Tesla Inc's stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to "volume production."

Musk, in an email seen by Reuters on Wednesday, did not specify a time frame for ramping up production of the Semi. Musk on Wednesday tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.

Tesla's shares rose about 6% to hit $1,000 on Wednesday after Reuters reported Musk's email, making the Silicon Valley company the second-most valuable automaker in the world, behind Japan's Toyota Motor Corp . Tesla's share surge could position Musk for another payout from a stock compensation plan tied to the company's market capitalization.

The stock also got a boost from a bullish call by Wedbush, which lifted its target price for the automaker to $1,000 and said Tesla could have "more room to run."

Investors also are anticipating Musk will unveil new "million-mile" battery technology that could deliver longer life, lower costs and better range for future Tesla vehicles.

"Production of the battery and powertrain will take place at Giga Nevada," Musk wrote. Most of the other work will probably take place in other states, he wrote, without stating where.

Musk has said Tesla is scouting other U.S. states for a site to build a new factory, hinting that Texas could be a candidate. Oklahoma and other states are campaigning for the investment.

When Musk unveiled the prototype of the futuristic, battery-powered Semi in 2017, he said the Class 8 truck would go into production by 2019. More recently, he said the Semi would go into volume production by 2021.

Musk's Tuesday message coincides with a surge in the share price of rival clean truck maker Nikola Corp.

Nikola, an electric and fuel cell truck startup, earlier this month began trading on the NASDAQ after it merged with special purpose acquisition company VectoIQ.

Shares in Nikola have more than doubled in price over the past week as the company's CEO has used Twitter and interviews to promote plans to launch an electric pickup truck to Tesla's forthcoming Cybertruck.

Nikola and CNH Industrial's IVECO commercial truck operation last year formed a joint venture to build a battery electric and fuel cell truck line called the Nikola Tre. IVECO has said orders are strong for the electric version of the truck, due out next year.

Nikola on Wednesday said it had hired a former Tesla executive, Mark Duchesne, to lead its manufacturing and a former Caterpillar &lt;CAT.N&gt; executive, Pablo Koziner, to head its hydrogen fueling and battery recharging business.

Tesla Inc's stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to "volume production.

Tesla Inc's stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to "volume production." Musk, in an email seen by Reuters on Wednesday, did not specify a time frame for ramping up production of the Semi. Musk on Wednesday tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate. Tesla's shares rose about 6% to hit $1,000 on Wednesday after Reuters reported Musk's email, making the Silicon Valley company the second-most valuable automaker in the world, behind Japan's Toyota Motor Corp . Tesla's share surge could position Musk for another payout from a stock compensation plan tied to the company's market capitalization. The stock also got a boost from a bullish call by Wedbush, which lifted its target price for the automaker to $1,000 and said Tesla could have "more room to run." Investors also are anticipating Musk will unveil new "million-mile" battery technology that could deliver longer life, lower costs and better range for future Tesla vehicles. "Production of the battery and powertrain will take place at Giga Nevada," Musk wrote. Most of the other work will probably take place in other states, he wrote, without stating where. Musk has said Tesla is scouting other U.S. states for a site to build a new factory, hinting that Texas could be a candidate. Oklahoma and other states are campaigning for the investment. When Musk unveiled the prototype of the futuristic, battery-powered Semi in 2017, he said the Class 8 truck would go into production by 2019. More recently, he said the Semi would go into volume production by 2021. Musk's Tuesday message coincides with a surge in the share price of rival clean truck maker Nikola Corp. Nikola, an electric and fuel cell truck startup, earlier this month began trading on the NASDAQ after it merged with special purpose acquisition company VectoIQ. Shares in Nikola have more than doubled in price over the past week as the company's CEO has used Twitter and interviews to promote plans to launch an electric pickup truck to Tesla's forthcoming Cybertruck. Nikola and CNH Industrial's IVECO commercial truck operation last year formed a joint venture to build a battery electric and fuel cell truck line called the Nikola Tre. IVECO has said orders are strong for the electric version of the truck, due out next year. Nikola on Wednesday said it had hired a former Tesla executive, Mark Duchesne, to lead its manufacturing and a former Caterpillar <CAT.N> executive, Pablo Koziner, to head its hydrogen fueling and battery recharging business.

Tesla shares surge past $1,000 as Musk revs up the Semi

Tesla chief Elon Musk and his musician girlfriend Grimes welcomed their first child, a boy, on Monday. Musk named his baby X Æ A-12 and the world still hasn't been able to figure out what it means or how to pronounce it.

Elon Musk's newborn's name is the most bizarre ever

Tesla's CEO Elon Musk has decided to act on the series of tweets where he promised to get rid of all the "physical possessions". Musk has put two of his lavish villas on sale.&nbsp;

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Just one stipulation on sale: I own Gene Wilder’s old house. It cannot be torn down or lose any its soul.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1256255619239038977?ref_src=twsrc%5Etfw">May 1, 2020</a></blockquote>
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Musk's villas were enlisted on a property website, Zillow. The price tag of the properties is $40 million. This move came after the billionaire welcomed his first baby with his Canadian girlfriend Grimes.&nbsp;

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These two villas includes a house that was owned by Hollywood legend Gene Wilder and Musk bought it in 2013 the price tag of this house in $9.5 million. The other house that Tesla CEO has put on sale is priced at $30 million.&nbsp;

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Elon Musk is known to be outspoken when it comes to Twitter, the American billionaire gathered another controversy which led to a massive drop in his company's share value.

Musk on Friday tweeted that Tesla's share price is "too high", which led to a $14 billion wipe off the carmaker's value.&nbsp;

He has also voiced his protest against coronavirus lockdown, he said: “So the extension of the shelter-in-place or, frankly, I would call it, forcibly imprisoning people in their homes against all their constitutional rights, in my opinion, breaking people’s freedoms in ways that are horrible and wrong and not why people came to America or built this country,” Musk said, swearing to underscore his point.

