Archive for the ‘Elon Musk’ Category

Elon Musk goes ‘absolutely hard core’ in another round of Tesla layoffs – The Verge

Barely two weeks after initiating layoffs for at least 14,000 staffers, Tesla is now reportedly laying off hundreds more including senior executives and the majority of its Supercharging team.

According to an email first reported by The Information and then Electrek, the automakers senior director of EV charging Rebecca Tinucci is leaving the company on Tuesday, alongside most of the 500-person team she oversaw. Teslas head of the new vehicles program, Daniel Ho, is also out along with his team. These cuts come in addition to the recent 10 percent workforce reduction and Musks email leaves room for more.

In the email sent to executives last night, Musk said he wants Tesla to be absolutely hard core about the cuts, and that staffers working under executives who dont obviously pass the excellent, necessary and trustworthy test would also be out of a job. While the full scale of these new layoffs is unclear, Bloomberg previously reported that Teslas total headcount reduction that began earlier this month could end up being as high as 20 percent of its workforce, or well in excess of 20,000 employees.

Tinucci was notably responsible for the rollout of Teslas Supercharger network during her six years at the company, including efforts to get other companies to adopt the North American Charging Standard (NACS) developed by Tesla. In his email, Musk says Tesla will still build new Superchargers and complete those already under construction.

Others impacted by the new layoffs include Daniel Ho, a ten-year Tesla veteran who served as director of vehicle programs and new product initiatives, and as program manager for the Model S, 3, and Y vehicles. Most of the public policy team led by former head of policy and business development Rohan Patel (who left the company during the previous wave of layoffs) are also being let go.

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Elon Musk goes 'absolutely hard core' in another round of Tesla layoffs - The Verge

Supreme Court rejects Elon Musk’s efforts to get rid of his Twitter sitter – The Verge

Musk has been required to receive approval from his so-called Twitter sitter after signing a consent decree with the SEC in 2018 in response to his tweets about taking Tesla private, in which he falsely stated to have funding secured.

But ever since agreeing to the settlement,Musk hasbeen tryingto wrigglehis way out of the consent decree that he have a lawyer review posts that could have a material impact on Tesla before publishing them. Moreover, if the Twitter sitter does indeed exist, no one has stepped forward to claim the job. Tesla has declined to identify the person. AndBloombergs Dana Hull, who has been investigating the Twitter sitter for years, has yet to turn up a name.

The Twitter sitter lives on

Last year, a federal appeals court rejectedMusks bid to toss or modify the settlement. Musks lawyers appealed the decision to the Supreme Court, arguing it violated their clients free speech rights. But today, the court declined to take up the case, leaving the lower courts ruling in place.

The federal appeals court found that the SEC has only investigated three of his past tweets: the infamous 2018 funding secured tweet that subsequently resulted in the consent decree, a $40 million fine, and Musk losing the chairmanship of Tesla; and two other tweets, one that contained misleading information about Teslas vehicle production and the other regarding a poll proposing Musk sell 10 percent of his Tesla stock.

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Supreme Court rejects Elon Musk's efforts to get rid of his Twitter sitter - The Verge

Elon Musk’s Tesla layoffs slam everyone from interns to executives – Quartz

Elon Musks drive to slash costs at Tesla is hitting almost every corner of the company, from senior-level executives to summer interns just weeks away from employment.

Wegovy and Ozempic: Are we ready for weight loss drugs?

Joshua Schreiber, a student at Miami University, was set to start his summer internship with Tesla in just three weeks and said he already spent thousands of dollars on housing. Now, hes looking for a new gig.

At 8:46am, I opened a Tesla email for flight info, he wrote on LinkedIn on Wednesday, in a post first reported by Bloomberg. By 11:25am, my internship offer was gone.

The unexpected cancellation comes at a rough time for college students looking for summer jobs to occupy their time, make some cash if theyre paid programs and get valuable experience. Most universities are wrapping up the spring semester and many applications across fields have already closed, making nabbing a new job difficult.

