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Tesla is set to report second-quarter earnings after the bell on Tuesday. Although Tesla reported vehicle deliveries of 443,956 in the second quarter, a 4.8% decline from the year-earlier period, those numbers were better than analysts had expected. But Musk and his stalwart Tesla bulls and broader fan base have ambitions for the EV maker beyond making and selling cars. In 2021, Musk also began to promise that Tesla would develop and produce humanoid robots capable of factory work, at least. Tesla "deliveries" are not an audited financial metric, but are the closest approximation to sales reported by the company.
Persons: Elon Musk, The Beverly Hilton, Tesla, Elon, Musk, Donald Trump, InsideEVs Organizations: SpaceX, Tesla, The Beverly, LSEG, PAC, Trump, Republican, Pew Research, Democratic, Cox Automotive, Boring Company, X Corp, CNBC Pro Locations: Beverly Hills , California, U.S
But the mercurial billionaire was once a skeptic — and very vocal about why he thought Trump shouldn't govern the US. Back in July 2022, Musk criticized Trump after the former president called him a "bullshit artist" during a rally in Alaska. Musk later said in a follow-up post the same day that having Trump as president would result in "too much drama." Musk would go on to host DeSantis' campaign launch on X in May 2023, which was riddled with technical glitches and delays. The pair got closer this year, eventually culminating in a full-throated endorsement of Trump from Musk after Trump survived a failed assassination attempt on July 13.
Persons: , Elon, Donald Trump's, Trump, Musk, Ron DeSantis, DeSantis, Reid Hoffman, Vinod Khosla, Vance, Vinod, Vance LFG, Jordan Peterson, it's, we've, @jordanbpeterson Organizations: Service, Business, Trump, Gov, Biden, Musk, Democratic Party, Republican Party, BI Locations: Alaska, Florida, United States of America, Gigafactory Texas
Some of Tesla's $25.5 billion in second-quarter revenue came from the cars competitors didn't sell. Tesla, which sells only electric vehicles, always has an excess of credits. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla's record second-quarter revenue was partly driven by something unusual: all the electric vehicles its competitors didn't sell.
Persons: Organizations: Service, Elon, Business
As Tesla CEO Elon Musk continues to make lofty promises about his company's future in autonomous driving and robotics, investors keep watching profit margins deteriorate. It's the fourth straight quarter of shrinkage. The company reported just $1.48 billion in net income on revenue of $25.5 billion, which included $890 million in regulatory credits. "Affordability remains top of mind for customers," said Vaibhav Taneja, Tesla's chief accounting officer, on the company's earnings call. Tesla began offering a five-year, zero interest loan offer to spur sales of its EVs in China in April.
Persons: Elon Musk, Tesla, Vaibhav Taneja Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Nasdaq Locations: Beverly Hills , California, China, CnEVPost, Shanghai, Germany
Tesla on Tuesday reported a significant drop in profit in the three-month period between April and June, a result of the electric car company’s sluggish sales. The automaker said it earned $1.5 billion in the second quarter of the year on revenue of $25.5 billion. In the second quarter of 2023, Tesla made $2.7 billion and had revenue of $24.9 billion. The company’s current operating profit margin, a measure of how much money it makes on every dollar of revenue, was 6.3 percent, compared with 9.6 percent in the same period a year ago. The results will most likely heighten pressure on Tesla and its chief executive, Elon Musk, to show that the company can find new ways to grow and make money.
Persons: Tesla, Elon Musk
Why Elon Musk is voting for the Republican party
  + stars: | 2024-07-23 | by ( Ana Altchek | ) www.businessinsider.com   time to read: +3 min
Read previewSince the attempted assassination of former President Donald Trump, Elon Musk has vowed support for the Republican party and created a super PAC to fund the campaign. Up until the shooting, Musk repeatedly said he was undecided about who to vote for, despite several meetings with Trump. AdvertisementThe billionaire said he used to consider the Democratic party "the party of meritocracy," "personal freedom," and "free speech." "You really have to take an active role in reducing the number of laws and regulations," Musk said in the interview. "So I vowed to destroy the woke-mind virus after that," Musk said in the interview.
Persons: , Donald Trump, Elon Musk, Jordan B, Musk, it's, I've, Trump Organizations: Service, Republican, Twitter, Peterson, Democratic, Business, Trump, Biden Administration, SpaceX Locations: Russia, China, North Korea
Tesla is set to report second-quarter earnings after the closing bell on Tuesday. Wall Street is more bullish after Tesla reported better-than-expected deliveries for the second quarter. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla investors are eagerly awaiting the company's second-quarter results as they look for signs that the strongest headwinds have passed after a tough start to the year. The carmaker is set to report financials for the second quarter on Tuesday after the closing bell.
