us," Musk said in the message. "What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we … [Read more...] about Tesla to cut 9pc of staff, says layoffs won’t affect Model 3 production
Tesla recalls 123,000 cars for power steering fix
Tesla on Thursday issued a voluntary recall of 123,000 Model S cars to replace a power steering bolt that could corrode due to salt used on winter roads. Tesla recalls 123,000 cars for power steering fix, photo: AFP No accidents or injuries have been caused by a flaw that prompted the decision to replace the part in all Model S vehicles built before April of 2016, according to the Silicon Valley-based company. "If the bolts fail, the driver is still able to steer the car, but increased force is required due to loss or reduction of power assist," Tesla said in an email to Model S owners whose cars are impacted by the recall. "This primarily makes the car harder to drive at low speeds and for parallel parking, but does not materially affect control at high speed, where only small steering wheel force is needed." No other Tesla models were involved in the recall. The corrosion has only been noticed in places where winter roads are frequently salted to melt snow or ice, but all … [Read more...] about Tesla recalls 123,000 cars for power steering fix
US investigating fatal Tesla crash in California
US federal investigators said on Tuesday (Mar 27) they were examining a fatal crash last week involving a Tesla electric automobile in California. US investigating fatal Tesla crash in California, photo AFP The California Highway Patrol reported that a 38-year-old man died on Friday after his 2017 Tesla Model X collided with a highway barrier near the town of Mountain View, according to The San Jose Mercury News. The vehicle caught fire before two other approaching cars hit it. Tesla dove on Wall Street following the news, with shares closing down 8.2 per cent. The National Transportation Safety Board said on Tuesday two investigators had begun a field probe. "Unclear if automated control system was active at the time of the crash," the agency said on Twitter. "Issues examined include: post-crash fire, steps to make vehicle safe for removal from scene." Tesla said on Tuesday it was cooperating with the investigation. "We have been deeply saddened by this accident and we have … [Read more...] about US investigating fatal Tesla crash in California