Tuesday, May 28

Tag: Elon Musk

Elon Musk and Twitter Closes deal for $44 billion
News

Elon Musk and Twitter Closes deal for $44 billion

Twitter is in advanced discussions to sell itself to Elon Musk and could finalize a deal today on Monday, people familiar with the matter said. The two sides worked through out the night to get out a deal that would be valued at $54.20 a share, or $44 billion, the people said. Assuming there isn’t a last-minute snag, the deal is expected to be announced after the market closes on Monday. It’s not clear why the total value of the deal has increased slightly from prior expectations, but it could be related to an updated share count. Elon Musk on April 14 offered a bid to buy the company without saying how he would pay for it, calling it his "best and final" offer. Twitter had been expected to rebuff the offer, and put in place a so-called poison pill to block him from increasing hi...
Elon Musk Foundation donates $5 million to Khan Academy
News

Elon Musk Foundation donates $5 million to Khan Academy

World's richest person and Tesla's co-founder Elon Musk donated $5 million to the American non-profit educational organisation Khan Academy through his Musk Foundation. Khan Academy founder Sal Khan announced this news in a video posted on Twitter. Sal khan said he wants to give a huge shout and thank you to Elon Musk and everyone at the Musk foundation. "Thank you @elonmusk and @MuskFoundation for an incredible $5m donation to @khanacademy," he said. Elon Musk, along with his brother Kimbal, founded this NGO in 2002 which donates and support in several areas, including education, renewable energy research, human space exploration research, pediatric research etc. Founded in 2008, Khan Academy has 120 million registered users and 20 to 30 million students are using the platfor...
SpaceX raises $1.9 billion in funding
FUNDING

SpaceX raises $1.9 billion in funding

Elon Musk-led aerospace company SpaceX raises $1.9 billion in new funding, according to a regulatory filing on Tuesday. This would be the largest funding round raise by SpaceX till date. Bloomberg, in its report, said that the private rocket company will have an equity value of $46 billion after the transaction, citing people familiar with the matter. SpaceX is an American aerospace manufacturer and space transportation services company headquartered in Hawthorne, California. It was founded in 2002 by Elon Musk with the goal of reducing space transportation costs to enable the colonization of Mars. Its designs, manufactures and launches the world’s most advanced rockets and spacecraft.
Elon Musk Led SpaceX Re-useable Rocket Failed During Landing
News

Elon Musk Led SpaceX Re-useable Rocket Failed During Landing

SpaceX successfully launched its latest cluster of high-speed internet satellites into orbit but was unable to land its rocket booster on an autonomous ship, missing a key milestone. The private company founded by billionaire Elon Musk has revolutionized spaceflight in recent years by developing rockets capable of delivering their payload in space then flying back to Earth and landing upright on a target zone, ready to be-reused. It has successfully landed its booster 49 times previously and Monday''s mission would have been the 50th. "We had an on-time liftoff this morning, a good stage separation, first stage made its way back to Earth," manufacturing engineer Jessica Anderson said during a live feed of the mission, which launched from Cape Canaveral, Florida at 10:05am (local ...
Tesla Crosses $100 billion Market Valuation Mark
News

Tesla Crosses $100 billion Market Valuation Mark

NEW YORK, 22ND Jan 2020: Tesla's market value hit $100 billion for the first time, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker. Shares in Tesla rose some 4.8 percent in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles. Under a compensation plan approved by Telsa's board in 2018, Musk is to be paid in stock awards based on the value of the company, which could be worth as much as $50 billion if Tesla reaches $650 billion. Musk agreed to the plan, which would pay him nothing until Tesla's value reached $100 billion. The package, using shares which "vest" based on certain criteria, gives Musk stock worth around one percent of the company for each of 12 milestones over ...
Tesla’s ‘Autopilot’ engaged in Florida fatal crash: Report
USA

Tesla’s ‘Autopilot’ engaged in Florida fatal crash: Report

AFP- Tesla's "Autopilot" system was engaged by a driver who was killed in a March crash in Florida, according to an initial accident report released Thursday. Preliminary data showed the Tesla driver engaged "Autopilot" about 10 second before the crash and that the device was active at the time the vehicle was struck by a truck-tractor semitrailer, the National Transportation Safety Board said. The accident, the latest involving Autopilot, left the Tesla driver, a 50-year-old male dead and the combination vehicle driver uninjured. The report did not conclude who was at fault for the crash. Tesla's website describes Autopilot as an "advanced driver system" that enhances safety with external cameras, sensors and radar but demands a "fully attentive driver" at all times.The accid...
Tesla Y Model Launched, Starting Price is $39000
Automobile

