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| April 21, 2019

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Elon Archives -

NASA awards Elon Musk’s SpaceX $69 million to fly a rocket into an asteroid

April 15, 2019 |

Atari fan Elon Musk has been awarded a U.S. government contract to essentially play a real-life version of the arcade shooter game Asteroids with his rocket company, SpaceX.

NASA awarded Hawthorne-based Space Exploration Technologies Corp. a $ 69-million contract last week to provide launch services…


L.A. Times – Business

Amazon’s entry into the satellite internet market sets up another faceoff between Jeff Bezos and Elon Musk

April 13, 2019 |

Elon Musk and Jeff Bezos already compete on satellite launch contracts for their respective rocket companies, SpaceX and Blue Origin.

Soon they will also face off in the potentially lucrative business of providing broadband internet via constellations of hundreds, or even thousands, of tiny satellites.


L.A. Times – Business

Elon Musk defends tweets in SEC’s contempt proceedings

March 23, 2019 |

Tesla CEO Elon Musk argued Friday that his Twitter use did not violate a settlement agreement with the U.S. Securities and Exchange Commission and that the agency’s request to have him held in contempt is based on a “radical interpretation” of the order, according to court papers filed in Manhattan federal court.

The SEC has asked a judge to hold Musk in contempt for violating a settlement agreement reached last year over Musk’s now infamous “funding secured” tweet. Under that agreement, Musk is supposed to get approval from Tesla’s board before communicating potentially material information to investors.

Musk contends he didn’t violate the agreement and that the problem lies in the SEC’s interpretation, which he describes as “virtually wrong at every level.” The filing also reveals new details about the settlement negotiations, notably that the SEC sent Musk a draft agreement that would have required him to obtain pre-approval for all public statements related to Tesla, in any format.

Musk and Tesla never agreed to those terms. Instead, Musk says the agreement requires him to comply with Tesla own policy, which would require pre-approval for “written communications that contain, or reasonably could contain, information material to the company or its shareholders.”

The barbs traded via court filings are the latest in an escalating fight between the billionaire entrepreneur and SEC that began last August when Musk tweeted that he had “funding secured” for a private takeover of the company at $ 420 per share.  The SEC filed a complaint in federal district court in September alleging that Musk lied.

Musk and Tesla settled with the SEC last year without admitting wrongdoing. Tesla agreed to pay a $ 20 million fine; Musk had to agree to step down as Tesla chairman for a period of at least three years; the company had to appoint two independent directors to the board; and Tesla was also told to put in place a way to monitor Musk’s statements to the public about the company, including via Twitter.

But the fight was re-ignited last month after Musk sent a tweet on February 19 that Tesla would produce “around” 500,000 cars this year, correcting himself hours later to clarify that he meant the company would be producing at an annualized rate of 500,000 vehicles by year end.

The SEC argued that the tweet sent by Musk violated their agreement. Musk has said the tweet was “immaterial” and complied with the settlement.

TechCrunch

SEC says it’s ‘stunning’ that Elon Musk never complied with order to get tweets approved

March 19, 2019 |

The U.S. Securities and Exchange Commission said it’s “stunning” that Elon Musk didn’t seek pre-approval of any of his tweets about Tesla Inc. in the months since he was ordered by a judge to do so.

Musk’s August tweets about taking Tesla private resulted in $ 40 million in fines, the appointment…


L.A. Times – Business

Elon Musk set to unveil Tesla’s latest passenger vehicle tonight in Los Angeles

March 15, 2019 |

A new Tesla model is set to be unveiled tonight in what promises to be an Elon Musk signature event, replete with glitz and fanfare.

The Los Angeles entrepreneur is raising the curtain on the Model Y, a crossover sport utility vehicle based on the Model 3 sedan that will fill a gap in the Palo…


L.A. Times – Business

Elon Musk defends his Tesla tweets and says SEC is overreaching

March 12, 2019 |

Elon Musk told a New York judge that a pair of tweets he sent last month about Tesla Inc. weren’t improper, pushing against a request by the U.S. Securities and Exchange Commission to hold him in contempt for violating earlier restrictions on his social media posts.

The billionaire Tesla chief…


L.A. Times – Business

Elon Musk’s security clearance is under review after he smoked pot, source says

March 7, 2019 |

SpaceX Chief Executive Elon Musk’s Pentagon security clearance is under review after he infamously smoked marijuana live on YouTube in September, according to a U.S. official.

Musk has refiled his SF-86 security form, which requires a federal employee or contractor seeking a clearance to acknowledge…


L.A. Times – Business

Las Vegas convention center could gamble on Elon Musk’s Boring Co. to build people mover

March 7, 2019 |

Elon Musk has promised to revolutionize underground tunneling in no less a fashion than his SpaceX rocket company and Tesla electric car maker have upended their respective industries.

Now, the L.A. entrepreneur’s Boring Co. may have its best chance yet to see if that is even possible.

The Las…


L.A. Times – Business

Elon Musk lays into SEC with more tweets after contempt claim

February 26, 2019 |

Elon Musk kept up his Twitter attack on the Securities and Exchange Commission on Tuesday, even after landing in more regulatory hot water with potential penalties that could see him being barred from running Tesla Inc.

“Something is broken with SEC oversight,” Musk wrote in response to a user’s…


L.A. Times – Business

Elon Musk takes out five monster mortgages

February 24, 2019 |

When it comes to cars, rockets and tunnels, Elon Musk thinks big. The same is true for his household finances.

The billionaire chief executive of Tesla Inc., SpaceX and Boring Co. recently took out $ 61 million in mortgages on five properties in California: four in Los Angeles’ Bel-Air neighborhood…


L.A. Times – Business