Dana Hull, Keith Naughton and David Welch Bloomberg News Published 7:29 PM EDT Sep 28, 2018 It’s nearly impossible to imagine Tesla Inc. without Elon Musk, its chairman, CEO, largest shareholder and public face. But a U.S. Securities and Exchange Commission lawsuit has raised questions about the executive’s future at the clean-energy company, sending shares spiraling. The agency accuses Musk, 47, of misleading investors with his infamous Aug. 7 tweets about taking Tesla private. The two sides reportedly came close to a settlement before Musk backed out and the SEC filed a complaint seeking to ban him from serving as a director or officer. That possibility, however remote, casts a pall on the final days of a rocky quarter and is likely to renew concerns about Tesla’s lack of an operating chief or other clear No. 2. This weekend was supposed to be one for celebratory milestones, with thousands of Model 3 sedans finally making their way to customers at delivery … [Read more...] about Prospect of Musk-less Tesla rattles markets
Elon musk solar roof
Tesla’s efforts to scale back its workforce will significantly impact its solar roof business. Its 9 percent staffing cut reportedly translates into the closing of roughly a dozen facilities in the United States. The company got into selling photovoltaic shingles after acquiring SolarCity for $2.6 billion. At the time, Tesla CEO Elon Musk, who previously served as chairman of SolarCity’s board of directors, called the purchase a “no brainer.” The theory was that the new business would be synergistic. Customers could accumulate energy through solar roofs, store it in a Tesla Powerwall, and use it to recharge their vehicle, power their home, or supplement their energy needs during peak hours. But earlier this month Tesla announced it was pulling those products out of stores and abandoning its partnership with Home Depot. Customers will now buy their solar energy products through Tesla stores and the company’s website. What happened? “In … [Read more...] about Tesla Closing Over a Dozen Solar Facilities; Dark Times Ahead?
DETROIT (AP) — Shareholders of electric car and solar panel maker Tesla Inc. have approved an ambitious pay package for iconic CEO Elon Musk that could net him more than $50 billion if he meets lofty milestones over the next decade. A company filing Wednesday with the Securities and Exchange Commission showed shareholders supported the pay deal by a large margin. Tesla says the all-or-nothing package is worth $2.6 billion at current stock values, but that would rise dramatically if Musk meets 12 incremental goals including raising the company’s market capitalization tenfold to $650 billion. Also included are targets to increase adjusted pretax income and revenue. If the goals are reached, Tesla would be fourth-most-valuable U.S. company and Musk would be among the richest people in the world. Two firms that evaluate proxies for investors recommend that shareholders vote against the pay plan, which they say is unprecedented in size for a U.S. public company. The firms, … [Read more...] about Elon Musk’s Tesla pay package could net him $50 billion
SAN JOSE, Calif. — When the Tesla Model 3 appeared in production form last summer, the hype was already at a fever pitch after months — years, even — of anticipation. With hundreds of thousands of reservations already on the books, it appeared this could be the car that transforms Tesla from a startup to a true competitor. Then, crickets, for most customers anyway. Production delays have left customers frustrated and analysts speculative about the company's future. With that in mind, we found an owner lucky enough to have already received his Long Range Model 3 — and kind enough to let us drive it — and we traveled to Silicon Valley to see what all the hubbub is about. Model 3 production is off to a slow start, but the first units produced are top-of-the-line, far above the $35,000 base price. The long-range battery ($9,000) normally provides 310 miles of driving range, but the 19-inch wheels ($1,500) reduce that to 290 miles. The high-end interior … [Read more...] about Tesla Model 3 First Drive Review
If Elon Musk makes sure Tesla keeps growing over 10 years—by the numbers that matter to investors—he could emerge the wealthiest person in the world.Under a new compensation plan for Musk, the CEO’s compensation will be based entirely on the financial performance of the company. “Elon will receive no guaranteed compensation of any kind—no salary, no cash bonuses, and no equity that vests simply by the passage of time,” the company announced as part of a plan that is contingent on the approval of shareholders in late March.The plan was patterned after a similar one that was put into place for Musk in 2012—one for which Musk ended up meeting nine out of 10 milestones that included development targets for the Model X and the Model 3. This time the 12 milestones, over 10 years, are entirely rooted in financial targets—for market capitalization and for operational milestones including revenue.The plan does leave room for a separate … [Read more...] about In Musk We Trust: Tesla’s 10-Year Pay Scheme Could Make Elon World’s Richest Man