Tesla Y Model Launched, Starting Price is $39000

Elon musk led Tesla Motors unveiled its newest vehicle, the Model Y, an SUV that the automaker hopes will win over consumers looking for an all-electric alternative in the most popular segment of the auto market. Tesla launched 4 segments of model Y with a starting price of $39,000 USD, following with the other price band at $47,000 USD, $51,000 USD and $60,000 USD, respectively.  CEO Elon Musk introduced the Model Y on Thursday night at a gathering of customers, employees and media. The Model Y may be Tesla's most important product yet as it attempts to expand into the mainstream and generate enough cash to repay massive debts that threaten to topple the Palo Alto, California, company. Tesla got a huge boost toward ensuring its survival with the 2017 debut of its Model...
Tesla acquires Energy storage company Maxwell Technologies for $218 Million
ACQUISITION

Tesla acquires Energy storage company Maxwell Technologies for $218 Million

Elon Musk led Electric car maker Tesla acquires energy storage company Maxwell Technologies at $218 million. The acquisition is an all-stock deal and the offer will value each of Maxwell's 45.9 million shares at $4.75. The merger is expected to close in the second quarter of 2019. As per the report, the acquisition will help Tesla to improve its batteries and lower the costs as more competitors enter the market. "We believe this transaction is in the best interests of Maxwell stockholders and offers investors the opportunity to participate in Tesla's mission of accelerating the advent of sustainable transport and energy," Franz Fink, CEO and President, Maxwell said in a press release. Maxwell Technologies' primary focus has been on ultracapacitors energy storage devices that ...
Elon Musk’s SpaceX plans to lay off 10% of its over 6,000 employees
News

Elon Musk’s SpaceX plans to lay off 10% of its over 6,000 employees

SpaceX plans to lay off 10 per cent of its more than 6,000 employees, a source familiar with the decision said on Friday. "To continue delivering for our customers and to succeed in developing interplanetary spacecraft and a global space-based Internet, SpaceX must become a leaner company," Elon Musk, said. "Either of these developments, even when attempted separately, have bankrupted other organizations," it added. "This means we must part ways with some talented and hardworking members of our team." It added that the trim down was "only due to the extraordinarily difficult challenges ahead."Citing an email sent to employees on Friday, the Los Angeles Times said the company was offering those affected a minimum of eight weeks' pay and other benefits, including career coaching an...
Tesla Names Oracle co-founder Larry Ellison to Board
News

Tesla Names Oracle co-founder Larry Ellison to Board

Tesla has reportedly named Oracle co-founder Larry Ellison who is a shareholder and close friend of Chief Executive Elon Musk, to its board to provide the independent oversight demanded by U.S. regulators. The move is meant to usher Tesla past months of turbulence following Musk's Aug. 7 tweet that he was considering taking the company private and had secured funding. The fallout, which included the U.S. Securities and Exchange Commission subsequently filing fraud charges against Musk for what it said were his "false and misleading" tweets, led some investors to call for stronger board oversight of Musk. The inclusion of Ellison puts one of the world's richest people with experience building a startup into a successful company on Tesla's board. ...
Tesla Starts Taking Orders for Model 3 in China
CHINA

Tesla Starts Taking Orders for Model 3 in China

The EV major Tesla has begun to take orders for its Model 3 sedan in China for a deposit of CNY 8,000 ($1,153.60 or about Rs. 83,000). However, the company declined to comment on the development. Chief Executive Officer Elon Musk stated, "Probably some deliveries in March, but April is more certain", after a Twitter user asked when the deliveries in China would begin. The company has been banking on its Model 3 sedan. The performance of the car is seen crucial to the carmaker's future. Shares of Tesla rose 1.6 percent at $353.93 (roughly Rs. 25,500) in morning trading. Talking about China, it has been the largest market for electric vehicles and most forecasters predict that its sales in the country will speed up rapidly as government regulation drives toward a goal of 100 percent...
Robyn Denholm Appointed as Tesla Chairman After Elon Musk’s Resignation
News

Robyn Denholm Appointed as Tesla Chairman After Elon Musk’s Resignation

Soon after Elon Musk announced his retirement from the post of Tesla’s chairman, the company has stated that board member Robyn Denholm will replace Elon Musk as the chairman. Musk, who has been on Tesla's board since 2014, tweeted in August he was considering taking the company private for $420 per share and had secured funding for a deal that was later scuttled but attracted scrutiny from several government agencies. As a result, Musk had to leave the position of the chairman. The appointment of Denholm caps months of turbulence for the company and its stock as investors called for stronger oversight of Musk, whose erratic public behavior raised concerns about his ability to steer the company through a rocky phase of growth. "Would like to thank Robyn for joining the team. Great r...