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TESLA and Elon Musk - anything not elsewhere

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MN-Skeptic
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TESLA and Elon Musk - anything not elsewhere

#401

Post by MN-Skeptic »

I usually skip all the ads within Twitter, but, dang!, I just had to click on this link - An EV Buying Guide for People Fed Up With Tesla’s Elon Musk - from Bloomberg’s website. :lol:
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#402

Post by RTH10260 »

Musk tells Tesla trial: ‘Just because I tweet doesn’t mean people believe it’
The carmaker founder said Twitter was the most democratic way to communicate but tweets didn’t affect stock as he expected

Kari Paul and agencies
Fri 20 Jan 2023 21.07 GMT

Elon Musk testified on Friday as part of a trial over a 2018 tweet in which he claimed to have “funding secured” to take Tesla private, a tweet that shareholders allege cost them millions in trading losses.

The Tesla CEO appeared in a San Francisco federal courtroom and defended himself by saying that “just because I tweet something does not mean people believe it or will act accordingly”.

Musk’s testimony began with questions about his use of Twitter, the social media platform he bought in October. He called it the most democratic way to communicate but said his tweets did not always affect Tesla stock the way he expected.

The class-action trial in San Francisco federal court centers on allegations that the Tesla CEO lied when he sent the tweet, costing investors. Earlier on Friday morning, investor Timothy Fries told the jury how he lost $5,000 buying Tesla stock after Musk sent the tweet at the center of the lawsuit.

The case is a rare securities class-action trial and the plaintiffs have already cleared high legal hurdles, with the US judge Edward Chen ruling last year that Musk’s post was untruthful and reckless.

Fries told the jury that funding secured meant to him that “there had been some vetting, some critical review of those funding sources”.

Musk, wearing a dark suit over a white button-down shirt, testified for less than 30 minutes before court adjourned until Monday. He spoke softly and in a sometimes bemused manner, a contrast to his occasional combative testimony in past trials.

Musk described the difficulties the company went through around the time he sent the “funding secured” tweet, including bets by short-sellers that the stock would fall.

“A bunch of sharks on Wall Street wanted Tesla to die, very badly,” he said, describing short-sellers, who profit when a stock falls in price.




https://www.theguardian.com/technology/ ... 2018-tweet
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tek
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#403

Post by tek »

said his tweets did not always affect Tesla stock the way he expected.
Is he admitting to stock manipulation?
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#404

Post by humblescribe »

I don't know about what his expectations were, Tek.

I do know that he held (and probably continues to hold) short sellers with the highest amount of contempt. Around that time, Tesla was one of the most, if not the most, shorted stocks out there. He kept railing about the "short burn of the century" when interviewed--ostensibly implying that he was going to do everything in his power to keep the stock price level or on a steady increase.

When a stock is shorted the short seller must keep the cash received from selling short in a segregated account, sort of like an escrow account. When the price falls, some of that cash is freed up. Similarly, when the price rises, the short seller has to increase the collateral. There is a 102% of closing market value requirement for the collateral. The professionals who short stocks much of the time will use their margin accounts to cover their daily increase in collateral when the price goes up. With Tesla being such a volatile stock, it was not uncommon for the stock to jump 20-30 points in one day.

When stock prices rise substantially on a stock that has been shorted, eventually there comes a time when the short position gets called by the broker or investment company, forcing the short seller to scramble to repurchase the shares that were borrowed and return them to the rightful owner.

Musk hates short sellers. That may have been part of his motivation to tweet out that bogus $420/share offer. I think the stock was trading at around $360 at the time.
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#405

Post by Volkonski »

Elon Musk admits Tesla investors would rely on "funding secured" tweet

https://www.axios.com/2023/01/24/elon-m ... ured-tweet
Elon Musk admitted in court on Monday that he wanted Tesla shareholders to rely on his infamous 2018 tweet that he had "funding secured" to take the automaker private, despite his repeated attempts to say that he only believed he could secure the money.

