Elon Musk Sells Tesla Stock Worth $4 Billion

Elon Musk has sold an estimated $4 billion worth of Tesla stock days this week after reaching a $44 billion deal to purchase Twitter. Regulatory filing show the CEO offloading nearly 4.5 million shares of the automaker between April 26th and the 27th.

The timing of the transaction makes the why of the situation fairly obvious. Despite the resulting political hubbub, Musk reached an agreement on April 25th to acquire Twitter. The deal was tied up with tens of billions of dollars worth of his Tesla shares to support margin loans after the executive said he could come up with $21 billion in equity. While some questioned where the funding would come from, others claimed it was obvious.

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Tesla Now the Earth's Most Valuable Automaker

With the automotive industry seeing losses across the board, most investors could do nothing but watch in horror as sales reports showed the post-lockdown recovery had not yet begun. But there was a faction that ignored the carnage taking place around them and continued to pump money into their preferred auto brand until it became the most valuable automaker in the world.

While it’s a sin for you not to know, we are obviously discussing Tesla Motors — the infallible, gleaming beacon of modern-day motoring.

The firm officially surpassed mega-giant Toyota on Wednesday, with shares trading as high as $1,228 before tapering off in the evening with a market cap of around $220 billion.

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Elon Musk Selling Earthly Possessions, Gets Yelled at Online

Tesla CEO Elon Musk has had an interesting few days. It all kicked off when he went off on the politics behind coronavirus lockdowns — suggesting that state mandates had surpassed what should be deemed reasonable and that civil liberties were being infringed upon — during Wednesday’s earnings call. By week’s end, he was using social media to announce Tesla’s stock price was too high.

Despite it not being his first time making such a claim, and with the automaker turning a surprise first-quarter profit, the company’s share price still lost 10 percent in a single day. Musk then announced he would sell practically everything he owned. Initially, it seemed to be another partial joke taken completely literally by some followers and the media. But Musk began making good on the claim, listing two properties over the weekend.

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Elon Musk Takes Heat for Poorly Timed April Fools' Joke, Remaining Auto Pranks Boring

April Fools’ Day is a great holiday when you’re 12 years old but, as an adult, there are only so many people you can trick into drinking spoiled milk outside of your own family without getting into trouble. The world just doesn’t have the same level of patience for a matured prankster. Corporate foolery is even less palatable, usually because it’s far too tame to be genuinely entertaining, or results in some social blunder highlighting a genuine problem.

The automotive industry frequently engages in April Fools’ pranks, but this year was rather dull. Porsche’s phony Mission E tractor was cute but felt a little lazy and Honda UK’s chop-topped CR-V resulted in some members of the press requesting Honda actually built it — something none of us agree with, as that monstrosity would be a pillar of bad taste. The best of the bunch was probably McLaren’s weird take on promoting efficiency, in which the supercar maker hinted everyone will become a soulless robot. It wasn’t the best we’ve seen; still, the staff clearly enjoyed taking a playful shot at its more uptight rivals.

Then there was Tesla’s joke, which saw CEO Elon Musk issue a series of tweets about the company’s pretend bankruptcy. The timing on this was admittedly not great. Tesla had a really bad month involving a stock price attempting to bore its way to the center of the earth, the biggest recall in its history, another Model 3 production shortfall, and an Autopilot-related fatality in California.

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Electrek Loonyland: After the Referrals Scandal Goes International, Fred Lambert Doubles Down

What is it about these wacky new-school post-enthusiast autowriters? Prior to last week, I thought that Wayne “50 percent of the time I am an automotive journalist” Gerdes of CleanMPG was probably the loosest screw in the business, what with the drafting at 70 mph and letting a Ranger run wild through a subdivision with the engine off. It didn’t help my estimation of Wayne’s sanity that the payoffs he received for risking life and limb in the service of advertorial content were so Mickey Mouse. Why risk running over an animal or child just to save a few pennies on fuel and/or pick up a couple grand from an automaker?

Electek‘s Fred Lambert is playing for slightly higher stakes, as we revealed in last week’s piece on his double life as “impartial” electric car journalist and compensated Tesla referrer. In fact, since we ran the article Fred managed to get his eighth referral, entitling him to a second $7,200 Tesla Powerwall and bringing the total potential take for his advocacy into the $30,000 range. And while he never found the time to return my e-mails or engage with me regarding his behavior, when Automotive News decided to put him on blast he didn’t hesitate to start getting ugly with young Katie Burke about what he perceived as a “non-story.”

Nor did he think twice about implying that he would kill a Ford employee — a threat he retracted and blamed on his phone.

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The $65,000 Pyramid: Electric Autojournos Pump Tesla Stock, Receive Massive Gifts

Imagine the following scenario: Your humble author buys an Accord Coupe, and loves it, and suggests that you do the same. Not so hard to imagine, insofar as that’s what actually happened.

Now let’s imagine I tell you that you, the TTAC reader, can get a discount on an Accord if you use my referral code. That’s kind of odd, right? After all, I’m here to report on the Accord, not to incentivize your purchase. Last but not least, let’s imagine that for every four Accords sold with my referral code, Honda gives me $6,200 worth of Honda products. A new CBR500, maybe, or an ATV for my son. And let’s say that there’s actually more to it than that — in fact, for every four Accords I sell, I can receive up to eleven thousand dollars’ worth of goodies.

Last but not least, let’s imagine that I hold a significant amount of Honda stock and that my posts are written with the knowledge that positive Honda stories might help that stock move in a direction that is profitable for me.

Sounds crazy, right? Welcome to the world of Fred Lambert and his site, electrek.co.

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Tesla To Go Public; Kill The Roadster

Here’s some gutsy news from one of the gutsier companies around. Tesla filed papers for an initial public offering (IPO) today, hoping to raise up to $100 million. In its Form S-1 registration statement with the SEC, the Silicon Valley start up said the stock would be issued “as soon as possible”. That part is not very surprising, coming on the heels of securing a $465 million loan from the DOE to help build the Model S. But deeper in the that filing comes a couple of juicier facts: Tesla has lost some $236 million so far, and plans to kill the Roadster, its only product on sale, in 2011.

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  • Beachy Asphalt only works to keep the dirt road below it dry, and it is the dry dirt that holds up the asphalt surface to make a smooth road surface. Once the asphalt cracks or a spring wells up and the dirt gets wet, all bets are off. It is usually due to a spring that perennial potholes form. They are very hard to get rid of.
  • JamesG I’m the owner of the featured car that’s currently on EBay. Thanks for such a nice write up on these cars. Mine happens to be in excellent condition and the photos don’t do it justice. The HT4100 isn’t as bad as some made them out to be and they can go 200k miles with proper maintenance. I also own a 79 w/the analog fuel injected 5.7 350 which should have been used through 1985 but ever-increasing CAFE regulations called for more economical power plants which made GM shelve this great motor.
  • Jeff S Adam on Rare Classic Cars recently bought a pristine 71 Kenosha Cadillac.https://www.youtube.com/watch?v=lY-G2dExgXE&ab_channel=RareClassicCars%26AutomotiveHistory
  • Jeff S Wouldn't most of the large suvs in NYC be livery vehicles? If so that would be hurting those who make their living by driving for hire.
  • EBFlex Yes their mass transit is great if you want to be beat within an inch of your life or pushed onto the tracks by some random psycho.