Teslas decision to rescind summer internships has affected students looking to learn and work with teams across the company, from megapack production and human resources to corporate sustainability. Diana Rosenberg, who works in battery supply at Tesla, asked her LinkedIn network to help one intern-to-be find a new summer position to support their career.

Please make our loss your gain! Rosenberg wrote.

Musk on April 15 announced that Tesla would move to cut more than 10% of the companys 140,000 people global employees, including its marketing team, as part of cost-cutting measures. Musk had reportedly pushed to lay off about 20% of the company an amount, he reasoned, that would match Teslas sales decline between the fourth quarter of 2023 and the first quarter of 2024.

As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity, Musk told workers in a memo last month, before announcing the imminent layoffs. There is nothing I hate more, but it must be done.

Its unclear how much money Tesla will save from revoking intern offers, but its unlikely to be a lot. Some internships are for unpaid positions, while paid interns usually make $18 to $28 per hour, according to Glassdoor. Over 3,000 students are hired for internship and apprenticeships each year, according to Teslas 2022 impact report.

Earlier this week, Tesla laid off the majority of its 500-person Supercharger division. Rebecca Tinucci, a six-year veteran of the company overseeing the division, has also left Tesla. At least five other high-profile executives have either already resigned or plan to later this year, including Tesla leaders overseeing investor relations, human resources, and public policy.

Behind all of these cuts is Musks move into wartime CEO mode to reassure investors skeptical of his promises and Teslas Full Self-Driving technology. Also on the table is Musks $47 billion pay package, which will be voted on by shareholders over the summer. Several stockholders, including Teslas biggest retail shareholder, have expressed their opposition to reapproving the package, which was struck down by a judge in Delaware earlier this year.

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Elon Musk's Tesla layoffs slam everyone from interns to executives - Quartz

Tesla gains roughly $82 billion on 15% stock surge as top analyst sees ‘home run’ deal for Elon Musk in China – Fortune

Shares of Tesla rallied Monday after the electric vehicle makers CEO, Elon Musk, paid a surprise visit to Beijing over the weekend and reportedly won tentative approval for its driver-assistance software.

Muskmet with a senior government official in the Chinese capital Sunday, just as the nations carmakers are showing off theirlatest electric vehicle modelsat the Beijing auto show.

According to The Wall Street Journal, which cited anonymous sources familiar with the matter, Chinese officials told Tesla that Beijing has tentatively approved the automakers plan to launch its Full Self-Driving, or FSD, software feature in the country.

Although its called FSD, the software still requires human supervision. On Friday, the U.S. governments auto safety agency said it is investigating whetherlast years recallof Teslas Autopilot driving system did enough to make sure drivers pay attention to the road. Tesla has reported 20 more crashes involving Autopilot since the recall, according to the National Highway Traffic Safety Administration.

At the close of trading, shares of Austin, Texas-based Tesla surged more than 15%its biggest one-day jump since February 2020adding roughly $82 billion to its market capitalization. For the year to date, shares are still down 22%.

Tesla has been contending with its stock slide and slowing production. Last week, the company said itsfirst-quarter net incomeplunged by more than half, but it touted a newer, cheaper car and a fully autonomous robotaxi as catalysts for future growth.

Wedbush analyst Dan Ives called the news about Chinas FSD approval a home run for Tesla and maintained his Outperform rating on the stock.

We note Tesla has stored all data collected by its Chinese fleet in Shanghai since 2021 as required by regulators in Beijing, Ives wrote in a note to investors. If Musk is able to obtain approval from Beijing to transfer data collected in China abroad this would be pivotal around the acceleration of training its algorithms for its autonomous technology globally.

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Tesla gains roughly $82 billion on 15% stock surge as top analyst sees 'home run' deal for Elon Musk in China - Fortune

Elon Musk Invested $1B Into Mel Gibson and Mark Wahlberg’s ‘Un-Woke’ Production Studio? – Snopes.com

Claim:

Elon Musk has invested $1 billion dollars into actors Mel Gibson and Mark Wahlbergs "un-woke" production company.

