AuthorTopic: Official EV Carz Thread  (Read 17511 times)

Offline K-Dog

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Re: Official EV Carz Thread
« Reply #180 on: September 29, 2018, 02:08:02 AM »

So cool!  I exhaled on this page and gently made a big smoke cloud between me and the screen while scrolling.  I stopped scrolling and then the smoke cleared and there was Musk with his cloud.

« Last Edit: September 29, 2018, 02:09:50 AM by K-Dog »
Under ideal conditions of temperature and pressure the organism will grow without limit.

Online RE

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🔌 Bye,Bye Mr. Elon Pie
« Reply #181 on: September 30, 2018, 02:49:24 AM »

Musk Settles with SEC, Booted as Tesla Chairman. SEC Forces Tesla to Control his Lie-Tweets
by Wolf Richter • Sep 29, 2018 • 24 Comments   

Not a slap on the wrist, but not a summary execution either.

Tesla CEO and Chairman Elon Musk settled the fraud charges that the SEC had brought against him over his blatant lies he tweeted in early August about taking Tesla private at $420 a share, “Funding secured,” only to recant a couple of weeks later. As part of the deal, which the SEC announced today and which is still subject to court approval, Musk has to – I almost wrote “quit tweeting while high” – do the following:

    Step down as Chairman of Tesla, to be replaced by an independent chairman. Musk will be ineligible to be chairman for three years;
    Pay $20 million penalty.

But he gets to stay on as CEO and as board member – and apparently, he gets to keep his Twitter account, but with some board oversight (see below).

Today, the SEC also sued Tesla, and this being a busy Saturday, settled with Tesla all in one fell swoop.

The SEC charged in the complaint, filed in Federal Court today, that Tesla failed “to implement disclosure controls or procedures” over Musk’s off-the-wall tweets about Tesla:

    “Musk has used his Twitter account to distribute material information about Tesla, including company financial projections and key non-financial metrics.”

    “Tesla, however, did not have disclosure controls or procedures in place to assess whether the information Musk disseminated via his Twitter account was required to be disclosed in reports Tesla files pursuant to the Exchange Act….”

    “Nor did it have sufficient processes in place to ensure the information Musk published via his Twitter account was accurate or complete.”

    “By engaging in the conduct, Tesla violated, and unless restrained and enjoined will violate again, Rule 13a-15 [17 C.F.R. § 240.13a-15] of the Exchange Act [15 U.S.C. § 78a, et seq.].

Both Musk and Tesla are settling the charges against them “without admitting or denying the SEC’s allegations.” In addition to what Musk has to do and pay, Tesla has to:

    Replace Musk with an “independent Chairman;”
    Appoint a total of “two new independent directors to its board;”
    “Establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications.”

The $40 million in penalties that Musk and Tesla have to pay combined will be “distributed to harmed investors under a court-approved process.” Would those be the short sellers? Probably not.

The SEC announcement added:

    As a result of the settlement, Elon Musk will no longer be Chairman of Tesla, Tesla’s board will adopt important reforms —including an obligation to oversee Musk’s communications with investors—and both will pay financial penalties. The resolution is intended to prevent further market disruption and harm to Tesla’s shareholders.

This settlement with Tesla is more than a slap on the wrist – particularly having to bring in two independent directors that will start nosing around some things – but it’s not exactly a summary execution. The company will now get a modicum of corporate oversight, and it might even try to tamp down on the blatant lies that Musk spews forth via his tweets in order to manipulate up the share price.

In terms of the penalty for Tesla, well, its $20 million penalty is a fly speck. It represents just two business days of net losses for Tesla, based on its Q2 net loss, its largest net loss ever. So this part won’t add much to the cash-burn machine.
« Last Edit: September 30, 2018, 02:51:07 AM by RE »

Offline azozeo

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How a 94 yr. old MAY save the planet, what took you so long.....
« Reply #182 on: October 02, 2018, 04:27:46 PM »

John Goodenough has defied the American tech industry’s prejudice that says old people can’t innovate.

A man old enough to be Mark Zuckerberg’s great-grandfather just unveiled energy storage technology that might save the planet.

John Goodenough is 94, and his current work could be the key to Tesla’s future—much as, decades ago, his efforts were an important part of Sony’s era of dominance in portable gadgets. Over the years, Goodenough has scuffled with Warren Buffett, wound up screwed by global patent wars, never got rich off a headline-grabbing initial public offering and defied the American tech industry’s prejudice that says old people can’t innovate.
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Online RE

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🔌 Tesla's Value Sinks by $10 Billion in a Week as Rout Deepens
« Reply #183 on: October 09, 2018, 02:04:39 AM »
Chalk up another one I called right and early.  :icon_sunny:  You can only sell Snake Oil for so long.


Tesla's Value Sinks by $10 Billion in a Week as Rout Deepens
By Tatiana Darie
October 8, 2018, 11:40 AM AKDT Updated on October 8, 2018, 1:22 PM AKDT
Current Time 0:11

Duration Time 3:00

Tesla in Hunt for Chairman to Replace Musk
China's RRR Cut Helps Chinese Banks, Says Eastspring's Wong
BofA Sees `Modest' Equities Pullback Until Bond Yields Stop Rising
Tesla in Hunt for Chairman to Replace Musk

In this article
Private Company
 0.70 0.61%

Tesla Inc. just can’t seem to catch a break.

If the rout sparked by an SEC investigation into CEO Elon Musk’s tweets on taking the carmaker private wasn’t enough, a subsequent tweet storm mocking the agency and an unflattering comparison to Lehman Brothers Holdings Inc. slewed off even more value. Shares extended losses for a fifth straight session Monday, falling 4.3 percent to the lowest in more than 18 months.

The stock rebounded in after-hours trading, recovering about 1 percent, after Macquarie initiated coverage of Tesla with an outperform rating.

Investors continue to punish Tesla even as its Model 3 is becoming one of the best-selling sedans in America. The company managed to deliver on its third-quarter projections for the electric car, leading JPMorgan to boost its estimates.

The stock closed at its lowest level since March 2017 on Monday, shaving more than $10 billion off its market capitalization in one week.

“The auto industry is on the precipice of a multi-decade transformation” driven by disruptive innovation and technology, which Tesla is “uniquely positioned” to lead, Macquarie analyst Maynard Um said in a note.

— With assistance by William Maloney


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