“It will cause great harm, not just to Tesla, but to any companies. And while Tesla will weather the storm, there are many small companies that will not,” he said.&nbsp;

Tesla's CEO Elon Musk has decided to act on the series of tweets where he promised to get rid of all the "physical possessions". Musk has put two of his lavish villas on sale.

Tesla's CEO Elon Musk has decided to act on the series of tweets where he promised to get rid of all the "physical possessions". Musk has put two of his lavish villas on sale. Just one stipulation on sale: I own Gene Wilder’s old house. It cannot be torn down or lose any its soul. — Elon Musk (@elonmusk) May 1, 2020 × Musk's villas were enlisted on a property website, Zillow. The price tag of the properties is $40 million. This move came after the billionaire welcomed his first baby with his Canadian girlfriend Grimes. These two villas includes a house that was owned by Hollywood legend Gene Wilder and Musk bought it in 2013 the price tag of this house in $9.5 million. The other house that Tesla CEO has put on sale is priced at $30 million. Elon Musk is known to be outspoken when it comes to Twitter, the American billionaire gathered another controversy which led to a massive drop in his company's share value. Musk on Friday tweeted that Tesla's share price is "too high", which led to a $14 billion wipe off the carmaker's value. He has also voiced his protest against coronavirus lockdown, he said: “So the extension of the shelter-in-place or, frankly, I would call it, forcibly imprisoning people in their homes against all their constitutional rights, in my opinion, breaking people’s freedoms in ways that are horrible and wrong and not why people came to America or built this country,” Musk said, swearing to underscore his point. “It will cause great harm, not just to Tesla, but to any companies. And while Tesla will weather the storm, there are many small companies that will not,” he said.

Elon Musk enlists two properties for sale after promising to 'give up possessions'

Silicon Valley billionaires Elon Musk and Mark Zuckerberg offered duelling views on lockdown measures designed to slow the spread of the coronavirus on Wednesday, with Facebook’s Zuckerberg endorsing the measures while tesla’s musk condemned them as anti-democratic.

Also read:&nbsp;<a href="https://www.wionews.com/world/tesla-ceo-elon-musk-tweets-against-coronavirus-lockdown-295686" hreflang="en">Tesla CEO Elon Musk tweets against coronavirus lockdown</a>

Musk, who has often made outspoken and even inflammatory comments on conference calls and Twitter, said in comments to analysts on Tesla inc.’s earnings call that it was “fascist” to say people cannot leave their homes.

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FREE AMERICA NOW
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1255380013488189440?ref_src=twsrc%5Etfw">April 29, 2020</a></blockquote>
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“This is not democratic, this is not freedom. Give people back their goddamn freedom,” Musk said.

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Give people their freedom back! <a href="https://t.co/iG8OYGaVZ0">https://t.co/iG8OYGaVZ0</a>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1255377239853719552?ref_src=twsrc%5Etfw">April 29, 2020</a></blockquote>
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Zuckerberg, on the other hand, in comments on Facebook’s earnings calls, expressed concerns about easing lockdown measure and said the economic fallout from the pandemic would last longer than people are currently anticipating.

“I worry that reopening certain places too quickly before infection rates have been reduced to very minimal levels will almost guarantee future outbreaks and worse longer-term health and economic outcomes,” he said.

Both companies are based in the San Francisco bay area, which was out front in trying to slow the virus’ spread, with the region’s seven counties issuing a joint shelter-in-place order before California issued a statewide order.

Electric carmaker tesla and social media network Facebook have had different experiences under the lockdown. Tesla had initially resisted efforts by California authorities to shut its plant in the bay area under the lockdown, until agreeing on march 19 to suspend production. Even so, tesla on Wednesday reported its third profitable quarter in a row.

Facebook, the world’s largest social network, on Wednesday said usage rose during the first quarter amid the widespread lockdowns, although ad revenue plunged in March.

Musk did not mince words in criticizing the lockdowns.

“So the extension of the shelter-in-place or, frankly, I would call it, forcibly imprisoning people in their homes against all their constitutional rights, in my opinion, breaking people’s freedoms in ways that are horrible and wrong and not why people came to America or built this country,” Musk said, swearing to underscore his point.

“It will cause great harm, not just to Tesla, but to any companies. And while Tesla will weather the storm, there are many small companies that will not,” he said.

Zuckerberg and Musk, who is also chief executive of rocket company SpaceX, have had differences in the past. In 2017, a war of words broke out between the duo over whether robots will become smart enough to kill their human creators.

“I’ve talked to Mark about this. His understanding of the subject is limited.” Musk tweeted at the time about Zuckerberg, who downplayed Musk’s warnings about the danger of artificial intelligence.

In May 2018, Musk made waves on another earnings call when he refused to analysts’ questions, saying that “boring, bonehead questions are not cool.” he later apologized for his remarks.

Silicon Valley billionaires Elon Musk and Mark Zuckerberg offered duelling views on lockdown measures designed to slow the spread of the coronavirus on Wednesday, with Facebook’s Zuckerberg endorsing the measures while tesla’s musk condemned them as anti-democratic.