Why it matters: One of the questions the jury is tasked with deciding is whether the Tesla CEO's tweets were material — that is, significant information that could impact investor decisions.
“If everyone fought for their own convictions there would be no war.” ― Leo Tolstoy, War and Peace
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#406

Post by tek »

covered in various places, no link
Spiro claimed Musk’s mouth fumbling was caused by his insane rush to inform stakeholders of his intentions in an act of extreme transparency. “He hurried and in his rash, reckless state tweeted the wrong choice of words,” Spiro said
That sounds like an absolutely brilliant legal argument. Not.
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#407

Post by Suranis »

There's something deeply disturbing about this. For one thing, the level of hero worship... especially since Musk likely just thought of him as less than a Wine bottle attachment.

https://twitter.com/jestermaxxing/statu ... 9266028544

Musk02.jpg
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#408

Post by Suranis »

https://arstechnica.com/cars/2023/01/te ... autopilot/
Tesla tells investors it’s being investigated by the Justice Department

The carmaker's 10-K confirms reports from 2022 that the feds are unhappy.

Jonathan M. Gitlin - 1/31/2023, 3:42 PM


Tesla filed its annual 10-K report with the Securities and Exchange Commission on Monday night, and the document confirms that, among the many open federal investigations into the company, the US Department of Justice is looking into the automaker's controversial driver assistance features.

In the section detailing "Certain Investigations and Other Matters," the 10-K briefly describes Tesla being subpoenaed by the SEC following CEO Elon Musk's tweets about taking the company private in 2018. That investigation led to a consent decree with the regulator but did not mark the end of the company's SEC headache; in February 2022, we reported that the SEC was investigating both Musk and his brother for potential insider trading.

"Separately, the company has received requests from the DOJ for documents related to Tesla’s Autopilot and FSD features," Tesla wrote.

This news shouldn't be too surprising to Tesla watchers. In October, we discovered that Justice Department prosecutors in both Washington and San Francisco were investigating whether Tesla had misled investors and customers by making unsupported claims about the capabilities of its driver-assist features, including in a much-viewed video created in 2016 that was staged to make it appear as if Tesla had already succeeded in developing an autonomous vehicle.

Tesla is also the subject of multiple other federal investigations beyond the SEC and DoJ matters. The National Highway Traffic Safety Administration has several open investigations into Tesla; it's looking into the propensity of Autopilot to drive Teslas into emergency vehicles, whether or not Autopilot can even identify motorcyclists, and the preponderance of phantom braking episodes following Tesla's decision to strip radar sensors from its cars.
Oh, dearie me.
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#409

Post by RTH10260 »

Jury sides with Elon Musk over 2018 tweets claiming he would take Tesla private
The verdict comes after a three-week trial that pitted shareholders against the billionaire and company CEO

Kari Paul and Erin McCormick in San Francisco
Fri 3 Feb 2023 22.45 GMT

Elon Musk and Tesla have been cleared of wrongdoing in a lawsuit over a pair of tweets from the executive that investors say cost them billions of dollars.

After less than two hours of deliberation wrapping up a three-week trial, a jury in San Francisco ruled on Friday that the Tesla CEO had not deceived investors with two tweets posted in August 2018 about a Tesla buyout that never happened.

Musk had tweeted that he planned to take the electric carmaker private at $420 per share, and had “funding secured” to do so. The posts triggered stocks to surge over a 10-day period before falling back after Musk abandoned the deal, investors argued.

The decision marks an important victory for Musk, who is embroiled in several lawsuits and has aggressively fought any charges that he was guilty. The executive, who now is the CEO of Twitter after purchasing the company months ago for $44bn, has repeatedly defended his ability to tweet broadly.

The case was seen as a test of whether or not Musk could be held liable for his freewheeling use of Twitter. The billionaire testified on multiple days of the trial, arguing that his tweets were a democratic way to communicate and did not always affect Tesla stock the way he expected. “Just because I tweet something does not mean people believe it or will act accordingly,” he told the jury.




https://www.theguardian.com/technology/ ... it-twitter
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#410

Post by pipistrelle »

Convenient to be an influencer yet not an influencer when it serves.
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#411

Post by raison de arizona »

2EC2E0A8-DDF4-453F-9192-6884944792F7.jpeg
2EC2E0A8-DDF4-453F-9192-6884944792F7.jpeg (229.42 KiB) Viewed 775 times
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
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#412