Persons: Tesla, , Elon Musk Organizations: Service, Elon, Business
Previously sealed court documents provide insight into Elon Musk's righthand man, Jared Birchall. In a deposition for Twitter's lawsuit against Musk, Birchall describes his relationship with the Tesla CEO. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEver wondered what it's like to serve as Elon Musk's righthand man? A trove of previously unreleased documents related to Musk's legal battle with Twitter provides a peek into Musk's working relationship with Jared Birchall, a former banker who runs the billionaire's family office.
Persons: Elon Musk's, Jared Birchall, Musk, Birchall, , Aaron Greenspan Organizations: Service, Elon, Twitter, Chancery, Business Locations: Delaware
How the hedge fund superstar went extinct
  + stars: | 2024-07-23 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
But for now, we're examining how the hedge fund superstar has gone extinct . The big storySo long, superstarGetty Images; Alyssa Powell/BIWhere have all the hedge fund superstars gone? AdvertisementIn years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. Meanwhile, the hedge fund industry has also evolved. Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium for his to-be-launched hedge fund .
Persons: , Kamala Harris, Harris, Alyssa Powell, Insider's Linette Lopez, Julian Robertson, Griffin's, Izzy Englander's, Goldman Sachs, Jared Siskin, Bobby Jain, it's, Aaron Weiner, Jonathan Xiong's, Maja Hitij, Carl Godfrey, Apple, Sam Altman's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democratic, Democratic Party Convention, Business, Getty, Management, Goldman, Madison, Park Conservancy, Citadel, Credit Suisse, Jain, ExodusPoint, Investment Partners, Blackstone, Elon Musk's, Big Tech, Bank of America, BI Founders, Forge, Apple, Google, General Motors Locations: Venture, Wall, Park, Coatue, Miami, London, New York
Tesla shareholders really want the company to release new vehicles. Elon Musk has teased a variety of new EVs, but it is unclear when they will be released. AdvertisementTesla shareholders want Elon Musk to roll out new vehicles. Retail investors are submitting questions in an anonymous Q&A forum for Elon Musk and other executives to answer in Tuesday's earnings call, and many of them are asking when Tesla plans to release new EVs. One shareholder requested updates on the status of a revamped Tesla Roadster, which Musk has teased will be a SpaceX-Tesla collaboration complete with rocket tech.
Persons: Q, Elon Musk, , Elon, Tesla, Musk Organizations: Service, Elon, Tesla Roadster, SpaceX
CNN —Russia’s lower house of parliament has proposed punishing Russian soldiers caught using smartphones while fighting in Ukraine, state media TASS reported, amid growing concerns that electronic devices can reveal troops’ location on the battlefield. According to a draft law supported by the State Duma Committee on Defense, carrying internet-connected cell phones whose data can identify Russian troops or the location of forces will be classified as a “gross disciplinary offense” punishable by up to 10 days of arrest. Both Russian and Ukrainian militaries have reportedly used enemy cell phones to identify targets during the war, scraping data from photos and messages to track coordinates and launch attacks. Although the Kremlin has acknowledged the risks posed by soldiers carrying cell phones, Russian military bloggers have criticized the draft law, claiming it shows the Duma’s lack of understanding of the nature of modern warfare. Russian soldiers are already banned from publicly distributing information that could reveal the identity or location of military personnel.
Persons: United Kingdom –, Elon, , let’s Organizations: CNN, TASS, State, Defense, Ukraine’s Security, Russia’s Defense Ministry, Kremlin, Veteran Records, Duma, Federation Council Locations: Ukraine, United States, Australia, Canada, New Zealand, United Kingdom, Ukrainian, Makiivka
Latitude, a French aerospace company based an hour outside Paris, is getting a surge of applications from American engineers after Elon Musk said he would relocate SpaceX headquarters from California to Texas. Those job seekers work at SpaceX, Blue Origin, Lockheed Martin, Tesla and other companies related to the aerospace industry, the spokesperson tells CNBC Make It. He says the message wasn't a takedown of Musk or SpaceX, which Maximin refers to as one of "the best engineering companies in the world." Rather, he says, "if you're not happy where you are, if you want different things, you can come to Europe, and we'll help you." "We have done it multiple times over," Maximin says, adding that his company has "the full support of French authorities" to make the relocation happen quickly.
