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☆ Tesla is laying off 285 employees in Buffalo, New York as part of a broad restructuring
▼ + stars: | 2024-04-17 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Vehicles sit parked outside the Tesla Inc. solar panel factory in Buffalo, New York, U.S., on Wednesday, Dec. 26, 2018. Tesla is laying off 285 employees in the state of New York as part of a broader restructuring according to a WARN notice filed in the state. Most of these employees worked at the company's Buffalo factory and a handful at a store and service center in the area per the filing. Tesla took over the Buffalo factory after they completed a $2.6 billion acquisition of solar installer SolarCity in 2017. While Tesla said it would manufacture solar panels at the Buffalo factory, its efforts to grow its solar business have faltered through the years.

Persons: Tesla, Elon Musk, Lyndon, Peter Rive, Musk Organizations: Tesla Inc, Buffalo, SpaceX, Tesla, Reuters Locations: Buffalo , New York, U.S, New York, Buffalo

The shareholders also said they sold Twitter shares at artificially low prices because Musk hid what he was doing. Carter said he could not infer that Musk was "too busy" to comply with SEC rules if he could find time to buy Twitter shares, meet with company executives, and post online about Twitter. Musk bought Twitter for $44 billion last October. Twitter shares rose 27% on April 4, 2022, to $49.97 from $39.31, after Musk revealed his 9.2% stake. The case is Oklahoma Firefighters Pension and Retirement System v. Musk et al, U.S. District Court, Southern District of New York, No.

Persons: Elon Musk, Chuck Schumer, Leah Millis, Andrew Carter, Musk, Carter, Katie Sinderson, Jonathan Stempel, Will Duham Organizations: Intelligence, Senate, U.S, Capitol, REUTERS, Twitter, District, U.S . Securities, Exchange, SEC, Oklahoma Firefighters, Court, Southern District of, Thomson Locations: Washington , U.S, U.S, Manhattan, Oklahoma, Southern District, Southern District of New York, New York

☆ Musk's college friend quit working with him at Zip2 after only 6 weeks: 'I knew I could either be working with him or be his friend, but not both'
▼ + stars: | 2023-09-11 | by ( Polly Thompson | Grace Dean | ) www.businessinsider.com time to read: +4 min

Farooq came to work for Musk at his first company, Zip2, but quit just six weeks into the job. Farooq told biographer Walter Isaacson that he soon "found himself in fights with Musk." In 1995, Musk was in the midst of getting his first company, Zip2, off the ground with his brother, Kimbal. "We completely entered a zone for hours until we were exhausted," Farooq told Isaacson. But working under the notoriously intense Musk was too much for Farooq and he lasted just six weeks at Zip2 before quitting.

Persons: Navaid Farooq, Elon Musk's, Farooq, Musk, Walter Isaacson, Kimbal, Elon Musk Farooq, Walter Isaacson's, Isaacson, Elon Musk, Bauer, Griffin, FilmMagic, Lyndon, Peter Rive, Tesla, Peter Thiel, Thiel Organizations: Queen's University, Canada, Service, YMCA, Zip2, PayPal, SpaceX Locations: Wall, Silicon, Canada, Ontario

☆ How gas station economics will change in the electric vehicle charging future
▼ + stars: | 2023-08-19 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +8 min

Here's what gas station owners need to know about the EV charging trend and their future. By contrast, gas stations along major highways between highly traveled destinations can be ideal for electric charging hubs. While there can be a first-mover advantage for gas stations, some owners, like Blake Smith, founder of SQRL Holdings, a gas station and convenience store operator, are taking it slow. His company operates more than 150 convenience store gas station locations and offers electric charging in select locations in Florida. "I would never recoup my investment," he said, adding that a move to all electric charging could be decades away.