Post by raison de arizona »

:think:
E7933E89-2E99-4AEF-86E0-D30B7960BC08.png
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He actually said $1,500, which I also find laughable, but he’s the expert and I’m just sitting here in my PJs so… :biggrin:
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
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#413

Post by Flatpoint High »

Dear Twit is not happy:
20230209185031.png
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castigat ridendo mores.
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#414

Post by raison de arizona »

It would be a whole lot more hilarious if he wasn't messing with people's lives.
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
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#415

Post by RTH10260 »

New York Tesla workers to launch campaign to form union
Employees announce plan to unionize in challenge to chief executive Elon Musk, who has been vocal union opponent

Reuters
Tue 14 Feb 2023 14.11 GMT

Tesla workers in New York said on Tuesday they will launch a campaign to form a union, setting stage for the latest labor challenge for chief executive Elon Musk.

In a letter to Tesla management, the employees announced their plan to unionize with the Workers United Upstate New York.

The union, if formed, would be the first for Tesla, which up until now has managed to avoid unionization at its US facilities, unlike some other major automakers.

Musk has in the past been vocal about his opposition to unions and faced the ire of the US National Labor Relations Board when they directed him to delete a 2018 tweet saying employees would lose their stock options if they formed a union.

“We believe unionizing will give us a voice in our workplace that we feel has been ignored to this point,” the workers said in a press release on Tuesday. “We are only asking for a seat in the car that we helped build.”

The letter, first reported by Bloomberg News earlier in the day, cited employees asking Tesla to respect their right to organize a union and called on the world’s most valuable automaker to sign the Fair Election Principles.

Employees said the right to organize a union is a fundamental civil right and the principles would prevent Tesla from threatening or retaliating against workers for organizing a union.




https://www.theguardian.com/technology/ ... -elon-musk
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#416

Post by Gregg »

Well, shit's gonna get weird now. :smoking:
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#417

Post by raison de arizona »

He's always dealt so well with employees attempting to unionize in the past.
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
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#418

Post by somerset »

Keep in mind this is a team that tags features in images to help with self-driving. This is not a high-skill, nor a high-value operation. It's not even remotely critical to delivering cars. Shutting down this site and transferring the work elsewhere will be fairly trivial. If there was any group that shouldn't try this, it's them.

Unionization was tried at the Fremont plant and failed. Knowing a bit about the working conditions there, I can see why. The production line workers are well paid, have an open career path without needing years of "seniority" (something unionization would take away), restricted stock grants (something unionization would definitely take away), and are generally pretty happy. What benefit would unionizing bring them?
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#419

Post by Gregg »

somerset wrote: Wed Feb 15, 2023 6:04 pm Keep in mind this is a team that tags features in images to help with self-driving. This is not a high-skill, nor a high-value operation. It's not even remotely critical to delivering cars. Shutting down this site and transferring the work elsewhere will be fairly trivial. If there was any group that shouldn't try this, it's them.

Unionization was tried at the Fremont plant and failed. Knowing a bit about the working conditions there, I can see why. The production line workers are well paid, have an open career path without needing years of "seniority" (something unionization would take away), restricted stock grants (something unionization would definitely take away), and are generally pretty happy. What benefit would unionizing bring them?
Not having your livelihood depend on the whims of Elmo. Priceless

Freemont's Union drive was ugly and I doubt he'd win it again. Especially with the stock no longer being detached from reality. (as much)

Also, Union Contracts provide for very generous profit sharing and a left handed way of getting stock through 401K plans.
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#420

Post by raison de arizona »

Traders lost $7.6 billion betting against Tesla over the past month as stock surged
  • Tesla has crushed short sellers over the past month as the stock soared 70%, according to S3 Partners.
  • Hedge funds betting against Tesla lost $7.6 billion over the past 30 days, making it the least profitable short.
  • Tesla stock has been on a tear so far this year after Musk cut prices and reiterated the company's growth targets.
:snippity:
https://www.autoblog.com/2023/02/13/tra ... ck-surged/
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#421

Post by RTH10260 »

crosspost
Tesla recalls 362,000 vehicles over self-driving software flaws that risk crashes
Regulators say driver assistance system does not adequately adhere to traffic safety laws and can cause crashes

Reuters
Thu 16 Feb 2023 19.41 GMT

Tesla said it would recall 362,000 US vehicles to update its Full Self-Driving (FSD) Beta software after regulators said on Thursday the driver assistance system did not adequately adhere to traffic safety laws and could cause crashes.

