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Musk Laments “Excruciating” Toll He’s Faced at Tesla

But no plans to give up post as CEO.

by on Aug.17, 2018

Tesla CEO Elon Musk revealed that he feels like this has been the toughest year of his life.

Forget the amusement park. Anyone who wants to ride a roller-coaster might be better off purchasing Tesla stock. But no one has faced more ups-and-downs during the last year than the automaker’s co-founder and CEO Elon Musk.

Even as Tesla appears to be resolving its production problems and seems poised to deliver a long-promised profit, the automaker and its CEO are facing a probe by the SEC, lawsuits filed by several short-sellers, additional investigations by the NLRB, NHTSA and the NTSB, and allegations of safety and quality problems by several self-styled whistleblowers.

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No wonder, “This past year has been the most difficult and painful year of my career,” Musk said in an interview newly published by the New York Times. “It was excruciating.” (more…)

Good News, Bad News: A Round-Up of the Latest Tesla Developments

Whistleblower reveals defects; SEC probing Musk tweets and a key analyst raises earnings forecast.

by on Aug.16, 2018

Former Tesla employee Martin Tripp tweeted images of what he claimed were faulty Tesla batteries.

Regulators, whistleblowers, analysts and investors? Oh, and did we leave out factories finally emerging from “production hell?” It’s been a busy 24 hours for Tesla and CEO Elon Musk, with a heavy mix of both good news and bad news.

Here’s a summary of key developments including claims for a quality cover-up, an SEC probe and the possibility that Tesla could wind up being more profitable this year than even its most bullish proponents had expected:

Whistleblower claims Tesla covered up battery problems, delivered defective cars to customers.

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Beyond the Headlines!

Tesla’s battle with Martin Tripp – a self-styled whistleblower whom the carmaker prefers to call a saboteur – is heating up. The former employee at the Gigafactory battery plant has tweeted out images of what he claims are defective lithium-ion battery packs that were nonetheless installed in sedans to help Tesla speed up production of the Model 3. Tripp also posted of vehicle identification numbers that he claims are equipped with the batteries which, among other things, may have punctures.

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Musk, Tesla Board, Move Forward on Privatization Plan

Carmaker hires Goldman, Silver Lake to advise.

by on Aug.14, 2018

Whether Elon Musk could justify tweeing "funding secured" is a matter of hot debate.

Even as questions mount about CEO Elon Musk’s plan to take the automaker private, the car company’s board is beginning the necessary steps to evaluate a proposal, with investment firms Silver Lake and Goldman Sachs brought in to offer advice on what appears to be a Saudi-funded buy-out.

Those developments come just a week after CEO Musk tweeted his interest in taking Tesla private while also hinting that “funding (is) secured.” Precisely where the funding will come from has become a central question, though Musk on Monday put up a blog post indicating he has been meeting with managers of the Saudi Arabian sovereign investment fund who have expressed interest in backing the plan.

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Tesla, meanwhile, now faces a probe by the SEC, as well as at least two lawsuits filed last week questioning whether the South African-born executive’s proposal was, in reality, a “nuclear attack” on by short-sellers.

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Saudis Appear to Be Key to Taking Tesla Private

Facing lawsuits, SEC probe, CEO Musk offers more details on privatization plan.

by on Aug.13, 2018

Tesla CEO Elon Musk revealed a few details about the plan to take the EV maker private he teased last week.

In a Monday morning blog post, Tesla CEO Elon Musk has offered some critical new details about the plan, first announced last week, to take the battery-carmaker private, pointing to a Saudi sovereign investment fund as the potential source of funding — though he also cautioned it would be “premature” to offer full details at this point.

Last Tuesday, the 47-year-old chief executive set off alarm bells when he posted a tweet declaring his interest in taking Tesla private at a price of $420 per share. The news sent investors scurrying to snap up Tesla stock which quickly approached an all-time high before settling back two days later.

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With virtually no details offered, Musk and Tesla quickly came under scrutiny from analysts, investors and the Securities and Exchange Commission which has begun to probe his comments to see if they violate federal securities law. Tesla now faces two lawsuits, as well, alleging the Tuesday announcement was really a “nuclear attack” on short-sellers. (more…)

Tesla Stock Tumbles Hard as Questions Mount About Proposal to Go Private

Investors are “raising a lot of sensible questions,” while the SEC also begins sniffing around.

by on Aug.09, 2018

Investors -- along with the SEC -- are raising concerns about CEO Musk's proposal to take Tesla private.

Barely two days after euphoric investors started snapping up Tesla stock, buoyed by a tweet from CEO Elon Musk suggesting the company was ready to go private, gravity has set in. After nearing an all-time record, Tesla’s share price settling back to barely above where it started.