Persons: Seth Cutler, Neha Palmer, Shubhendra Anand, Biden, Barbara Stoyko, Sujay Sharma, Sharma, Yair Nechmad, Michael Hughes, Rohan Puri, Hughes, Albert Gore, Gore, Blake Smith Organizations: EV Connect, Gas, EV, TeraWatt, Automotive, Shell, Research, Shell Americas, BP, GM, Ford, National Automobile Dealers Association, ChargePoint Holdings, Stable Auto Corporation, U.S . Department of, Administration, U.S . Department of Energy, Royal, Emission Transportation Association, EVs, SQRL Holdings Locations: California , Arizona, New Mexico, Takoma Park, Md, Fulham, England, China, Netherlands, U.S, Local, Wawa, Florida, Arkansas

Tesla 's chief financial officer, Zach Kirkhorn, stepped down from his position effective Friday, the automaker announced Monday morning in a regulatory filing. Tesla's chief accounting officer Vaibhav Taneja was appointed as the new CFO and will hold both roles concurrently. Kirkhorn will stay on with Tesla through the end of the year to assist in the transition, according to a Securities and Exchange Commission filing. Kirkhorn had served as CFO since March 2019 and had worked for Tesla since 2010. Kirkhorn's departure marks the second CFO replacement at Tesla in just over four years.

Persons: Tesla, Zach Kirkhorn, Vaibhav Taneja, Kirkhorn, Deepak Ahuja, Vaibhav, Taneja Organizations: Tesla, Securities and Exchange Commission, LinkedIn, SolarCity

A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. The Elon Musk-led firm did not specify a reason for the departure of Kirkhorn, who has been with Tesla for 13 years. He will remain with the company through the end of the year to aid a smooth transition. Taneja, 45, joined Tesla after the automaker acquired SolarCity in 2016. Musk currently leads SpaceX, Neuralink, the Boring Company and is chief technology officer at social media platform X, formerly known as Twitter.

Persons: Thomas Peter, Zachary Kirkhorn, Taneja, Elon, Kirkhorn, Tesla, Deepak Ahuja's, Musk, Elon Musk, Gene Munster, Akash Sriram, Savio D'Souza, Arun Koyyur Organizations: REUTERS, LinkedIn, Elon, Deepwater Asset Management, Wall Street Journal, SpaceX, Neuralink, Boring Company, Twitter, Thomson Locations: Beijing, China, Austin , Texas, Bengaluru

☆ Tesla directors will return $735 million to company to settle shareholder suit
▼ + stars: | 2023-07-18 | by ( ) edition.cnn.com time to read: +2 min

CNN —Tesla directors will return $735 million to the company to settle claims they grossly overpaid themselves in one of the largest shareholder settlements of its kind, according to a Monday filing in a Delaware court. The directors, including Oracle (ORCL) co-founder Larry Ellison, agreed to return the equivalent value of 3.1 million Tesla stock options, according to a court filing. As part of the board directors compensation settlement, the directors also agreed to not receive any compensation for 2021, 2022 and 2023 and the board will change the way compensation is determined. Along with that gain in stock value, stock options awarded to the directors and to Musk rose sharply in value. Tesla had argued it used the stock options to ensure the incentives of directors were aligned with the goals of investors.

Persons: CNN — Tesla, Tesla, Larry Ellison, Musk, coercing Tesla Organizations: CNN, Elon Musk, Oracle, Police Locations: Delaware, City of Detroit

☆ Tesla directors pay $735 million to settle lawsuit over excess compensation
▼ + stars: | 2023-07-17 | by ( ) www.cnbc.com time to read: +2 min

The settlement resolves a 2020 lawsuit by a retirement fund which holds Tesla stock and challenged stock options that were granted to Tesla directors starting in June 2017. A ruling is expected soon in the Musk case. The directors, including Oracle co-founder Larry Ellison, agreed to return the equivalent value of 3.1 million Tesla stock options, according to a court filing. Along with that gain in stock value, stock options awarded to the directors and to Musk rose sharply in value. Tesla had argued it used the stock options to ensure the incentives of directors were aligned with the goals of investors.