Silicon Valley billionaires Elon Musk and Mark Zuckerberg offered duelling views on lockdown measures designed to slow the spread of the coronavirus on Wednesday, with Facebook’s Zuckerberg endorsing the measures while tesla’s musk condemned them as anti-democratic. Also read: Tesla CEO Elon Musk tweets against coronavirus lockdown Musk, who has often made outspoken and even inflammatory comments on conference calls and Twitter, said in comments to analysts on Tesla inc.’s earnings call that it was “fascist” to say people cannot leave their homes. FREE AMERICA NOW — Elon Musk (@elonmusk) April 29, 2020 × “This is not democratic, this is not freedom. Give people back their goddamn freedom,” Musk said. Give people their freedom back! https://t.co/iG8OYGaVZ0 — Elon Musk (@elonmusk) April 29, 2020 × Zuckerberg, on the other hand, in comments on Facebook’s earnings calls, expressed concerns about easing lockdown measure and said the economic fallout from the pandemic would last longer than people are currently anticipating. “I worry that reopening certain places too quickly before infection rates have been reduced to very minimal levels will almost guarantee future outbreaks and worse longer-term health and economic outcomes,” he said. Both companies are based in the San Francisco bay area, which was out front in trying to slow the virus’ spread, with the region’s seven counties issuing a joint shelter-in-place order before California issued a statewide order. Electric carmaker tesla and social media network Facebook have had different experiences under the lockdown. Tesla had initially resisted efforts by California authorities to shut its plant in the bay area under the lockdown, until agreeing on march 19 to suspend production. Even so, tesla on Wednesday reported its third profitable quarter in a row. Facebook, the world’s largest social network, on Wednesday said usage rose during the first quarter amid the widespread lockdowns, although ad revenue plunged in March. Musk did not mince words in criticizing the lockdowns. “So the extension of the shelter-in-place or, frankly, I would call it, forcibly imprisoning people in their homes against all their constitutional rights, in my opinion, breaking people’s freedoms in ways that are horrible and wrong and not why people came to America or built this country,” Musk said, swearing to underscore his point. “It will cause great harm, not just to Tesla, but to any companies. And while Tesla will weather the storm, there are many small companies that will not,” he said. Zuckerberg and Musk, who is also chief executive of rocket company SpaceX, have had differences in the past. In 2017, a war of words broke out between the duo over whether robots will become smart enough to kill their human creators. “I’ve talked to Mark about this. His understanding of the subject is limited.” Musk tweeted at the time about Zuckerberg, who downplayed Musk’s warnings about the danger of artificial intelligence. In May 2018, Musk made waves on another earnings call when he refused to analysts’ questions, saying that “boring, bonehead questions are not cool.” he later apologized for his remarks.

It is Elon Musk vs Mark Zuckerberg! Billionaires clash with different opinions on lockdown

Shares of Tesla Inc sank 11 per cent on Thursday, on course to knock more than $5 billion off the<a href="https://www.wionews.com/world/tesla-drops-cheapest-model-x-s-variants-cuts-prices-to-simplify-lineup-236346"> electric carmaker's market value</a>, a day after it disappointed Wall Street by softening its language on turning a profit this year.

Only two Wall Street brokerage reduced their existing share price target for the firm but a batch of downbeat research notes from analysts focused on concern over shrinking margins for the Elon Musk-led firm, as it strives to find a path to sustainable profitability.

The outlook given with second quarter numbers after markets closed on Wednesday said the firm would still aim to be profitable in the third and fourth quarter but put the emphasis on volume growth, increasing production capacity and generating cash.

That contrasted with Musk's promises this time last year that the company would be profitable and cash flow positive "henceforth".

"For Tesla to be more than niche, one of the core challenges will be for Tesla to improve its gross margin profile," a Credit Suisse analyst wrote in a research note.

Wedbush Securities cut its price target on the stock from $230 to $220, citing the softer margin profile.

The stock was down 11.34 per cent at $234.84 in trading before the opening bell, still 3 per cent&nbsp;above analysts' median price target of $227.5.

Prices of its $1.8 billion junk bond, which debuted just shy of two years ago, also fell more than 2 full points in price in European trading, pushing its yield, which moves in the opposite direction, back above 8 per cent&nbsp;for the first time since July 1.

The spread of its yield over Treasuries, a key measure of the added risk investors assume for holding Tesla's speculative-grade rated debt over safer US&nbsp;government securities, widened by nearly 50 basis points.

In all, it was the bond's biggest loss since early last September when its chief accounting officer quit after just a month on the job and Musk was filmed smoking marijuana and wielding a sword on a webcast.

A number of analysts were also concerned by the resignation as chief technology officer of the pioneer of the company's electric batteries, J.B. Straubel, the last of the company's old guard left in its top echelons outside Musk himself.

"Straubel has been at the forefront of the company's technology leadership, which we believe will increasingly be called into question as competitors catch up," Cowen analysts said.

Shares of Tesla Inc sank 11 per cent on Thursday, on course to knock more than $5 billion off the electric carmaker's market value, a day after it disappointed Wall Street by softening its language on turning a profit this year.

Shares of Tesla Inc sank 11 per cent on Thursday, on course to knock more than $5 billion off the electric carmaker's market value, a day after it disappointed Wall Street by softening its language on turning a profit this year. Only two Wall Street brokerage reduced their existing share price target for the firm but a batch of downbeat research notes from analysts focused on concern over shrinking margins for the Elon Musk-led firm, as it strives to find a path to sustainable profitability. The outlook given with second quarter numbers after markets closed on Wednesday said the firm would still aim to be profitable in the third and fourth quarter but put the emphasis on volume growth, increasing production capacity and generating cash. That contrasted with Musk's promises this time last year that the company would be profitable and cash flow positive "henceforth". "For Tesla to be more than niche, one of the core challenges will be for Tesla to improve its gross margin profile," a Credit Suisse analyst wrote in a research note. Wedbush Securities cut its price target on the stock from $230 to $220, citing the softer margin profile. The stock was down 11.34 per cent at $234.84 in trading before the opening bell, still 3 per cent above analysts' median price target of $227.5. Prices of its $1.8 billion junk bond, which debuted just shy of two years ago, also fell more than 2 full points in price in European trading, pushing its yield, which moves in the opposite direction, back above 8 per cent for the first time since July 1. The spread of its yield over Treasuries, a key measure of the added risk investors assume for holding Tesla's speculative-grade rated debt over safer US government securities, widened by nearly 50 basis points. In all, it was the bond's biggest loss since early last September when its chief accounting officer quit after just a month on the job and Musk was filmed smoking marijuana and wielding a sword on a webcast. A number of analysts were also concerned by the resignation as chief technology officer of the pioneer of the company's electric batteries, J.B. Straubel, the last of the company's old guard left in its top echelons outside Musk himself. "Straubel has been at the forefront of the company's technology leadership, which we believe will increasingly be called into question as competitors catch up," Cowen analysts said.