Persons: Elon Musk, Lockheed Martin, Tesla, Musk, Stanislas Maximin, Rather, Joe Biden, Donald Trump, Maximin Organizations: Elon, SpaceX, Lockheed, CNBC, U.S Locations: French, Paris, California, Texas, U.S, Hawthorne , California, Starbase , Texas, Europe
In recent weeks, many Democrats in Silicon Valley had kept uncharacteristically quiet as prominent technology leaders — including Elon Musk and the investors Marc Andreessen and Ben Horowitz — endorsed Donald J. Trump for president. Even though Democrats had long been a dominant force in Silicon Valley, some were unenthusiastic about supporting President Biden, who was unpopular in the tech industry. They wanted to see if Mr. Biden could change the narrative around his struggling campaign. And those who were vocal in their support — such as the tech investor Reid Hoffman — faced attacks. Across the tech industry, the floodgates immediately reopened.
Persons: Elon Musk, Marc Andreessen, Ben Horowitz —, Donald J, Trump, Biden, Reid Hoffman —, , Nihal Mehta Organizations: Elon, Mr, Democratic, Eniac Ventures Locations: Silicon Valley, New York
CNN —Within minutes of President Joe Biden endorsing Vice President Kamala Harris to replace him on the Democratic Party’s ticket on Sunday, the internet crackled with lies, altered photos and other misleading claims about Harris. Some supporters of former President Donald Trump – the Republican nominee in the November election – even suggested Biden was the victim of a coup. Meanwhile, a slew of slickly edited pro-Harris videos quickly proliferated on social media as her backers tried to capitalize on the moment. Biden’s likeness was also exploited in the aftermath of his announcement, which came via a post on social media and not televised address. Harris’ team has also embraced a viral post from British pop singer Charli XCX that referred to Harris as “brat,” a concept that includes women and queer empowerment.
Persons: Joe Biden, Kamala Harris, Harris, Donald Trump –, , Biden, slickly, ” Erik Nisbet, Elon Musk, Alexander Soros, megadonor George Soros, Soros, Musk, Jeffrey Epstein, people’s, Harris ’, Charli, Kremlin mouthpieces, Volodymyr Zelensky, , , ” Joseph Bodnar, they’re, Shane Huntley Organizations: CNN, Democratic, Republican, Democratic Party, Northwestern University’s School of Communication, Trump, PBS, Kremlin, Biden, Google Locations: India, Jamaica, British
In today's big story, President Joe Biden ended his reelection bid . The president ended his reelection campaign on Sunday, the culmination of mounting pressure from his party after a disastrous debate last month. Meanwhile, former President Donald Trump said in a post on Truth Social that "Crooked Joe Biden was not fit to run for President." Biden's reelection campaign has quickly pivoted to serve Harris, making it an uphill battle for any Democrat looking to challenge her , writes Business Insider's Brent D. Griffiths. Many have made comparisons to the 1968 Democratic convention , which was a contested convention after President Lyndon B. Johnson ended his reelection campaign earlier that year.
Persons: , Joe Biden, Biden, Alyssa Powell, BI Joe Biden, Elon Musk, Reid Hoffman, Donald Trump, Kamala Harris, Harris, Jared Siskin, Biden's, Insider's Brent D, Griffiths, Hillary Clinton, BI's Bryan Metzger, Lyndon B, Johnson, Hubert Humphrey, Humphrey, Richard Nixon, Brent, Here's, Sieg, Merrill Lynch, Abanti Chowdhury, Andy Sieg, Warren Buffett's, Buffett, Paul Chinn, Andrew Caballero Reynolds, Marc Andreessen, he'd, Andreessen, Trump, BI's Adam Rogers, OpenAI, Sam Altman's, slowdowns, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, BI, Democratic, Madison, Park Conservancy, Citi Wealth, BI Citi Wealth, Bank of Montreal, Buffett Locations: Park, Plenty, Washington, Chicago, Southern, New York, London
Read previewJPMorgan Asset Management strategist Michael Cembalest was right on the money when he predicted that President Joe Biden would drop out from the 2024 presidential race. Cembalest, who chairs the company's market and investment strategy, made the prediction in his list of "top 10 possible surprises for 2024." "President Biden withdraws sometime between Super Tuesday and the November election, citing health reasons. Biden passes the torch to a replacement candidate named by the Democratic National Committee," Cembalest wrote. For one, Cembalest wrote in his list that "the driverless car backlash is coming."