Persons: Larry Ellison, Tesla, Musk, coercing Tesla Organizations: Tesla, Elon Musk, Oracle, Police Locations: Delaware, City of Detroit

☆ Tesla's Cybertruck is finally starting production, 2 years behind schedule. Here are 6 other projects Elon Musk promised to deliver by now.
▼ + stars: | 2023-07-17 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +6 min

Tesla's Cybertruck is finally beginning production two years behind schedule. Tesla CEO Elon Musk has been known to make lofty promises that go undelivered for years at a time. In 2017, Inverse reported, Musk expanded the promise, assuring buyers that it would be just two more years before self-driving Teslas could be used to travel cross-country while passengers sleep. An 'everything' social media app, XIn late 2022, Musk tweeted that his purchase of Twitter was an "accelerant" to the creation of 'X,' the "everything app." According to the same CNBC article, in its most productive year, 2022, Tesla only installed an average of 21 solar system installations per week.

Persons: Elon Musk, —, Tesla, Musk, Musk's, Will Organizations: Tesla, CNBC, Boring Company, SpaceX, Twitter, University of Cincinnati Locations: Giga , Texas, New York, Philadelphia, Baltimore, Washington, DC, Los Angeles, Southern California

Persons: Lucy Nicholson, Tesla, Larry Ellison, Musk, coercing Tesla, Tom Hals, Nick Zieminski, David Evans Organizations: REUTERS, Elon Musk, Oracle, Police, Thomson Locations: Los Angeles , California, U.S, WILMINGTON , Delaware, Delaware, City of Detroit, Wilmington , Delaware

☆ Tesla settles class action Solar Roof lawsuit for $6 million
▼ + stars: | 2023-07-11 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla agreed to pay just over $6 million to settle a class action lawsuit brought by customers who faced sudden Solar Roof price hikes in 2021 after agreeing to have the systems installed at their homes. The Tesla Solar Roof was formerly known as Tesla "solarglass." A lead plaintiff in the class action, Matthew Amans, saw his solar roof price increase from around $72,000 in his original contract to around $146,000 per court filings. Tesla completed 1,656 Solar Roof contracts at the original price quoted to customers, according to the filing, with another 57 customers slated for Solar Roof installations at the original price as of the end of June. Read the full settlement terms from the class action lawsuit (Amans v. Tesla, Inc. 3:21-cv-03577) here:

Persons: Tesla, Elon Musk, Tesla's, Matthew Amans, Wood Mackenzie Organizations: CNBC, Tesla Energy Locations: U.S, San Francisco

Musk was the biggest shareholder in both companies at the time of the deal and Tesla shareholders alleged he pushed the carmaker's board into the deal to bail out the billionaire's investment in the struggling rooftop solar company. The state's highest court said that while a judge on the Delaware Court of Chancery erred in some portions of his analysis, his overall premise still supported his determination that Tesla paid a fair price for SolarCity. They also argued that Slights determined after a 10-day trial in 2021 that Musk meddled in the deal but failed to hold him liable. Shareholders wanted to force Musk to return the Tesla stock he received in the takeover, which at one point was worth $13 billion. The Delaware Supreme Court said that the Slights' ruling was not "pitch perfect" but did not have to be and noted the "total collapse" of the shareholders' theory that SolarCity was insolvent.

Persons: Elon Musk, Musk, Tesla, Randall Baron, Joseph Slights, SolarCity, Slights, Tom Hals, Mark Porter Organizations: Tesla, Delaware Supreme, Shareholders, Thomson Locations: SolarCity, Delaware, Wilmington , Delaware

☆ This startup founded by ex-Tesla, Google, and SolarCity staffers uses the ocean for carbon removal. Check out the 13-slide pitch deck Ebb Carbon used to raise $20 million.
▼ + stars: | 2023-04-20 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Ebb Carbon has found a way to remove carbon from the atmosphere while making the ocean less acidic. Check out the 13-slide pitch deck Ebb Carbon used to nab $20 million in Series A funding. California-based Ebb Carbon, founded in 2021, aims to capture and store carbon dioxide in the ocean while simultaneously tackling ocean acidification. Ebb Carbon has developed an electrochemical process that removes acidity from seawater while enhancing its ability to store carbon dioxide. Ebb CarbonThe alkaline release then helps to balance the pH of seawater locally, Ebb Carbon claims.