Tesla shares slide over weak profits call

A US Securities and Exchange commissioner on Tuesday criticised a settlement between the regulator and <a href="https://www.wionews.com/world/tesla-ceo-elon-musk-strikes-deal-with-market-regulators-over-tweets-213814">Tesla Inc CEO Elon Musk</a> over his use of Twitter.

The head of the electric car maker reached a deal with the SEC on Friday, agreeing to submit his public statements about the company's finances and other topics to vetting by its legal counsel.

However, <a href="https://www.wionews.com/world/elon-musk-tweet-may-cost-him-job-as-tesla-ceo-199947">SEC commissioner Robert Jackson </a>registered his dissent after the deal was approved by a federal judge earlier on Tuesday.

"Given Mr Musk's conduct, I cannot support a settlement in which he does not admit what is crystal clear to anyone who has followed this bizarre series of events," Jackson said in a statement.

"Musk breached the agreement he made last year with the Commission - and with American investors," he added.

US District Judge Alison Nathan in Manhattan approved the deal worked out on Friday that settled the dispute in which the SEC had sought to find Musk in contempt of a securities fraud settlement last year.

Earlier this month, Nathan had ordered the parties to work out an arrangement between themselves.

The new deal lays out in more detail what types of statements by Musk must be reviewed by Tesla's legal counsel before publication, such as financial statements, previously unreported production or delivery numbers, and other topics.

Regulators had claimed that a February tweet by Musk about Tesla's production numbers violated the earlier settlement, as it had not been vetted by the company's attorneys. Musk countered that the tweet was not material.

The SEC sued Musk last year for making fraudulent statements after he tweeted on Aug. 7 that he had "funding secured" to take Tesla private at $420 per share.

The parties eventually settled, and the deal called for Tesla's lawyers to pre-approve written communications, including tweets with material information about the company.

A US Securities and Exchange commissioner on Tuesday criticised a settlement between the regulator and Tesla Inc CEO Elon Musk over his use of Twitter. The head of the electric car maker reached a deal with the SEC on Friday, agreeing to submit his public statements about the company's finances and other topics to vetting by its legal counsel.

A US Securities and Exchange commissioner on Tuesday criticised a settlement between the regulator and Tesla Inc CEO Elon Musk over his use of Twitter. The head of the electric car maker reached a deal with the SEC on Friday, agreeing to submit his public statements about the company's finances and other topics to vetting by its legal counsel. However, SEC commissioner Robert Jackson registered his dissent after the deal was approved by a federal judge earlier on Tuesday. "Given Mr Musk's conduct, I cannot support a settlement in which he does not admit what is crystal clear to anyone who has followed this bizarre series of events," Jackson said in a statement. "Musk breached the agreement he made last year with the Commission - and with American investors," he added. US District Judge Alison Nathan in Manhattan approved the deal worked out on Friday that settled the dispute in which the SEC had sought to find Musk in contempt of a securities fraud settlement last year. Earlier this month, Nathan had ordered the parties to work out an arrangement between themselves. The new deal lays out in more detail what types of statements by Musk must be reviewed by Tesla's legal counsel before publication, such as financial statements, previously unreported production or delivery numbers, and other topics. Regulators had claimed that a February tweet by Musk about Tesla's production numbers violated the earlier settlement, as it had not been vetted by the company's attorneys. Musk countered that the tweet was not material. The SEC sued Musk last year for making fraudulent statements after he tweeted on Aug. 7 that he had "funding secured" to take Tesla private at $420 per share. The parties eventually settled, and the deal called for Tesla's lawyers to pre-approve written communications, including tweets with material information about the company.

I cannot support settlement with Musk: SEC commissioner Robert Jackson

The US space agency <a href="http://www.wionews.com/world/elon-musks-teslaquila-drink-faces-clash-with-mexican-tequila-industry-177254">has ordered a sweeping safety review </a>of operations and workplace culture, including drug-free policies, at Boeing and SpaceX, two companies working to send astronauts to space, US media said Tuesday.

The review was "prompted <a href="http://www.wionews.com/world/musk-says-tesla-now-in-delivery-logistics-hell-166080">by the recent </a><a href="http://www.wionews.com/world/musk-says-tesla-now-in-delivery-logistics-hell-166080">behavior</a><a href="http://www.wionews.com/world/musk-says-tesla-now-in-delivery-logistics-hell-166080"> of SpaceX's founder</a>, Elon Musk, according to three officials with knowledge of the probe, after he took a hit of marijuana and sipped whiskey on a podcast streamed on the Internet," said the Washington Post, which first reported on the story.

NASA declined to comment on the allegations, but confirmed the review would start next year as the agency focuses "on safe and successful commercial crew missions" to the International Space Station.&nbsp;

"In the coming months, prior to the crew test flights of Crew Dragon and Starliner, NASA will be conducting a cultural assessment study in coordination with our commercial partners to ensure the companies are meeting NASA's requirements for workplace safety, including the adherence to a drug-free environment," said the NASA statement.&nbsp;

"We fully expect our commercial partners to meet all workplace safety requirements in the execution of our missions and the services they provide the American people. As always, NASA will ensure they do so."

Musk, who is also CEO of Tesla Motors, has faced increased scrutiny over his volatile behavior, including smoking marijuana during a podcast interview earlier this year and assailing a man involved in the Thailand cave rescue as a "pedo guy."

