Elon Musk

2022 - 6 - 21

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Image courtesy of "Forbes"

Elon Musk Says U.S. Recession Is 'Inevitable,' More Likely In The ... (Forbes)

Tesla CEO and billionaire Elon Musk said the U.S. economy will likely face a recession in the near term in an interview with Bloomberg on Tuesday, ...

Besides Musk, several other top business leaders in the U.S. have flagged concerns about an upcoming recession in the U.S. Speaking two days before the Fed’s rate hike, Morgan Stanley CEO James Gorman placed the odds of a recession at “50-50” up from an earlier prediction of 30%. Gorman, however, said that a “deep or long recession” was unlikely. The billionaire, however, remained non-committal about supporting Donald Trump’s candidacy, stating he was “undecided at this point.” The survey in question was conducted in May, several weeks before the Federal Reserve’s steep hike in interest rates, which heightened concerns about a downturn. Dimon said his bank is preparing for “bad outcomes.” Similarly, Wells Fargo CEO Charles Scharf in May said it will be “hard to avoid some kind of recession” but he did not expect it to be a deep recession. The measure was undertaken after data from the Labor Department showed that consumer prices in the U.S. were at a 40-year high with annual inflation surging to 8.6% in May. Previously, in an internal email to Tesla executives, Musk said he had a “super bad feeling” about the economy as he called for layoffs in the company.

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Image courtesy of "CNBC"

Elon Musk says 3 issues need to be resolved before his Twitter ... (CNBC)

Musk is seeking to buy Twitter for $44 billion, a mega acquisition with huge implications for the social media world. The fate of the deal has become more ...

"Will the debt portion of the round come together? And then will the shareholders vote in favor?" Whether or not Musk will get enough shareholder support for the buyout remains unclear. He has sold and pledged billions in Tesla shares as collateral for the loans. Public disclosures from Twitter place the number of false or spam accounts at less than 5% of its "monetizable" daily active users. The billionaire could face a $1 billion breakup fee and possibly even lawsuits if he were to abandon the deal.

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Image courtesy of "BuzzFeed News"

Elon Musk's Daughter Has Filed Court Documents To Change Her ... (BuzzFeed News)

She was given the name Xavier Musk at birth, but now wants her name to be Vivian Jenna Wilson. The last name was her mom Justine Musk's maiden name.

Elon was married to Vivian’s mom Justine between 2000 and 2008. The organization's president, Alphonso David, added in a separate statement: “Elon Musk’s tweet mocking pronouns is exactly the opposite of what inclusive leadership looks like today. It’s also decidedly out of step with the best practices we advise companies. “I cannot support hate. But five months later, in December 2020, the billionaire shared a cartoon of a soldier smearing blood on his face while wearing a hat with the slogan: “I love to oppress.” The cartoon had the caption: “When you put he/ him in ur bio.” In July of that year, Elon posted: “Pronouns suck” to his social media page, but deleted it after his on-again off-again girlfriend Grimes confronted him.

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Image courtesy of "Voice of America"

Elon Musk's $44 Billion Twitter Deal Gets Board Endorsement (Voice of America)

The billionaire and Tesla CEO reiterated his desire to move forward with the acquisition last week, though Twitter shares remain far below his offering ...

Shares rose about 3% to $38.98 before the opening bell Tuesday, far short of the $54.20 per-share that Musk has offered for each share. If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own. The company's stock last reached that level on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter.

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Elon Musk's child tells court she no longer wants 'to be related' to her ... (CNN)

One of Elon Musk's children has petitioned a California court to recognize her new name and gender, saying she no longer wishes to be related to her famous ...

The petition was filed by Xavier Alexander Musk, who turned 18 earlier this year and made the filing with a county court in Los Angeles soon thereafter. He has been criticized for some of his statements on Twitter regarding gender identity issues. : "I absolutely support trans, but all these pronouns are an esthetic nightmare."

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Image courtesy of "BBC News"

Elon Musk: Billionaire's daughter cuts ties with her father (BBC News)

The 18-year-old has asked to be recognised as female and have the name Vivian Jenna Wilson. She was known as Xavier Alexander Musk. The ...