☆ Tesla has installed around 3,000 solar roofs since 2016, putting it well behind Elon Musk's goal, report says
▼ + stars: | 2023-03-31 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

A new report says Tesla Solar is behind on its goal to install 1,000 solar roofs per week. Tesla Solar customers have complained of delays, and one woman alleged her faulty panels caught fire. Elon Musk has previously spoken about issues facing Tesla's Solar Roof project. A marketing image for Tesla's Solar Roof project. "The future potential of Tesla's Solar Roof will rely on the company's ability to simplify and streamline installations and tap into a broader customer base," Issokson said.

According to the industry analysis firm's report, Tesla's average installations per week were 21 in 2022, far lower than the company's 1,000-per-week target for 2021. loadingWood Mackenzie said its analysis on Tesla's Solar Roof relies on data from several states, but it captures the largest markets such as California - the state where most of the roofs have been installed - and "paints an accurate national picture". "GAF Energy's Timberline Solar roofing system is better-positioned to achieve widespread adoption," said Max Issokson, analyst at Wood Mackenzie. The potential of Tesla's Solar Roof will rely on the company's ability to simplify and streamline installations and tap into a broader customer base, Issokson added. Solar Roof and GAF Energy's Timberline Solar, which was launched last year, are roofing shingles that can produce solar power.

☆ Tesla has only installed 3,000 Solar Roof systems in the U.S., far below forecast, study finds
▼ + stars: | 2023-03-30 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Tesla vehicles parked outside a home with a Tesla Solar Roof on Weems Street in Boca Chica Village, Texas, U.S., on Monday, June 21, 2021. Tesla has only installed 3,000 of its Solar Roof systems in the U.S. since touting the technology seven years ago, according to new research from Wood Mackenzie. That installation rate falls well shy of Tesla's guidance and ambitions for what it previously called its "solar glass" roof tiles. Average weekly Tesla Solar Roof installations reached just 21 in 2022, Wood Mackenzie said. A group of Tesla shareholders eventually sued Tesla and Musk over the deal.

☆ Ousted Tesla cofounder Martin Eberhard sounds off on Elon Musk, how the company has changed, and the EV wars
▼ + stars: | 2023-02-18 | by ( Grace Kay | ) www.businessinsider.com time to read: +17 min

But Eberhard and Musk butted heads, and Musk ousted Eberhard from his CEO role in 2007. Musk said that Eberhard was holding up production of Tesla's first car, the Roadster, and that Eberhard was responsible for other operational issues. And the proof is for the first time ever in decades we built a car company successfully. "His behavior changed dramatically as soon as we started having press about Tesla," Eberhard said. Musk has said the company "is as much a software company as it is a hardware company."

☆ Factbox: Tesla CEO Musk signals Part 3 of Master Plan is ready
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +3 min

[1/2] Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. PART I (2006) - THE SECRET TESLA MOTORS MASTER PLAN (JUST BETWEEN YOU AND ME):BUILD SPORTS CAR AND AFFORDABLE EVsBefore Tesla put out its first production car, Musk set expectations for three: a sports car, a cheaper four-door family car and an even more affordable third model. The plan was unveiled in 2006 and the first model, the Roadster sports car, rolled out in 2008 at a price of $89,000. Musk had first estimated in 2015 that Tesla vehicles would be able to drive themselves by 2018. But Tesla is yet to unveil a detailed plan for its ride-sharing and robotaxi services.

[1/3] Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. The plan was unveiled in 2006 and the first model, the Roadster sports car, rolled out in 2008 at a price of $89,000. Musk had first estimated in 2015 that Tesla vehicles would be able to drive themselves by 2018. ENABLE CAR TO MAKE MONEYHe said consumers will be able to summon their self-driving Teslas from anywhere. Last year, Musk said Tesla expects to mass-produce a robotaxi with no steering wheel or pedal by 2024, after missing his targets for self-driving vehicles multiple times.

