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Tag: Tesla

Tesla whistleblower says company spies on employees

Tesla whistleblower says company spies on employees

Technology
A former Tesla employee has claimed the company spies on its workers and allowed a drug cartel to operate inside of its plant. Karl Hansen made the whistleblower complaint to the US Securities and Exchange Commission (SEC), according to his lawyer Stuart Meissner.Mr Hansen was a member of Tesla's internal investigations team before he was fired.Under US law, whistleblowers can receive up to 30% of the penalties collected by the SEC for revealing regulatory breaches.Tesla stated that it took Mr Hansen's allegations seriously and investigated them.It added: "Some of his claims are outright false. Others could not be corroborated."The SEC has declined to comment.Mr Hansen's complaint comes as the company's chief executive Elon Musk is being scrutinised for a series of tweets h...
Saudi Arabia pushed to take Tesla private – Musk

Saudi Arabia pushed to take Tesla private – Musk

Business
Elon Musk, the billionaire chief executive of Tesla, has claimed that Saudi Arabia's sovereign wealth fund has been pushing to take the electric car maker private. In a blog post, Mr Musk said he had discussed the proposal with the sovereign wealth fund for almost two years and it had backed the plan last week."Going back almost two years, the Saudi Arabian sovereign wealth fund has approached me multiple times about taking Tesla private," Musk wrote."They first met with me at the beginning of 2017 to express this interest because of the important need to diversify away from oil. They then held several additional meetings with me over the next year to reiterate this interest and to try to move forward with a going private transaction. ...
Musk sued over plan to take Tesla private

Musk sued over plan to take Tesla private

Technology
Elon Musk and his electric car firm Tesla are being sued by investors who accuse them of concocting a scheme to "completely decimate" short-sellers. The two lawsuits were filed three days after Mr Musk announced on Twitter that planned to take Tesla private in a record $ 72bn (£56bn) transaction.The billionaire claimed funding had been "secured" for a deal which would value the firm at a price of $ 420 (£328) per share - more than double Apple's current value ($ 207 per share). Am considering taking Tesla private at $ 420. Funding secured.— Elon Musk (@elonmusk) August 7, 2018 He then answered a number of questions from some of his 22.3 million followers, reiterating these points.One plaintiff Kalman Isaacs said t...
There are big doubts about how Musk will pull off the Tesla buyout, but Morgan Stanley may have found a way

There are big doubts about how Musk will pull off the Tesla buyout, but Morgan Stanley may have found a way

Finance
Morgan Stanley is telling its clients there might a way to get funding for Elon Musk's plan to take Tesla private. "A Tesla LBO does not appear to be feasible, in our view, even with less than $ 10bn of incremental debt. However, if the decision is made to take the company private, an equity buyout (or EBO) may be a potentially viable option," analyst Adam Jonas said in a note to clients Friday. "We believe Tesla could consider an auction for its shares in the private equity market, financed by existing shareholders, new strategics, divestiture of valuable captive assets (Tesla autonomous/shared), and possibly some help from SpaceX." Tesla shar...
Elon Musk's latest offering: $1,500 Tesla surfboards

Elon Musk's latest offering: $1,500 Tesla surfboards

Technology
Tesla, the electric car company headed by billionaire Elon Musk, briefly took to selling surfboards through its online store this weekend. The move into surfboards seems to have been a limited-edition promotional tie-up with a company called Lost Surfboards rather than a regular new revenue maker for the company.Earlier this year, Mr Musk's tunnel construction business The Boring Company sold 20,000 flamethrowers and 50,000 hats in a bid to raise equity.The car company said that all of its vehicles - the Model S, X and 3 - could "comfortably accommodate this surfboard on either the inside or outside of the vehicle".Shortly after being advertised on Tesla's site, the surfboards seemed to have sold out despite being listed at $ 1,500 (£1,140) - a significantly premium pr...