This controversial piece of legislation restricts schools from teaching students about sexual orientation and gender issues, with teachers opening themselves up to lawsuits should they fail to comply. He then said: "I absolutely support trans, but all these pronouns are an aesthetic nightmare." Last year he complained about people using their own pronouns.

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Image courtesy of "Bloomberg"

Elon Musk's Interview in Full: On Twitter, Recession and Trump (Bloomberg)

Tesla Inc. Chief Executive Officer Elon Musk discussed his planned acquisition ofTwitter Inc., recession fears and the US presidential race with Bloomberg ...

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Twitter asks shareholders to approve the $44 billion Elon Musk ... (TechCrunch)

Twitter's board wants the $44 billion Elon Musk takeover completed, which is why it's asking its shareholders to approve the deal, according to a new ...

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Elon Musk says 'inevitable' US recession will probably come soon (The Guardian)

Musk's comments, echoing other CEOs, are accompanied by plan to lay off 10% of Tesla's salaried staff.

“Tesla is reducing its salaried workforce by roughly 10% over the next probably three months or so,” Musk said at the event hosted by Bloomberg. “We expect to grow our hourly workforce. And then will the shareholders vote in favour?” “A recession is inevitable at some point.

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Image courtesy of "News24"

From Twitter to 'inevitable' US recession: six takeaways from Elon ... (News24)

SpaceX CEO Elon Musk at the 2022 Met Gala. Andrew Kelly/Reuters. Elon Musk covered everything from the state of his deal to buy Twitter to the direction of the ...

"As anyone knows who has tried to order a Tesla, the demand for our cars is extremely high and the wait list is long," he said. "Tesla is reducing its salaried workforce roughly 10% over the next three months or so," Musk said, reiterating plans revealed in an email earlier this month. "We expect to grow our hourly workforce. Asked Tuesday whether he sees any issue with balancing his Tesla interests in China with the future acquisition of Twitter, Musk said the social-media and discussion platform doesn’t operate in the country and "China does not attempt to interfere with the free speech of the press in the US, as far as I’m aware." A recession in the US is inevitable at some point, he said Tuesday. "As to whether there is a recession in the near-term, that is more likely than not." Musk told the forum on Tuesday he would focus on " driving the product" at Twitter, though he doesn’t necessarily plan to be the CEO.

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Image courtesy of "Independent Online"

Elon Musk's daughter changes name to cut ties with father and ... (Independent Online)

Musk's 18 year old daughter Xavier Alexander Musk wants nothing to do with her famous father.

He said at the time: "This is a no-win situation. He also tweeted: "The coronavirus panic is dumb." It has diminished my faith in humanity this whole thing [because] of the irrationality of people in general."

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Image courtesy of "Deadline"

Twitter Board Again Urges Shareholders To OK Elon Musk Takeover ... (Deadline)

Twitter's board of directors urged shareholders to approve Elon Musk's $44 billion takeover. But Musk says "unresolved" issues remain.

In addition to the financial aspects of the Twitter deal, Musk fielded questions about what stance he would take on the nature of content that would be allowed on the platform. “There’s this big difference between freedom of speech and freedom of reach, in that one can in the United States go to the middle of Times Square and yell pretty much anything you want. “That is an appealing system to use.” Eventually, he said, the goal would be to get “80% of North America and half the world” onto Twitter, which would be a steep increase from the current level of 229 million daily active users. In an SEC filing this morning, Twitter warned shareholders that if the deal does not go through, “the price of our common stock may decline significantly.” The balance of the funding will come via a yet-to-be-finalized set of bank loans. “That’s probably not most users’ experience,” he said at the Qatar event, in which he took part virtually.

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Image courtesy of "Bloomberg"

Elon Musk Sounds Off on Recession Risk, Twitter Deal and Trump (Bloomberg)

World's richest man says layoffs are underway at Tesla amid supply constraints and explains why he likes Dogecoin, in Bloomberg interview.