☆ Elon Musk seeks to end lawsuit over 'inadvertent' late disclosure of Twitter stake
▼ + stars: | 2023-01-31 | by ( Jonathan Stempel | Industry Insight | Upcoming Sec Climate Disclosure Rules Bring Urgency To Esg Data Strategy Planning | ) www.reuters.com time to read: +2 min

NEW YORK, Jan 31 (Reuters) - Elon Musk asked a U.S. judge to throw out a lawsuit claiming that his delayed disclosure of a large stake in Twitter Inc defrauded shareholders who sold Twitter stock at artificially low prices because they were kept in the dark. Under the SEC rule, investors must disclose within 10 days when they have acquired 5% of a company, which for Musk's Twitter investment would have been last March 24. Twitter shares rose 27% on April 4, to $49.97 from $39.31, after Musk disclosed his 9.2% stake, which investors viewed as his vote of confidence in San Francisco-based Twitter. The case is Oklahoma Firefighters Pension and Retirement System v Musk et al, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Musk, who is expected to be called as a witness in San Francisco federal court this week, has built a cult-like following for his irreverent humor, marketing skills and vision. Legal experts said a jury trial can turn on a key witness and the attorney who questions Musk needs to establish control, minimizing Musk's ability to use his charisma. In the current case, Musk sat for a daylong deposition in 2021 with lead shareholder attorney Nicholas Porritt. The jury is likely to see the "greatest hits" from that interview, according to trial attorney Renato Mariotti, who is not involved in the case. Reporting by Tom Hals in Wilmington, Del., and Jody Godoy in San Francisco; Editing by Noeleen Walder and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

An attorney for Musk, as well as Tesla and several directors who are also defendants, declined to comment. Musk surrendered the Tesla chairman position and agreed to let a company lawyer vet some of his tweets. He won a bench trial in Delaware's Court of Chancery last year over claims by Tesla shareholders that he allegedly coerced the Tesla board into buying SolarCity, a rooftop solar panel maker. Tesla shareholders had sought billions in damages and they have appealed. Around half are dismissed for failing to comply with securities law and most of the rest are settled.

☆ These Hollywood celebs and an NFL Hall of Famer want you to electrify your home to help solve the climate crisis
▼ + stars: | 2022-12-28 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

GoodLeap is the largest financier of residential solar loans in the US, with 28% of the market. The former NFL tight end and Pro Football Hall of Famer told Insider he often reflected on whether, in life's final moments, he'd be proud of his choices. Gonzalez, who's also invested in plant-based-food companies like Beyond Meat, told Insider the climate crisis was the most important issue of his — and his children's — lifetime. GoodLeap is the top provider of residential solar loans, with a 28% share of the market. "Part of my work has always been making sure folks who typically are unconsidered are considered," DeBerry told Insider.

☆ Elon Musk Was Always a Visionary Jerk, Bad Boss at SpaceX, Tesla. but It Won't Work at Twitter.
▼ + stars: | 2022-12-18 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

Elon Musk has a pretty tried-and-true playbook for doing business — he's used it for years to build companies from Tesla to SpaceX. Twitter is the antithesis of an "Elon Musk company." And without a big, world-changing promise to paper over his sophomoric product ideas and erratic management, Musk's Twitter takeover is doomed. No time to wasteA Musk company is usually the first, and sometimes the only, company in a specific market. Based on his most recent quarterly calls with investors — the ones where he is supposed to talk about plans to make more money — Musk does not have one.

☆ Elon Musk gambled big on Twitter. Tesla is going to pay the price.
▼ + stars: | 2022-12-05 | by ( Vicki Bryan | ) www.businessinsider.com time to read: +13 min

Whatever you might think of Twitter, it's hard to watch Elon Musk clumsily flay it alive to "save it." Having observed Musk in action for years there is one troubling option I suspect he may pursue: raid Tesla. But siphoning cash from Tesla, Musk's only profitable company, just as serious competition is toppling its dominance, should concern Tesla's investors. And given his obsession with Twitter, they may well ask: How far will Elon go to save Twitter at Tesla's expense? Tesla's stock is down more than 50% this year — evaporating nearly $700 billion in market-cap value since its peak in late 2021.

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