The National Highway Traffic Safety Administration (NHTSA) said the Tesla software allows a vehicle to “exceed speed limits or travel through intersections in an unlawful or unpredictable manner increases the risk of a crash”.

Tesla will release an over-the-air (OTA) software update free of charge, and the electric vehicle maker said is not aware of any injuries or deaths that may be related to the recall issue. The automaker said it had 18 warranty claims.

Tesla shares were down 1.6% at $210.76 on Thursday afternoon.

The recall covers 2016-2023 Model S, Model X, 2017-2023 Model 3, and 2020-2023 Model Y vehicles equipped with FSD Beta software or pending installation.

NHTSA asked Tesla to recall the vehicles, but the company said despite the recall it did not concur in NHTSA’s analysis. The move is a rare intervention by federal regulators in a real-world testing program that the company sees as crucial to the development of cars that can drive themselves. FSD Beta is used by hundreds of thousands of Tesla customers.

The setback for Tesla’s automated driving effort comes about two weeks before the company’s March 1 investor day, during which Chief Executive Elon Musk is expected to promote the EV maker’s artificial intelligence capability and plans to expand its vehicle lineup.




https://www.theguardian.com/technology/ ... iving-cars
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#422

Post by Gregg »

Tesla shares were down 1.6% at $210.76 on Thursday afternoon.
It closed at ~$201.95, losing another 5% in the last hour.
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#423

Post by raison de arizona »

Gregg wrote: Fri Feb 17, 2023 4:47 am
Tesla shares were down 1.6% at $210.76 on Thursday afternoon.
It closed at ~$201.95, losing another 5% in the last hour.
Still wildly overvalued, despite Elmo's increasingly desperate efforts to tank it! :lol:
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
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#424

Post by Gregg »

I'll take "How to say "Oh Yeah? What Labor relations Act?" for $1,000, Alex.

That sure didn't take long.

Tesla terminates workers in Buffalo day after talks of unionizing
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#425

Post by RTH10260 »

Tesla Driver Killed After Plowing Into Fire Truck Parked On California Freeway

Associated Press
Sun, February 19, 2023 at 5:01 AM GMT+1

WALNUT CREEK, Calif. (AP) — A Tesla driver was killed and a passenger was critically injured Saturday when the car plowed into a fire truck that was parked on a Northern California freeway to shield a crew clearing another accident, fire officials said.

Four firefighters who were in the truck when it was struck on Interstate 680 were treated for minor injuries, said Tracie Dutter, assistant chief of the Contra Costa County Fire Protection District.

The driver was declared dead at the scene, Dutter said. The car needed to be cut open to remove the passenger, who was taken to the hospital.

Photos showed the front end of the car was crushed and the $1.4 million ladder truck was damaged.

California Highway Patrol Officer Adam Lane said it was not clear whether the driver may have been intoxicated or whether the Tesla Model S was operating with automation or driving assistance features.

The National Highway Traffic Safety Administration is investigating how Tesla’s Autopilot system detects and responds to emergency vehicles parked on highways. At least 14 Teslas have crashed into emergency vehicles while using the system.

Dutter said the truck had its lights on and was parked diagonally on northbound lanes of the freeway to protect responders to an earlier accident that did not result in injuries.

The fatal accident occurred around 4 a.m., and it took several hours to clear the freeway. The firetruck had to be towed away.

The Model S was among the nearly 363,000 vehicles Tesla recalled on Thursday because of potential flaws in its “Full Self-Driving” system. While the recall is aimed at correcting possible problems at intersections and with speed limits, it comes amid a broader investigation by U.S. safety regulators into Tesla’s automated driving systems.




https://www.yahoo.com/news/tesla-driver ... 30266.html
(original: HuffPost)
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