Persons: , Michael Cembalest, Joe Biden, Cembalest, Biden, Kamala Harris, Harris, Jake Sullivan, Christopher Cavoli, Cavoli Organizations: Service, Management, Business, Super, Biden, Democratic National Committee, Democratic Party, EV, Elon, Russia, US, Armed, Committee, Cembalest, JPMorgan Asset Management, BI Locations: Ukraine, Russia
Read previewThe results are in for Sam Altman's much-anticipated basic income study, one of the largest of its kind. AdvertisementThe debate over basic incomeThe study was inspired by Altman's belief in the importance of a basic income in the age of AI, which some fear could render millions of jobs obsolete. Related storiesThe idea of a universal basic income has been around for awhile, but rose to prominence as the center of Andrew Yang's 2016 presidential campaign. Other significant figures in the tech industry have since voiced support for some kind of basic income, including Twitter cofounder Jack Dorsey and Tesla CEO Elon Musk. Earlier this year, Altman also floated another kind of basic income plan, which he called a "universal basic compute."
Persons: , Sam Altman's, Altman, OpenResearch, Elizabeth Rhodes, Cash, Andrew Yang's, Jack Dorsey, Elon Musk, Geoffrey Hinton, Sarah, Cara Organizations: Service, Business, OpenResearch Locations: Texas, Illinois
Tesla will report second-quarter earnings after the bell on Tuesday. The company's vehicle deliveries report on July 2 was better than analysts feared, but still represented a decline from the previous year. Retail investors who submitted questions via the Say Technologies platform ahead of time are hoping for answers about the company's delayed plan to unveil its CyberCab, a "dedicated robotaxi" and its progress on self-driving technology in general. Retail investors who submitted questions via the Say Technologies platform ahead of time are hoping for answers about the company's delayed plan to unveil its CyberCab, a "dedicated robotaxi" and its progress on self-driving technology. Investors also submitted questions via Say Technologies about Tesla's progress developing humanoid robotics that the company aims to put to work in its factories.
Persons: Tesla, Elon Musk, LSEG, They're, Donald Trump, Vance, Trump, Musk, Optimus Organizations: Say, Republican, Reuters, Car Dealers Association, Investors, Technologies Locations: Monterrey, Mexico, California
CNBC Daily Open: Biden drops out
  + stars: | 2024-07-22 | by ( Abid Ali | ) www.cnbc.com   time to read: +5 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Starbucks stake Activist investor Elliott Management has taken a substantial stake in Starbucks and is engaging with management to boost the company's share price, according to the Wall Street Journal. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. Big Tech faces the challenge of rekindling Wall Street's enthusiasm after a $900 billion tech rout.
Persons: haven't, Stephanie Pope, Max, Elliott Management, Laxman Narasimhan, Howard Schultz, CNBC's Jim Cramer, Elon Musk, Dan Ives, Lina Khan, Khan, Ives, CrowdStrike, Fred Imbert, , Alex Harring, Jesse Pound, Kevin Williams, Leslie Josephs, Josie Rozzelle, Kevin Breuninger, Dan Mangan, Zev Fima, Spencer Kimball, Rohan Goswami Organizations: CNBC, Dow, Boeing, Farnborough, Wall Street, Starbucks, Trump, Microsoft, Securities, Big Tech, Google, Apple Locations: London, New York, New Delhi, Washington
Big Tech's phony Trumpism
  + stars: | 2024-07-22 | by ( Adam Rogers | ) www.businessinsider.com   time to read: +9 min
Before Andreessen and Horowitz formed their venture-capital firm in 2009, Andreessen was an incisive observer of Silicon Valley. Big Andreesen (meaning the current bloated billionaire model) also contradicts Little Andreessen (the earlier, leaner blogger) on the issue of regulation. The reason, he now claims, is that government used to leave Silicon Valley alone. He and his fellow Silicon Valley investor-class billionaires have been sliding rightward for years. It's that I didn't see that this is where Silicon Valley was always headed.
Persons: Marc Andreessen, Donald Trump, That's, Andreessen, Bill Clinton, Hillary, Ben Horowitz, Elon Musk, Larry Ellison —, Trump, , I've, Horowitz, It's, America's, Biden, Barack Obama, Joe Biden, they're, Dave Karpf, Hillary Clinton, we've Organizations: Democratic, Little Tech, Tech, Government, America, Justice Department, Microsoft, Trump, Little, Bloomberg Technology Conference, Netscape Locations: Silicon Valley, Silicon
Wall Street analysts are bullish on updates about the firm's Robotaxi and FSD technology. Tesla's energy business could also be key to its long-term growth, strategists said. Investors now are eagerly waiting on key updates from the company, with all eyes on Tesla's Robotaxi Day in early October. The firm said it would continue to look out for updates on Tesla's Robotaxi and its more-affordable vehicle, which is expected to be released in the coming years. The firm maintained its three-star rating on Tesla stock and assigned a fair value of $200 per share, implying 20% downside.