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Why Elon Musk Still Isn't Ready to Wrap Up Twitter Deal (Vanity Fair)

As Twitter's board endorses his $44 billion bid, the billionaire Tesla chief says there are “a few unresolved matters” holding up the works.

Rounding out the three issues that “need to be resolved” before the Twitter buyout can be completed is the question of whether the debt financing for the deal will “come together,” Musk said at the forum. “I think I am undecided at this point on that election,” Musk said. Earlier this month, a Twitter spokesperson said that the company is cooperating with Musk’s data requests and plans to “close the transaction and enforce the merger agreement at the agreed price and terms.” Still, the company is currently trading at $38.63, a far cry from Musk’s $54.20-per-share offer price and a sign of continued market skepticism toward the deal’s viability. “As to whether there is a recession in the near term, I think that is more likely than not. During a remote Q&A at Bloomberg’s Qatar Economic Forum on Tuesday, Musk asserted that “there are still a few unresolved matters” in regard to the deal going through, including whether Twitter’s shareholders will approve it.

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Image courtesy of "The Guardian"

Elon Musk's daughter legally changes name and cuts ties with her ... (The Guardian)

'I no longer live with or wish to be related to my biological father in any way, shape or form,' she said in a petition.

Please don’t out someone against their will – it’s not right.” Musk did not immediately respond to additional request for comment. “I think it is important to defend her right to privacy. Musk, the world’s richest man, is engaged in a high-profile, $44 bn bid to take over social media platform Twitter. On Tuesday, Twitter’s board unanimously recommended that shareholders approve the proposed sale, according to a regulatory filing.

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Image courtesy of "News24"

Elon Musk's trans daughter applies to legally change her gender ... (News24)

Born Xavier Musk, the 18-year-old is seeking to have her name changed to Vivian Jenna Wilson. The teen made the application at the Los Angeles County Superior ...

“He said we’d met at a party I knew I hadn’t been to. Recently, he weighed in on the debate on what it means to be a woman. Nevada spent three days on life support in hospital before Justine and Elon decided to switch off the machines. “By the time the paramedics resuscitated him, he had been deprived of oxygen for so long that he was brain-dead.” Years later he would confess that he had noticed me from across the common room and decided he wanted to meet me.” “A fellow student a year ahead of me, he was a clean-cut, upper-class boy with a South African accent who appeared in front of me one afternoon as I was leaping up the steps to my dorm,” she recalls.

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Image courtesy of "Entrepreneur"

Elon Musk Doubles Down on Recession Fears, Says It Is 'Inevitable' (Entrepreneur)

Elon Musk says a recession is "inevitable." The Tesla CEO spoke at the Qatar Iconic Forum in Doha on Tuesday. Read more about Musk and the economy here.

"We just don't know if it's a minor one or Superstorm Sandy," he said at a financial conference. Some bankruptcies need to happen," he said somewhat optimistically. "Yes, but this is actually a good thing.

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Twitter's Board Unanimously Recommends Elon Musk's $44 Billion ... (Decrypt)

The company's board said the proposed takeover is “advisable and in the best interests of Twitter and its stockholders.”

Earlier this month, Musk’s attorneys sent a letter to Twitter, claiming the company was in breach of the merger’s terms by failing to disclose exactly how much of its user base was bot and spam accounts. Though a prominent crypto enthusiast, Musk also has expressed concerns over certain elements of crypto’s online presence. In the months following Musk’s April offer, the billionaire has emphasized that integrating payment services— possibly Dogecoin—with the platform is one of three “critical areas” he intends to prioritize once taking the company private.

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Elon Musk says recession is 'invetiable' and would likely strike soon (Business Insider)

In December, Musk said his "gut feel" was that a recession would likely occur in the spring or summer of 2022, but no later than 2023.

"As to whether there is a recession in the near term, I think that it's more likely than not." It starts raining money on fools, basically," Musk added. Musk has been vocal before about how the US is fast approaching a recession.

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Image courtesy of "Business Insider South Africa"

Elon Musk said Tesla is cutting 3.5% of its total workforce because ... (Business Insider South Africa)

Elon Musk clarified exactly how much of its overall workforce Tesla plans to lose. He also said it plans to grow its hourly workforce.

