Tesla founder Elon Musk has announced he no longer wishes to take his company private. Shares in the car and renewable energy manufacturer soared and then fell after Mr Musk tweeted on 7 August he intended to take the firm off the stock market.His initial move came after the company announced its biggest net loss to date of $717.5m (£547.6m) for its second quarter to June.Mr Musk, the firm's CEO and chairman, has faced growing criticism over his management style and whether the firm can deliver the volumes required to meet demand. The value of Tesla's stock has turned him into one of the world's richest men as investors have bet on its technology becoming increasingly valuable as the world switches from fossil fuels to renewables.In a statement made on the Tesla website, Mr Musk said: "Earlier this month, I announced that I was considering taking Tesla private."Given the feedback I've received, it's apparent that most of Tesla's existing shareholders believe we are better off as … [Read more...] about Elon Musk backtracks on plan to take Tesla private after controversial tweets
Elon musk divorce
caption Elon Musk owns over $70 million worth of Los Angeles real estate. source Pascal Le Segretain/Getty Elon Musk may be the world’s richest rocket scientist. The 47-year-old CEO of Tesla and SpaceX and cofounder of OpenAI has said he won’t be happy until we’ve escaped Earth and colonized Mars. Luckily, he has the mind and the money to make it happen. Despite a massive net worth hovering around $23.6 billion, Musk has never taken a paycheck from Tesla, refusing his $56,000 minimum salary every year. Back in March, Tesla shareholders approved a plan awarding Musk $2.6 billion in stock options, reports CNBC, which will vest in 12 tranches, or portions, as the company hits key milestones over the next decade. The $2.6 billion amount was March 21 current stock value. U.S. News notes that if Musk meets the goals and the stock value rises during that time period, it “could net him more than $50 billion.” In January, Tesla announced … [Read more...] about Elon Musk is worth about $23 billion and has never taken a paycheck from Tesla — here’s how the notorious workaholic and father of 5 spends his fortune
By Martha Ross | [email protected] | Bay Area News Group August 22, 2018 at 2:15 pm As one celebrity gossip website put it, Elon Musk is “on a quest to out-Howard Hughes in the messy billionaire department.” The Tesla CEO certainly appears to be headed that way. Perhaps not since Hughes has a global business figure so dramatically allowed his personal issues to get mixed up with his professional life in ways that threaten his reputation and business. In Musk’s case the issues currently center around his young musician girlfriend Grimes and the controversial rapper Azealia Banks, who said she was a weekend guest at Musk’s home earlier this month. For reasons that will be explained, Banks has since taken it upon herself to air Musk’s “dirty laundry” and reveal how messy things may have become for Musk, according to D-listed, The Cut and other sites. The “dirty laundry” includes Banks’ most explosive … [Read more...] about Has Azealia Banks revealed Elon Musk to be the new Howard Hughes?
Aug 14, 10:54 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Pronita Naidu AND Ramsey Touchberry 08/14/18 AT 10:24 AM With not many specifics available yet on Elon Musk's Aug. 7 tweet about taking electric car maker Tesla private, analysts covering the company are debating if his $420-a-share proposal is a fair price for the stock, or if the transaction will even materialize.Six of the 13 analysts who International Business Times/Newsweek spoke to think Musk’s offer, which would value Tesla at $71 billion, is not a fair price for investors.On the other hand, six others aren’t sure if the taking-private deal would even materialize, citing the current fundamentals of the company. They have price targets well below $400 for the stock, with Cowen setting it as low as $200. Among the latter six, Efraim Levy, senior equity analyst at CFRA Research, did not provide a price target but thinks “there is … [Read more...] about Tesla Stock Price: Is Elon Musk’s $420-A-Share Proposal Fair?
This is the second of the six-part “Inspired to Strive” series, in which business leaders of middle-market companies share their stories of success. “Inspired to Strive” is sponsored by CIT. See more Inspired to Strive >> Photo: Alex Davies Elon Musk, CEO of Tesla Motors, he has turned a pipe dream — an all-electric car company — into a viable business, in a high-risk, high-cost industry.Musk is also CEO of SpaceX, whose unmanned Dragon rocket successfully docked with the International Space Station for the second time, dropping off cargo per the company’s $1.6 billion contract with NASA. His intense ambition and self-confidence enable him to handle both jobs at the same time, despite the myriad challenges — like broken-down cars, economic collapses, and failed rockets — that come with changing the automotive and aerospace industries. It’s the combination of that ambition and business acumen that have made Musk what he … [Read more...] about How Elon Musk Is Revolutionizing Two Major Industries At The Same Time