Elon Musk asks Tesla employees to ignore distractions

Media playback is unsupported on your device                  Media caption Who is Elon Musk

Media playback is unsupported on your device Media caption Who is Elon Musk

The cost to insure debt holdings in electric carmaker Tesla Inc (TSLA.O) rose to its highest-ever level on Friday as the bond market reflected growing worries about a default, following the news that Chief Executive Elon Musk had been accused of fraud by federal regulators. The shorts are up $643 million for the year, after being in negative territory before the lawsuit was announced.

Tesla shares were trading 12 percent lower as of Friday afternoon.

It's not clear whether Musk and Grimes are still together, but the two apparently unfollowed each other on Instagram at the end of last month. He specifically said he would consider doing so at $420, adding that funding had already been secured. In early August, he tweeted the news that he would take Tesla private, sending the automaker's shares soaring.

Elon Musk speaks onstage at Elon Musk Answers Your Questions! during SXSW at ACL Live on March 11, 2018 in Austin, Texas. Instead, he is gearing up for war with the help of the legal brawler who another flamboyant billionaire, Mark Cuban, retained to beat the SEC's charges of insider trading. Musk, the company's largest shareholder, lost $1.6 billion in a single day.

Jewish woman accuses Kavanaugh of sexual misconduct in high school
Blasey said Judge was the other man in the room in 1982 when Kavanaugh covered her mouth and tried to rip her clothes off. Swetnick-a graduate of Gaithersburg High School in Maryland and a former employee of the Department of Defense, the U.S.

"Without him constantly putting out comments on Twitter to give investors the hope that one day they're going to get to where revenue and earnings to justify this valuation, the stock will come under tremendous pressure because people will be forced to focus on the fundamentals".

Meanwhile, Tesla is about to face some competition in the luxury electric vehicle market.

Musk has "gone from looking like the visionary genius to looking like the out-of-control guy who probably is on the borderline of a breakdown", said Erik Gordon, a professor at the University of Michigan Ross School of Business. Tesla's board, which includes Musk's brother Kimbal Musk, is closely aligned with the CEO.

"Tesla and the board of directors are fully confident in Elon, his integrity, and his leadership of the company, which has resulted in the most successful USA auto company in over a century".

Rachel Mitchell Goes to Washington - and It Doesn't Go Well
Committee chairman Chuck Grassley had broken into a conversation between Ford and prosecutor Rachel Mitchell, who was doing the questioning.

"While the outcome of the case is uncertain, if the SEC prevails Tesla may have to find a new CEO", analyst Colin Langan said in a note. "This unjustified action by the SEC leaves me deeply saddened and disappointed", he said in a statement. Breakingviews cleverly posits that a Musk-less Tesla will reveal the true value of the innovative but financially challenged company.

"Elon's presence at the top of the company isn't required to maintain Tesla's brand equity", he said.

"I think this board is insular, ripe with conflicts; it's the poster child for bad corporate governance", she said. Tesla is "still a powerful brand on its own", said Karl Brauer, executive publisher of Kelly Blue Book and Autotrader. The SEC complaint says Musk deceived shareholders when he insisted the deal had secured funding and investor support.

Oil hits four-year high after OPEC output decision
Oil is maintaining strong bullish momentum, with daily MA's in full bullish configuration, supporting the advance. The market estimates that this will lead to a cut of at least 1.5 million barrels a day.

Latest News