The pair say this violated the Worker Adjustment and Retraining Notification Act. Musk called the suit "pre-emptive," "trivial," and said it had "no standing." "I guess technically a 10% reduction in the salaried workforce is only roughly a 3% to 3.5% reduction in total headcount," Musk said.

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Image courtesy of "Independent Online"

Elon Musk anticipates a recession, details Tesla staff cuts (Independent Online)

Recessions last about 11 months, and are not easy to predict. Howevere, Musk, CEO of Tesla, said a 10% cut in salaried staff at the electric car maker will ...

And then will the shareholders vote in favour?" However, Musk’s outlook echoes comments from executives, including JP Morgan Chase & Co CEO Jamie Dimon and Goldman Sachs President John Waldron. A "hurricane is right out there down the road coming our way", Dimon said early this month. The most important thing was to take the company in the right direction, as at his private rocket company SpaceX and Tesla, he said. "Whether I am CEO is much less important than my ability to drive the product in the right direction," he said. In an email on June 2, seen by Reuters, Musk told Tesla executives he had a "super bad feeling" about the economy and that the company needed to cut staff by about 10% and "pause all hiring worldwide". His remarks were his most detailed explanation of job cut plans and his first in-person appearance since Reuters reported on this at the start of this month when Musk stated that the company needed to cut staff by about 10% and was pausing hiring worldwide.

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Image courtesy of "Business Insider South Africa"

Elon Musk's vision for Twitter includes allowing users to turn on ... (Business Insider South Africa)

Billionaire Elon Musk on Tuesday proposed a Twitter feature that would allow users to set preferences limiting what they see on the platform and block ...

Twitter has not publicly revealed a blanket feature like the one Musk proposed. "You'll annoy the people around you, but you're kind of allowed to just yell whatever you want in a public place, more or less." "If your preferences are to see or read anything, then you'll get that," he said.

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Image courtesy of "Metro"

Elon Musk believes a recession is 'inevitable', sooner than later (Metro)

Musk had previously said that he had a 'super bad feeling' about the US economy (Picture: Getty Images North America). Tesla's CEO Elon Musk thinks that a ...

He said: ‘A recession is inevitable at some point. Musk echoed the sentiments of US president, Joe Biden, who said on Monday that he felt a US recession was not inevitable even as the world’s largest economy struggles to tackle high petrol prices and inflation, which is at its highest in 40 years. As to whether there is a recession in the near term, that is more likely than not.

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“Elon Musk's cult of personality seems to be wearing off” – analysts (Verdict)

Tesla founder Elon Musk has accumulated a devoted following on his march to becoming the richest man in the world. However, the cult of personality around ...

The latest firings, combined with Musk dubbing ESG a ‘scam’ in the past, casts doubt on whether the company’s governance will prove a sticking point for its aspirations SpaceX’s quest to Mars feels very distant, but neglecting ESG issues at home will undoubtedly bring SpaceX’s aspirations crashing down to Earth” Indeed, the SpaceX employees’ letter is only the latest in a growing parade of setbacks for the PayPal co-founder. Then, of course, there’s that time he used his online presence to suggest he’d take Tesla private at $420 – a reference to the weed-smoking culture. The Musk cult of personality took a thumping last week on the back of SpaceX firing five employees. If SpaceX continues to disregard the ‘social’ component of ESG, the negative publicity could permanently damage its brand.” Tesla founder Elon Musk has accumulated a devoted following on his march to becoming the richest man in the world.

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Elon Musk the Twitter celebrity is not the same as Musk the SpaceX ... (Vox)

Some of the CEO's biggest recent critics are his own employees.