While the battery-carmaker’s board – along with at least one major investor — has cautiously backed the idea, saying it will now explore the idea of taking Tesla private, there appear to be more questions than answers. One of the uncertainties is how the SEC is viewing what happened this week, the federal agency set to take a close look at Musk’s suggestion that “Funding (is) secured” to make the transition once Tesla stock hit $420 a share.

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That number was certainly a big jump from where TSLA shares began the day on Tuesday, just over $340 a share. By the end of the day it had rocketed close to Tesla’s record closing of $389.61. But concerns were apparent almost immediately with some analysts pointing, among other things, to the “420” in Musk’s tweet, a number more often used as slang for marijuana.

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SEC Amps Up Investigation of Tesla After Musk’s Buyout Tweet

Moving to "Private" mode.

by on Aug.09, 2018

Tesla CEO Elon Musk's tweets about taking the company private and having the funding to do it has the SEC's attention.

The Securities and Exchange Commission is ramping up its investigation of Tesla Inc. in light of CEO Elon Musk’s recent tweets about taking the company private at $420 a share.

More precisely, they are interested in his assertion that he already has the funding in place. According to a Bloomberg report, the SEC’s San Francisco office was already investigating the company and the recent round of tweets escalated its interest.

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Though it is not illegal for company officials to use to promote Tesla, talking about potential buyout prices and issuing other proclamations that could artificially alter the California-based EV maker’s stock price could be reason for an investigation and ultimately charges. (more…)

China Retaliates; New Tariffs Hit U.S. Auto Exports, Jobs

BMW, Mercedes, Ford, other makers could be hard hit, forced to cut American production.

by on Aug.09, 2018

The BMW X5 is the #1-selling American-made vehicle in the Chinese market.

The auto industry has found itself at Ground Zero as the U.S. and China escalate their trade war.

After the latest move by the Trump Administration to target Chinese imports, the Beijing government has announced it will strike back with 25% tariffs on $16 billion in imported U.S. goods. China previously enacted new duties on $34 billion worth of goods, bringing the total to $50 billion. And with the White House threatening to add another $200 billion to the U.S. list, the trade war could escalate rapidly.

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The latest round sees the Chinese Ministry of Commerce placing an additional 25% duty on a list of American products that includes coal, crude oil and metal scrap, as well as automobiles and motorcycles. A number of automakers could be hit hard by the new sanctions, including Ford Motor Co., Mercedes-Benz and BMW.

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Tesla Board Backs Consideration of Musk’s Privatization Plan

Six board members willing to look further at the plan.

by on Aug.08, 2018

Tesla's Elon Musk appears to have the support of the board of directors for his privatization plans.

Just a day after telling Tesla employees, and later the world via Twitter, that he wants to take the EV maker private, CEO Elon Musk appears to be getting support from his board of directors.

Six board members issued a statemen saying they were considering his proposal and that they’d met with him previously to explore the strategy, including “discussion as to how being private could better serve Tesla’s long-term interests.”

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Two other the board members, Kimball Musk, Elon’s brother, and Steve Jurvetson, a venture capitalist, were not part of the statement. Members of the board who signed the statement were Brad Buss, Robyn Denholm, Ira Ehrenpreis, Antonio Gracias, Linda Johnson Rice and James Murdoch. (more…)

Tesla CEO Musk Lays Out Plan to Take EV Maker Private

SpaceX appears to be the blueprint.

by on Aug.07, 2018

Tesla CEO Elon Musk wants to take the EV maker private — at $420 a share.

Sometimes Tesla founder and CEO Elon Musk means what he tweets — in this case, taking the company private at $420 a share.

Earlier today, Musk hopped on telling his millions of followers, “Am considering taking Tesla private at $420 a share. Funding secured.”

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That set off two flurries. One a thread of tweets about everything from what a great idea it is to how followers love marijuana references to how the Securities and Exchange Commission frown on these sorts of pronouncements. (more…)

Musk Tweets Suggests He Could Take Tesla Private

But is his 420 reference a doper joke or a serious price target?

by on Aug.07, 2018

Tesla founder and CEO Elon Musk told the Twitterverse today he was considering taking the EV maker private.

For those in on doper slang, “420” is a familiar reference to marijuana. And to those in the financial community, it’s a number that has many today asking what Tesla CEO Elon Musk might be smoking.

Musk once again set the Twittersphere on fire Tuesday when he sent out a short tweet declaring “Am considering taking Tesla private at $420. Funding secured.”

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Tesla’s stock has been on fire since the automaker released its second-quarter earnings numbers last week, Musk repeating a pledge to deliver both a profit and positive cashflow for the second half of the year. Shares of TSLA were up by another nearly 8.5% as of midday trading, at around $375 rapidly taking aim at the carmaker’s previous record high of $389.61. (more…)

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