In response to the news of the inquiry, SpaceX said in a statement: "human spaceflight is the core mission of our company. There is nothing more important to SpaceX than this endeavor, and we take seriously the responsibility that NASA has entrusted in us to safely and reliably carry American astronauts to and from the International Space Station."

The company added it "actively promotes workplace safety, and we are confident that our comprehensive drug-free workforce and workplace programs exceed all applicable contractual requirements."

Boeing also insisted its culture "ensures the integrity, safety and quality of our products, our people and their work environment," a spokesman said in a statement emailed to AFP.

"As NASA's trusted partner since the beginning of human spaceflight, we share the same values and are committed to continuing our legacy of trust, openness and mission success."

Both SpaceX and Boeing plan to launch their first unmanned flights of spacecraft that will eventually carry people to the ISS early in 2019, followed by the first crewed flights later in the year.

The spaceships aim to restore US capacity to send astronauts to space. The retirement of the US space shuttle program in 2011 has left the United States without it own spacecraft for ferrying astronauts.

Instead, the world's astronauts must now buy tickets aboard Russia's Soyuz spacecraft at a cost of some $80 million per seat. 
&nbsp;

The US space agency has ordered a sweeping safety review of operations and workplace culture, including drug-free policies, at Boeing and SpaceX, two companies working to send astronauts to space, US media said Tuesday.

The US space agency has ordered a sweeping safety review of operations and workplace culture, including drug-free policies, at Boeing and SpaceX, two companies working to send astronauts to space, US media said Tuesday. The review was "prompted by the recent behavior of SpaceX's founder, Elon Musk, according to three officials with knowledge of the probe, after he took a hit of marijuana and sipped whiskey on a podcast streamed on the Internet," said the Washington Post, which first reported on the story. NASA declined to comment on the allegations, but confirmed the review would start next year as the agency focuses "on safe and successful commercial crew missions" to the International Space Station. "In the coming months, prior to the crew test flights of Crew Dragon and Starliner, NASA will be conducting a cultural assessment study in coordination with our commercial partners to ensure the companies are meeting NASA's requirements for workplace safety, including the adherence to a drug-free environment," said the NASA statement. "We fully expect our commercial partners to meet all workplace safety requirements in the execution of our missions and the services they provide the American people. As always, NASA will ensure they do so." Musk, who is also CEO of Tesla Motors, has faced increased scrutiny over his volatile behavior, including smoking marijuana during a podcast interview earlier this year and assailing a man involved in the Thailand cave rescue as a "pedo guy." In response to the news of the inquiry, SpaceX said in a statement: "human spaceflight is the core mission of our company. There is nothing more important to SpaceX than this endeavor, and we take seriously the responsibility that NASA has entrusted in us to safely and reliably carry American astronauts to and from the International Space Station." The company added it "actively promotes workplace safety, and we are confident that our comprehensive drug-free workforce and workplace programs exceed all applicable contractual requirements." Boeing also insisted its culture "ensures the integrity, safety and quality of our products, our people and their work environment," a spokesman said in a statement emailed to AFP. "As NASA's trusted partner since the beginning of human spaceflight, we share the same values and are committed to continuing our legacy of trust, openness and mission success." Both SpaceX and Boeing plan to launch their first unmanned flights of spacecraft that will eventually carry people to the ISS early in 2019, followed by the first crewed flights later in the year. The spaceships aim to restore US capacity to send astronauts to space. The retirement of the US space shuttle program in 2011 has left the United States without it own spacecraft for ferrying astronauts. Instead, the world's astronauts must now buy tickets aboard Russia's Soyuz spacecraft at a cost of some $80 million per seat.

NASA to review workplace culture after Musk smokes marijuana in podcast: Report

Tesla CEO Elon Musk said in a tweet today that the first tunnel under Hawthorne in Los Angeles area "is almost done".

Musk declared that it will open on December 10th.

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The first tunnel is almost done
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1054164543922823168?ref_src=twsrc%5Etfw">October 22, 2018</a></blockquote>
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Boring Company founded by Musk two years ago has been building the tunnel in order to enable high-speed transit across the US through underground tunnels, also&nbsp;seen as promoting clean and efficient mode of transport.

Boring had said earlier that cars and pods can move at a speed of 130 mph inside the tunnel.

Los Angeles City Council had earlier approved the environmental review exemption for Musk's company giving it a go-ahead for the project.

In a tweet earlier, Musk had said the opening event that night would have "free rides" for the public next day.

The underground loop transit system hopes to cut through busy traffic overground and&nbsp;envisions the creation of transit pods to carry pedestrians and cyclists.

Tesla CEO Elon Musk said in a tweet today that the first tunnel under Hawthorne in Los Angeles area "is almost done". Musk declared that it will open on December 10th.

Tesla CEO Elon Musk said in a tweet today that the first tunnel under Hawthorne in Los Angeles area "is almost done". Musk declared that it will open on December 10th. The first tunnel is almost done — Elon Musk (@elonmusk) October 22, 2018 × Boring Company founded by Musk two years ago has been building the tunnel in order to enable high-speed transit across the US through underground tunnels, also seen as promoting clean and efficient mode of transport. Boring had said earlier that cars and pods can move at a speed of 130 mph inside the tunnel. Los Angeles City Council had earlier approved the environmental review exemption for Musk's company giving it a go-ahead for the project. In a tweet earlier, Musk had said the opening event that night would have "free rides" for the public next day. The underground loop transit system hopes to cut through busy traffic overground and envisions the creation of transit pods to carry pedestrians and cyclists.

First tunnel in Los Angeles almost done, tweets Musk

Tesla Inc's Elon Musk on Thursday mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive.

"Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work," Musk, a frequent critic of investors betting against the electric car company, wrote on Twitter. "And the name change is so on point!"

The tweet came five days after Musk settled SEC charges that he misled investors in tweets on August 7, including that there was "funding secured" to take his Palo Alto, California-based company private at $420 per share.

Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla. The company also accepted a $20 million fine, despite not being charged with fraud.

Tesla and the SEC declined requests for comment.

Former SEC lawyers questioned the wisdom of Musk's latest tweet but said it was unlikely to jeopardize the settlement, which prevents Musk from denying wrongdoing or suggesting that the regulator's allegations were untrue.

“I don't think the SEC would look at this as a denial of the facts alleged," said Peter Henning, a law professor at Wayne State University in Detroit. "But you don't take gratuitous shots at the SEC. There's no real upside."

Shares of Tesla closed down $12.97, or 4.4 per cent, at $281.83, and fell another 2.1 per cent to $276 following Musk's tweet after market hours.

The tweet came less than four hours after US District Judge Alison Nathan in Manhattan ordered Musk and the SEC to explain by Oct. 11 in a joint letter why their settlement was fair and reasonable and would not hurt the public interest.

Nathan said it was her regular practice to request such letters.

"She may want to know why Tesla is paying a fine because the CEO doesn't know when to shut up," said Adam Pritchard, a University of Michigan law professor and former SEC lawyer.

Musk's tweet on Thursday received more than 2,500 responses, with some users questioning the billionaire's judgement.

"Seriously? You know you still need their help convincing a judge that your penalty was sufficient... Maybe a 420M fine would have been more appropriate?" one Twitter follower said. The proposed take-private price was $420 a share.

Musk replied, "the opposite is true."

Difference to sec

The settlement also required Tesla's board to implement procedures for reviewing Musk's communications with investors, which include tweets.

Thomas Gorman, a partner at Dorsey &amp; Whitney in Washington, DC, said Musk might argue that the latest tweet might be a mere "personal lament," and not a violation of the settlement.

For her part, Nathan may have limited room to intervene, after a federal appeals court curbed the ability of judges to reject SEC settlements.

One such judge was Jed Rakoff, a colleague of Nathan's who objected to the SEC policy of letting some corporate defendants settle without admitting or denying wrongdoing, as Musk did.

But in 2014, the 2nd US Circuit Court of Appeals overturned Rakoff's rejection of a $285 million SEC settlement with Citigroup Inc, saying he should have given "significant deference" to the regulator.

The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common.

"In and of itself it's not an ominous sign," said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer. "The vast majority of settlements like this are approved by courts."

Pritchard said before Musk's tweet that he saw no "serious chance" for a rejection of Musk's settlement, based on 2nd Circuit precedent. "This is just a hoop to be jumped through," he said.

The case is SEC v Musk, US District Court, Southern District of New York, No. 18-08865.

Tesla Inc's Elon Musk on Thursday mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive.

Tesla Inc's Elon Musk on Thursday mocked the US Securities and Exchange Commission, just hours after a federal judge ordered him and the regulator to justify their securities fraud settlement, which let Musk remain chief executive. "Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work," Musk, a frequent critic of investors betting against the electric car company, wrote on Twitter. "And the name change is so on point!" The tweet came five days after Musk settled SEC charges that he misled investors in tweets on August 7, including that there was "funding secured" to take his Palo Alto, California-based company private at $420 per share. Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla. The company also accepted a $20 million fine, despite not being charged with fraud. Tesla and the SEC declined requests for comment. Former SEC lawyers questioned the wisdom of Musk's latest tweet but said it was unlikely to jeopardize the settlement, which prevents Musk from denying wrongdoing or suggesting that the regulator's allegations were untrue. “I don't think the SEC would look at this as a denial of the facts alleged," said Peter Henning, a law professor at Wayne State University in Detroit. "But you don't take gratuitous shots at the SEC. There's no real upside." Shares of Tesla closed down $12.97, or 4.4 per cent, at $281.83, and fell another 2.1 per cent to $276 following Musk's tweet after market hours. The tweet came less than four hours after US District Judge Alison Nathan in Manhattan ordered Musk and the SEC to explain by Oct. 11 in a joint letter why their settlement was fair and reasonable and would not hurt the public interest. Nathan said it was her regular practice to request such letters. "She may want to know why Tesla is paying a fine because the CEO doesn't know when to shut up," said Adam Pritchard, a University of Michigan law professor and former SEC lawyer. Musk's tweet on Thursday received more than 2,500 responses, with some users questioning the billionaire's judgement. "Seriously? You know you still need their help convincing a judge that your penalty was sufficient... Maybe a 420M fine would have been more appropriate?" one Twitter follower said. The proposed take-private price was $420 a share. Musk replied, "the opposite is true." Difference to sec The settlement also required Tesla's board to implement procedures for reviewing Musk's communications with investors, which include tweets. Thomas Gorman, a partner at Dorsey & Whitney in Washington, DC, said Musk might argue that the latest tweet might be a mere "personal lament," and not a violation of the settlement. For her part, Nathan may have limited room to intervene, after a federal appeals court curbed the ability of judges to reject SEC settlements. One such judge was Jed Rakoff, a colleague of Nathan's who objected to the SEC policy of letting some corporate defendants settle without admitting or denying wrongdoing, as Musk did. But in 2014, the 2nd US Circuit Court of Appeals overturned Rakoff's rejection of a $285 million SEC settlement with Citigroup Inc, saying he should have given "significant deference" to the regulator. The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common. "In and of itself it's not an ominous sign," said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer. "The vast majority of settlements like this are approved by courts." Pritchard said before Musk's tweet that he saw no "serious chance" for a rejection of Musk's settlement, based on 2nd Circuit precedent. "This is just a hoop to be jumped through," he said. The case is SEC v Musk, US District Court, Southern District of New York, No. 18-08865.