As Musk becomes increasingly divisive on Twitter, a communications platform that he intends to own, how can his employees continue to separate the two personas — social media celebrity and CEO — and do their work without PR distractions? A video of internal Slack messages of employees reacting critically to Musk during the meeting was also leaked on Twitter, with no names redacted. The SpaceX employee letter and its fallout further reveal the dissonance between Elon Musk the genius innovator and Elon Musk the manager. SpaceX has not yet responded to a question on whether Musk was directly involved in firing the employees, but Musk has a reported history of firing critics; in the book Power Play: Tesla, Elon Musk, and the Bet of the Century, author Tim Higgins reports several instances of Musk firing his employees in moments of anger, including people who disagreed with him. That’s the question some of Musk’s employees seem to be grappling with now. The SpaceX letter, and the subsequent firing of the employees involved with it, shows there’s a growing tension between how Musk presents himself as an individual — albeit a very public individual — and how his employees feel represented, or misrepresented, by their CEO. Bloomberg reporter and Musk biographer Ashlee Vance quoted a SpaceX engineer in his book Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future who said that “the treatment of staff was not good for long stretches of this era.” The employee recalled some engineers “being blamed for things they hadn’t done” and fired. “Elon’s behavior in the public sphere is a frequent source of distraction and embarrassment for us, particularly in recent weeks,” the letter reads. “Tesla has created a toxic workplace culture grounded in racist and sexist abuse and discrimination against its own employees,” Chau said in the suit. The letter focused on Musk’s behavior on Twitter, where he has been increasingly vocal about US politics and his criticisms of the Democratic Party, which he says has swerved too far to the left. The firings followed a Verge report on Thursday about the letter, which represents the first time such a document from employees to Musk has surfaced, and marks one of the most public concerted actions to date against Musk from employees of one of his companies. And more people, including his own employees, have begun raising questions about the increasingly blurry line between his Twitter persona and his role as the leader of several major companies.

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Elon Musk's Ex Justine Shares Sweet Family Chat After Their Child ... (PEOPLE.com)

Justine Musk is supporting her children as one of her 18-year-olds said she no longer wishes to be related to father Elon Musk.

"'I had a weird childhood,' my 18 year old said to me. The mom tweeted that she told her child, "I'm very proud of you," to which the teen replied, "I'm proud of myself!" Their first child tragically died when he was 10 weeks old from sudden infant death syndrome in 2002.

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Twitter Board 'Unanimously Recommends' Elon Musk's Bid to ... (Entrepreneur)

The board said in a new SEC filing that the deal is in the 'best interests of Twitter and its stockholders.'

The specific date and time of the shareholder meeting was not revealed in the document, though Twitter CEO Parag Agrawal has said that the deal is expected to close by the end of this year, with others estimating the meeting could take place as early as the end of July. "Twitter's Board of Directors, after considering the factors more fully described in the enclosed proxy statement, unanimously: (1) determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement," the filing reads. The board said in a new SEC filing that the deal is in the 'best interests of Twitter and its stockholders.'

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Image courtesy of "Bloomberg"

Elon Musk Says New Tesla Plants Are 'Money Furnaces' Losing ... (Bloomberg)

Elon Musk said Tesla Inc.'s new plants in Germany and Texas are losing “billions of dollars” as the electric-vehicle maker tries to ramp up production.

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Musk: Tesla's new factories are 'gigantic money furnaces' (Business Insider)

Elon Musk said during a recent interview that electric-car-battery shortages and supply-chain snags were costing Tesla billions of dollars.

Last year, Ford CEO Jim Farley said the chip shortage had caused the "greatest supply shock" he'd ever seen. The richest man said during the interview that one of his biggest concerns was how to keep Tesla factories running without going bankrupt. Last week, Musk said he's planning to cut salaried staff at Tesla by 10%. Insider's Isobel Asher Hamilton reported that several employees had been laid off as a result of the edict.

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Image courtesy of "Electrek"

Elon Musk considers Tesla ads to counter media bias (Electrek)

For years, Tesla CEO Elon Musk has famously said that he despises advertising. He said that Tesla doesn't pay or provide discounts for celebrities to drive its ...

To solve that problem, you would have to spend specifically with publications that you believe unfairly cover you because you don’t spend money with them. A strong PR team would help correct coverage and raise the level of accurate information being reported about Tesla in the media. It’s safe to say that if they run a negative piece about General Motors next to a General Motors ad, General Motors marketing executives are going to call them up and ask: Why did you do that? For years, Tesla CEO Elon Musk has famously said that he despises advertising. I know that Tesla was getting unfair coverage back when it had a PR team, but the team was always way understaffed. Musk is not wrong.