Persons: , eyeing, Elon, Tesla, Musk, hasn't, Tesla's, Garrett Nelson, Nelson, Morgan Stanley, Oppenheimer, TSLA, Morningstar, Seth Goldstein, Goldstein Organizations: Wall Street, Service, EVs, Street, Wedbush Securities, Tesla Energy, Morningstar Locations: China
That's right: Biden used X to tell the world he was pulling out of the presidential race. Related storiesThis has all helped build X's case as the internet's digital town square. Spam and abuseThat said, there have been several signs in the months prior suggesting that it is hardly fit to be a digital town square. Pavliuc also notes that X's leaders have struggled to present the app as a "digital town square" that's fair for all. "It's important to think about comparing it to a physical town square where if you scream misogynistic or racist slurs at someone, would that be OK?
Persons: , Elon, Donald Trump, Joe Biden, That's, Biden, Alex Brandon, Mike Stewart, Linda Yaccarino, Yaccarino, Joseph Teasdale, Alexa Pavliuc, Teasdale, Pavliuc, Onur Dogman, Kamala Harris, Musk, who's Organizations: Service, White, Business, Trump, Twitter, Analysis, Oxford Internet Institute, Democrats Locations: Israel, Gaza
Read previewThe results are in for Sam Altman's much-anticipated basic income study, one of the largest of its kind. AdvertisementThe debate over basic incomeThe study was inspired by Altman's belief in the importance of a basic income in the age of AI, which some fear could render millions of jobs obsolete. Related storiesThe idea of a universal basic income has been around for awhile, but rose to prominence as the center of Andrew Yang's 2016 presidential campaign. Other significant figures in the tech industry have since voiced support for some kind of basic income, including Twitter cofounder Jack Dorsey and Tesla CEO Elon Musk. Earlier this year, Altman also floated another kind of basic income plan, which he called a "universal basic compute."
Persons: , Sam Altman's, Altman, OpenResearch, Elizabeth Rhodes, Cash, Andrew Yang's, Jack Dorsey, Elon Musk, Geoffrey Hinton, Sarah, Cara Organizations: Service, Business, OpenResearch Locations: Texas, Illinois
The mercurial billionaire gave his endorsement to Trump, just minutes after the GOP presidential candidate was nearly assassinated on July 13. Since then, Musk has only doubled down on Trump and his newly minted running mate, Vance on his social media platform, X. — Elon Musk (@elonmusk) July 21, 2024Trump/Vance LFG!! — Elon Musk (@elonmusk) July 21, 2024Trump/Vance LFG!! Related storiesThe potential switch in Democratic nominee to Harris hasn't swayed Musk, who started criticizing her candidacy on Sunday.
Persons: , Elon, Donald Trump, Sen, JD Vance, Trump, Musk, Vance, — Elon, Joe Biden, Kamala Harris, Biden, Vinod Khosla, Reed Hastings, Khosla, Hastings, Reid Hoffman, Harris, Vinod, Vance LFG, I'm, Harris hasn't, gFwWAv15Qx — Elon, Daniel Hallin, it's, Hallin, Jonathan Aronson, Aronson, Trump stokes Organizations: Service, GOP, Trump, Business, Democratic Party, Republican Party, Democratic, Netflix, Biden, UC San Diego, USC Annenberg School for Communication, Journalism, Trump . Representatives, BI Locations: Ohio, San Francisco Bay, America, Texas
Vinod Khosla on Sunday urged Democrats to select a moderate candidate against Trump. Elon Musk pushed back in defense of Trump, sparking a heated exchange with Khosla on X.Khosla suggested Kamala Harris and Governors Whitmer, Shapiro, and Beshear as potential candidates. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Khosla first posted that an open convention could yield a candidate who could "easily" beat Trump, such as Michigan Gov.
Persons: Vinod Khosla, Trump . Elon Musk, Trump, Khosla, Kamala Harris, Whitmer, Shapiro, Beshear, , Joe Biden, Donald Trump, Gretchen Whitmer, Josh Shapiro —, Andy Beshear, MAGA Organizations: Sunday, Trump . Elon, Service, Democratic Party, Trump, Michigan Gov, Business Locations: Pennsylvania, Kentucky
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