Tesla's Musk mocks US agency as judge demands they justify fraud settlement

American automaker company Tesla Inc declared on Monday that it would raise $1.5 billion through its first-ever offering of junk bonds. The luxury electric car maker is seeking fresh resources to ramp up manufacturing of its <a href="http://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">new Model 3 sedan</a>.&nbsp;<a href="http://www.wionews.com/science-tech/tesla-3-musks-addition-to-his-eco-friendly-cars-18362">The highly anticipated Model 3 was launched with a lucky-draw competition on July 28.</a>

Junk bonds are lower-quality investments that offer higher yields. The strategy by Tesla Chief Executive Elon Musk represents that bond investors will be as keen as stock investors to back the company, expecting that Model 3 will be a hit.

&quot;Bond investors, who typically don&#39;t love companies that don&#39;t make money, will be far more forgiving when it comes to Tesla,&quot; said bond expert Robbie Goffin, managing director of FTI Consulting, citing the company&#39;s stellar stock market value.

Tesla was to start pitching potential investors on Monday, IFR reported, citing lead bankers on the deal.&nbsp;Tesla is counting on the Model 3, its least pricey car, to become a profitable, high-volume manufacturer of electric cars.

Tesla&#39;s market shares are up by a whopping 67 per cent this year, pushing the company&#39;s value to around $60 billion, above that of top U.S. automakers General Motors Co and Ford Motor Co. However, shares of Tesla closed down 0.5 per cent at $355.17 on Monday.&nbsp;Tesla is yet to make an annual profit.&nbsp;

So far, Tesla has been raising money to pay its bills with a combination of equity offerings and convertible bonds, which eventually convert into shares. In March, the company raised $1.4 billion through a convertible debt offering.

Following the announcement, Standard &amp; Poor&#39;s reaffirmed its negative outlook for the automaker and assigned a &quot;B-&quot; rating for the bond issue - deep into junk credit territory. S&amp;P also maintained its &quot;B-&quot; long-term corporate credit rating on Tesla.

&quot;We could lower our ratings on Tesla if execution issues related to the Model 3 launch later this year or the ongoing expansion of its Models S and X production lead to significant cost overruns,&quot; S&amp;P said in a statement on the bonds.

Moody&#39;s assigned a junk &quot;B3&quot; rating to the bond issue and said the company&#39;s rating outlook was stable.

The rating agency said the overall company&#39;s &quot;B2&quot; rating was justified by the fact that if Tesla ends up in severe financial turmoil, its brand name, products, and physical assets would be of &quot;considerable value&quot; to other automakers.&nbsp;<a href="http://www.wionews.com/business-economy/over-60000-orders-of-tesla-model-3-cancelled-18552">During the quarterly earnings call of the company, Musk revealed that about 63,000 people have </a><a href="http://www.wionews.com/business-economy/over-60000-orders-of-tesla-model-3-cancelled-18552">cancelled</a><a href="http://www.wionews.com/business-economy/over-60000-orders-of-tesla-model-3-cancelled-18552"> their Model 3 pre-orders</a>.

Tesla&#39;s debt load increased significantly in 2016 when it took over solar panel maker SolarCity.

CFRA equity analyst Efraim Levy said the bonds will provide Tesla with funds to survive till &quot;at least into mid-2018.&quot;

&quot;There is a risk they could still run out of money,&quot; he said. &quot;Then you&rsquo;d go back to the equity markets and hope it&rsquo;s not too late&quot; to raise more money.

The latest effective yield on single-B rated bonds, maturing in seven to eight years--the class for a Tesla issue, is around 5.5 per cent, according to Bank of America/Merrill Lynch Fixed Income Index data.

The price of the bond will be determined later in this week after several days of brainstorming sessions with credit investors. They will keep ion account factors including the absence of a borrowing history, its lack of profit and its high cash-burn rate against its growth potential and its attractiveness as an environmentally friendly &ldquo;green&rdquo; issuer.

Ultimately, the depth of investor interest will determine the bond&#39;s interest rate.

Tesla said last week that it had 455,000 net pre-orders for the Model 3, which has a $35,000 base price, and that the sedan was averaging 1,800 reservations per day since its launch in the late last month.

At the launch, Musk, however, warned that Tesla would face months of &quot;manufacturing hell&quot; as it increases production of the sedan.

Tesla had over $3 billion in cash on hand at the end of the June quarter, compared with $4 billion on March 31.

The company expects capital expenditures of $2 billion in the second half of this year to boost production at its Fremont, California assembly plant and a battery plant in Reno, Nevada.

Tesla&#39;s cash burning strategy has prompted short-sellers like Greenlight Capital&#39;s David Einhorn to bet against Californian competitor Palo Alto.

Goldman Sachs, Morgan Stanley, Barclays, Bank of America Merrill Lynch, Citigroup, Deutsche Bank and RBC are the book-runners on the bond offering, IFR reported.

Tesla is counting on the Model 3, its least pricey car, to become a profitable, high-volume manufacturer of electric cars