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Image courtesy of "Hindustan Times"

CEO Elon Musk says new Tesla plants are 'money furnaces'losing ... (Hindustan Times)

Musk also said in the May 31 interview that Tesla has struggled to quickly increase production in Austin of Model Y SUVs that use the company's new 4680 ...

At the time of last month’s interview, Tesla was still trying to recover from a dramatic drop in production brought on by the Chinese government’s restrictions, as well as persistent supply-chain headaches. Berlin is in a “slightly better position” because Tesla outfitted it to build cars with the 2170 cells, he said. Musk also said in the May 31 interview that Tesla has struggled to quickly increase production in Austin of Model Y SUVs that use the company’s new 4680 cells and structurally integrated battery pack.

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Image courtesy of "Business Day"

Elon Musk on Twitter, recession and Trump (Business Day)

Tesla CEO speaks with Bloomberg editor-in-chief John Micklethwait at the Qatar Economic Forum.

And I think that for anything where there is a risk to the public, whether that’s, say, the Food and Drug Administration or Federal Aviation Administration or the Communications Commission, whether it’s a public risk or a public good at stake, it’s good to have a sort of a government referee and a regulatory body. A: Well, I was simply asked if I had decided on who I would be supporting in the next presidential race, and I said I had not decided who I would support. Q: Did you see at all the drama at Google where at least one engineer thought that what was happening in terms of their AI machinery was closer to human thought than had been seen before and had a personality? A: I have to say that I am very impressed with the car companies in China and just in general with companies in China. I think they’re extremely competitive, hardworking and smart. And I think there’s going to be just a massive wave of Chinese products going out into the world. I also bought some Dogecoin and Tesla accepts Dogecoin for some merchandise and SpaceX will do the same. I would put that lawsuit you’re referring to in the trivial category. As to whether there is a recession in the near term, I think that is more likely than not. So I guess technically a 10% reduction in the salaried workforce is only roughly a 3%, 3.5% reduction in total headcount. Is there a limit at all to who you think should be allowed onto Twitter? You are one of the biggest and fastest-growing investors in China. Tesla — you’ve talked about it being a third of your sales going forward. And then of course, there is the question of will the debt portion of the round come together?

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Image courtesy of "Axios"

Elon Musk says new Tesla factories are "losing billions of dollars" (Axios)

The Austin factory is "losing insane money" as it faces battery challenges, he said.

What he's saying: "Both Berlin and Austin factories are gigantic money furnaces right now," said Musk in the interview with Tesla Owners of Silicon Valley, an official Tesla-recognized club, recorded on May 31. The big picture: Musk said in his interview with the Tesla Owners of Silicon Valley that pandemic-related shutdowns in China this year had proven "very, very difficult" for both Tesla's Shanghai factory and other plants elsewhere. Tesla's new plants in Texas and Germany are "losing billions of dollars" as the electric car maker struggles with production due to supply chain disruptions and battery shortages, Elon Musk said in an interview released Wednesday.

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Image courtesy of "Business Standard"

Elon Musk says new Tesla plants are money furnaces losing billions (Business Standard)

"Both Berlin and Austin factories are gigantic money furnaces right now," the chief executive officer said in a video interview with Tesla Owners of Silicon ...

More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Musk also said in the May 31 interview that Tesla has struggled to quickly increase production in Austin of Model Y SUVs that use the company’s new 4680 cells and structurally integrated battery pack. At the time of last month’s interview, Tesla was still trying to recover from a dramatic drop in production brought on by the Chinese government’s restrictions, as well as persistent supply-chain headaches. Berlin is in a “slightly better position” because Tesla outfitted it to build cars with the 2170 cells, he said. The comments, part of a broader discussion filmed May 31, offer new insight into Tesla’s operations in the days leading up to Musk’s decision to cut costs by laying off employees.

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