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Posts Tagged ‘Elon Musk news’

Tesla’s Musk Expresses Interest in Closing GM Plants

Exec expresses disdain for SEC, twitter approvals.

by Michael Strong on Dec.10, 2018

Elon Musk expressed interest in buying one of the plants General Motors plans to close in the near future.

Tesla co-founder Elon Musk is ready to play “Let’s Make a Deal” with General Motors — again.

Not, Musk doesn’t want to challenge GM CEO Mary Barra to appear on the television game show, but he did tell reporter Lesley Stahl on the CBS news show 60 Minutes he would be willing to buy one of the plants GM plans to shut down in the near future.

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“It’s possible that we would be interested. If they were going to sell a plant or not use it that we would take it over,” he said during the interview. (more…)

SEC Sues Tesla CEO Musk, Alleges Fraud Over Privatization Plan

Penalties could be severe and affect Musk’s other companies.

by Paul A. Eisenstein on Sep.27, 2018

Tesla CEO Elon Musk is being sued by the SEC, which claims his "plans" to take the company private were "false and misleading."

The Securities and Exchange Commission has sued Tesla CEO Elon Musk, alleging he committed fraud when tweeting and posting about his plans to take the carmaker private last month.

Tesla itself was not named in the suit, though the company has privately given indications it expects to be rolled in later, according to sources. The announcement by the federal agency seriously compounds the problems already facing Tesla and its founder and CEO Musk. They are already being sued by short-sellers who claim the privatization effort was little more than a way to hurt them, resulting in hundreds of millions of dollars in losses.

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In a statement filed in Manhattan District Court, the SEC accused Musk of making “false and misleading statements” to investors when he first tweeted about going private early in August. “In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source,” the complaint adds. (more…)

Saudis Appear to Be Key to Taking Tesla Private

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

by Paul A. Eisenstein 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…)

Musk Promises to “Blow Your Mind” With Electric Truck

Long-delayed debut scheduled for Thursday evening.

by Paul A. Eisenstein on Nov.15, 2017

Tesla CEO Elon Musk is telling folks to be ready to have their "mind blown" with the long-awaited introduction of Tesla's semi truck on Thursday.

Prepare to have your mind blown “clear out of your skull,” or so promises Elon Musk, the Tesla CEO confirming the repeatedly delayed debut of his company’s new battery-powered semi-truck will finally take place on Thursday evening.

Big trucks suck down diesel fuel at a tremendous rate and they generate a disproportionate share of transportation-based pollution. In Los Angeles, for example, the semis waiting at the city’s two huge ports are considered one of its primary smog sources. So, there’s growing demand for clean trucks. Musk, for his part, has been broadly hinting that Tesla’s answer is a semi that will share some of the same powertrain technology as its battery-powered Models S, X and 3.

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“This will blow your mind clear out of your skull and into an alternate dimension,” said the never-subtle, South African-born entrepreneur in his latest truck tweet. (more…)

Elon Musk Shows Off Latest Boring Company — Literally

Tesla CEO's hatred of L.A. traffic spurs new venture.

by Michael Strong on May.12, 2017

Elon Musk's Boring Co. has commenced tunneling under Los Angeles as part of his new project.

With all of the action going on over at Tesla as the EV maker approaches the start of Model 3 production, no one can say that the company or its founder, Elon Musk, are boring.

Actually, it can be said as the company revealed today that it has begun boring a tunnel under Los Angeles. Musk’s formed Boring Co. after he became tired of dealing with the crushing traffic jams in Los Angeles.

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The tech billionaire unveiled the effort through several social media posts on Instagram and even offered a few jokes about the process on Twitter, including using a theme of poems and plays to name the machines digging the tunnel. (more…)

Musk Shoots Ahead with Hyperloop Test Track

Entrepreneur plans to build five-mile loop in Texas.

by Michael Strong on Jan.16, 2015

Elon Musk's Hyperloop is moving toward reality as he announced plans to build a five-mile test loop in Texas.

Now that the Detroit Auto Show is moving into the public showing phase, Tesla founder Elon Musk can focus on another project: the Hyperloop. In a series of tweets, he said he plans to build a five-mile test track in Texas to allow companies and student teams to use for testing.

In fact, the serial entrepreneur tweeted he’d like track to play host to a student competition similar to Formula SAE, where student teams form fictional companies and then design, build and test a Formula One-style race car.

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The concept of the hyperloop is akin to what you’d see at bank drive-through lanes: put the container with your deposit into a tube and then a huge blast of compressed air moves it along into the bank. (more…)

Couple Takes out Ad to Recommend Tesla Changes

Musk says suggestions may be implemented in Model S.

by Michael Strong on Aug.25, 2014

Elon Musk tweeted a copy of an ad from two "very satisfied" Model S owners, who gave him a list of improvements. Musk said some of them would be implemented.

Power to the people! At least if you own a Tesla Model S.

Elon Musk, the founder and chief of the Palo Alto, California-based EV maker, tweeted a copy of an ad taken out in the Palo Alto Weekly from two Model S owners who gave him a bullet-point list of changes they’d like to see made in the Model S, tweeting, “Ad taken out in Palo Alto Daily by two Model S owners is right. Many of the suggestions will be implemented soon.”

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In the ad, they suggest safety-oriented options such as blind-spot monitors, cross-traffic monitors and front and rear sensors to detect low-lying objects, such as parking blocks. (more…)

Tesla Tells Deposit Holders that Model X Coming in Early 2015

EV maker producing prototypes this fall.

by Michael Strong on Jun.17, 2014

Tesla's Model X will start rolling off the production line next spring, according to a letter from the company to those who put down deposits on the crossovers.

When it’s not discussing the possibility of producing a submersible car or one that can fly, Tesla Motors reminds people that it produces real-world vehicles, in this case, it recently told potential owners of the Model X that the crossovers will begin rolling off the production line in early 2015: a little sooner than anticipated.

In a letter to people who have put down $5,000 deposits on the EV maker’s next addition to its line-up, the company said it would begin building prototypes this fall and the road-ready models would be available in the first half of next year.

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Tesla has been pointing to sometime next year as the plan for the next vehicle in its portfolio – the others been the couple and Model S – which is also expected to include an affordable sedan sometime after 2016. (more…)