American automaker company Tesla Inc declared on Monday that it would raise $1.5 billion through its first-ever offering of junk bonds. The luxury electric car maker is seeking fresh resources to ramp up manufacturing of its new Model 3 sedan. The highly anticipated Model 3 was launched with a lucky-draw competition on July 28. Junk bonds are lower-quality investments that offer higher yields. The strategy by Tesla Chief Executive Elon Musk represents that bond investors will be as keen as stock investors to back the company, expecting that Model 3 will be a hit. "Bond investors, who typically don't love companies that don't make money, will be far more forgiving when it comes to Tesla," said bond expert Robbie Goffin, managing director of FTI Consulting, citing the company's stellar stock market value. Tesla was to start pitching potential investors on Monday, IFR reported, citing lead bankers on the deal. Tesla is counting on the Model 3, its least pricey car, to become a profitable, high-volume manufacturer of electric cars. Tesla's market shares are up by a whopping 67 per cent this year, pushing the company's value to around $60 billion, above that of top U.S. automakers General Motors Co and Ford Motor Co. However, shares of Tesla closed down 0.5 per cent at $355.17 on Monday. Tesla is yet to make an annual profit. So far, Tesla has been raising money to pay its bills with a combination of equity offerings and convertible bonds, which eventually convert into shares. In March, the company raised $1.4 billion through a convertible debt offering. Following the announcement, Standard & Poor's reaffirmed its negative outlook for the automaker and assigned a "B-" rating for the bond issue - deep into junk credit territory. S&P also maintained its "B-" long-term corporate credit rating on Tesla. "We could lower our ratings on Tesla if execution issues related to the Model 3 launch later this year or the ongoing expansion of its Models S and X production lead to significant cost overruns," S&P said in a statement on the bonds. Moody's assigned a junk "B3" rating to the bond issue and said the company's rating outlook was stable. The rating agency said the overall company's "B2" rating was justified by the fact that if Tesla ends up in severe financial turmoil, its brand name, products, and physical assets would be of "considerable value" to other automakers. During the quarterly earnings call of the company, Musk revealed that about 63,000 people have cancelled their Model 3 pre-orders. Tesla's debt load increased significantly in 2016 when it took over solar panel maker SolarCity. CFRA equity analyst Efraim Levy said the bonds will provide Tesla with funds to survive till "at least into mid-2018." "There is a risk they could still run out of money," he said. "Then you’d go back to the equity markets and hope it’s not too late" to raise more money. The latest effective yield on single-B rated bonds, maturing in seven to eight years--the class for a Tesla issue, is around 5.5 per cent, according to Bank of America/Merrill Lynch Fixed Income Index data. The price of the bond will be determined later in this week after several days of brainstorming sessions with credit investors. They will keep ion account factors including the absence of a borrowing history, its lack of profit and its high cash-burn rate against its growth potential and its attractiveness as an environmentally friendly “green” issuer. Ultimately, the depth of investor interest will determine the bond's interest rate. Tesla said last week that it had 455,000 net pre-orders for the Model 3, which has a $35,000 base price, and that the sedan was averaging 1,800 reservations per day since its launch in the late last month. At the launch, Musk, however, warned that Tesla would face months of "manufacturing hell" as it increases production of the sedan. Tesla had over $3 billion in cash on hand at the end of the June quarter, compared with $4 billion on March 31. The company expects capital expenditures of $2 billion in the second half of this year to boost production at its Fremont, California assembly plant and a battery plant in Reno, Nevada. Tesla's cash burning strategy has prompted short-sellers like Greenlight Capital's David Einhorn to bet against Californian competitor Palo Alto. Goldman Sachs, Morgan Stanley, Barclays, Bank of America Merrill Lynch, Citigroup, Deutsche Bank and RBC are the book-runners on the bond offering, IFR reported.

Tesla's Model 3 production strategy: Junk bonds on offer

Tesla founder and technology luminary Elon Musk said Wednesday he would quit President Donald Trump&#39;s business advisory councils if Washington pulls out of the Paris climate accord.

Musk&#39;s move, announced on Twitter, could deepen the rift between the tech world and the Trump administration, which have been at odds over immigration and other issues.

The comments came after media reports said Trump would withdraw from the global agreement to curb emissions. The White House did not confirm the report, and Trump himself tweeted that he would announce a decision in the &quot;next few days.&quot;

Musk indicated that he had been trying to persuade Trump to remain part of the climate agreement.

&quot;Don&#39;t know which way Paris will go, but I&#39;ve done all I can to advise directly to POTUS, through others in WH &amp; via councils, that we remain,&quot; the founder of &nbsp;electric carmaker Tesla and the private space exploration firm SpaceX tweeted.

Asked by another Twitter user what a decision to withdraw would mean, Musk answered, &quot;Will have no choice but to depart councils in that case.&quot;

Musk has been among the few from tech sector to work with the Trump administration, participating in the president&#39;s Economic Advisory Board&nbsp;and Manufacturing Jobs Initiative.&nbsp;

In February, Uber chief Travis Kalanick quit the economic panel, saying his presence had been viewed as an endorsement of the Trump administration.

Musk, who has also faced criticism for working with Trump, stated in February that his participation &quot;does not mean that I agree with actions by the Administration.&quot;

(AFP)

The Tesla founder is a part of US President Donald Trump's business advisory councils

Tesla founder and technology luminary Elon Musk said Wednesday he would quit President Donald Trump's business advisory councils if Washington pulls out of the Paris climate accord. Musk's move, announced on Twitter, could deepen the rift between the tech world and the Trump administration, which have been at odds over immigration and other issues. The comments came after media reports said Trump would withdraw from the global agreement to curb emissions. The White House did not confirm the report, and Trump himself tweeted that he would announce a decision in the "next few days." Musk indicated that he had been trying to persuade Trump to remain part of the climate agreement. "Don't know which way Paris will go, but I've done all I can to advise directly to POTUS, through others in WH & via councils, that we remain," the founder of electric carmaker Tesla and the private space exploration firm SpaceX tweeted. Asked by another Twitter user what a decision to withdraw would mean, Musk answered, "Will have no choice but to depart councils in that case." Musk has been among the few from tech sector to work with the Trump administration, participating in the president's Economic Advisory Board and Manufacturing Jobs Initiative. In February, Uber chief Travis Kalanick quit the economic panel, saying his presence had been viewed as an endorsement of the Trump administration. Musk, who has also faced criticism for working with Trump, stated in February that his participation "does not mean that I agree with actions by the Administration." (AFP)

Musk to quit advisory if Trump pulls out of Paris climate pact

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