On April 24, 2024, Esspots.com published an article with the headline, "Breaking: Elon Musk Invests $1 Billion in Mel Gibson and Mark Wahlberg's New Un-Woke Production Studio." The article posited that the billionaire wanted to support projects that aligned with this vision, and the studio was committed to "traditional values" and "non-woke" content.

The article said:

Musk, renowned for his innovative ventures in technology and space exploration, expressed his enthusiasm for this new creative endeavor, citing a desire to support projects aligned with his vision for cultural authenticity and creative freedom. The collaboration between Musk, Gibson, and Wahlberg represents a fusion of Silicon Valley ingenuity with Hollywood craftsmanship, aiming to challenge prevailing industry norms.

The decision to back this un-woke production studio underscores Musk's broader interest in disrupting traditional paradigms across various sectors. Known for his outspoken views on culture and society, Musk has frequently critiqued the prevailing narrative in mainstream media and entertainment, advocating for a return to more genuine, relatable storytelling.

The Facebook page associated with the website, SpaceX Fanclub, also shared a post with the same headline on April 21, 2024, adding the article in the comments section days later. Many commenters under the post believed what it was saying, with statements like, "You are a Good Man Elon. So is Mel Gibson and Mark Wahlberg."

(Facebook user SpaceX Fanclub)

However, the above story originates from a site that describes itself as satirical in nature. SpaceX Fanclub's introduction section states, "We post SATIRE, nothing on this page is real."

Esspot.com's "About Us" page states:

Welcome to the US page of Esspots (A Subsidiary of SpaceXMania.com specializing in Satire and Parody News), your one-stop destination for satirical news and commentary about the United States of America. Our team of writers and editors is dedicated to bringing you the latest and greatest in fake news and absurdity, all with a healthy dose of humor and satire.

On this page, you can expect to find all sorts of hilarious stories and parodies about US politics, culture, and society. From outrageous conspiracy theories to outlandish political stunts, we've got it all covered.

The site also has a disclaimer, which says:

Welcome to Esspots.com, a website that specializes in satire, parody, and humor. Before you proceed to read our content, we would like to emphasize that nothing on this website is real. All of the articles, stories, and commentary found on Esspots.com are entirely fictitious and created for the purpose of entertainment only.

This is not the first time we've covered related satirical stories from Esspots.com. The site has previously falsely claimed that Wahlberg and Gibson were starting a "non-woke" production studio while declaring "Hollywood is saved." It also falsely wrote that Wahlberg refused to work with Tom Hanks, saying the latter was a "woke creep."

For background, here is why we sometimes write about satire/humor.

"About Us." Esspots, https://esspots.com/about-us/. Accessed 25 Apr. 2024.

"Disclaimer." Esspots, https://esspots.com/disclaimer/. Accessed 25 Apr. 2024.

Izzo, Jack. "Mark Wahlberg Refused To Work with Tom Hanks on $65M Movie?" Snopes, 19 Apr. 2024, https://www.snopes.com//fact-check/mark-wahlberg-refused-work-tom-hanks-woke/.Accessed 25 Apr. 2024.

Rascout-Paz, Anna. "Mark Wahlberg and Mel Gibson Are Launching 'Non-Woke' Film Studio?" Snopes, 4 Apr. 2024, https://www.snopes.com//fact-check/gibson-wahlberg-non-woke-production/.Accessed 25 Apr. 2024.

Robin, Alex. "Breaking: Elon Musk Invests $1 Billion in Mel Gibson and Mark Wahlberg's New Un-Woke Production Studio." Esspots, 21 Apr. 2024, https://esspots.com/breaking-elon-musk-invests-1-billion-in-mel-gibson-and-mark-wahlbergs-new-un-woke-production-studio/.Accessed 25 Apr. 2024.

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Elon Musk Invested $1B Into Mel Gibson and Mark Wahlberg's 'Un-Woke' Production Studio? - Snopes.com