TSLA Jun 2020 320.000 put

OPR - OPR Delayed price. Currency in USD
37.78
0.00 (0.00%)
As of 2:02PM EST. Market open.
Stock chart is not supported by your current browser
Previous close37.78
Open38.70
Bid0.00
Ask0.00
Strike320.00
Expiry date2020-06-19
Day's range37.74 - 38.70
Contract rangeN/A
Volume46
Open interestN/A
  • Tesla (TSLA) Stock Sinks As Market Gains: What You Should Know
    Zacks

    Tesla (TSLA) Stock Sinks As Market Gains: What You Should Know

    Tesla (TSLA) closed at $330.37 in the latest trading session, marking a -0.8% move from the prior day.

  • Bloomberg

    Tesla May Pop 50% If China, Cybertrucks Succeed, Analyst Says

    (Bloomberg) -- Tesla Inc. shares may rise to as much as $500 if its Cybertruck becomes a success and sales in China pick up pace, Morgan Stanley analyst Adam Jonas wrote in a note to clients on Thursday, boosting his bull case for the stock.The analyst raised his most optimistic scenario to $500 from $440 per share, saying it reflected $20 from the new pickup truck that was unveiled on Nov. 21 and $40 from incremental volume and profit in China.Jonas assumed the company will be able to sell 100,000 Cybertrucks by the end of 2024 at an average price of $50,000 and Ebitda margins of 20%.Since Elon Musk has said on Twitter that the truck currently has 250,000 pre-orders, Jonas’s assumption implies that roughly 40% of those would translate to an actual sale by 2024. “We believe this is a fairly optimistic assumption, given that a pre-order only requires a $100 refundable deposit,” Jonas wrote. The analyst’s base case assumption does not include the Cybertruck.For China, Morgan Stanley assumed 200,000 Tesla units in incremental volume, with revenue of $40,000 per unit.However, even with the new-found optimism, Jonas maintained his 12-month, $250 price target and hold-equivalent rating on the stock, which assumes 24% downside from the electric-vehicle maker’s Thursday closing price in New York. His caution is derived from the perception that in the longer term, Tesla could be perceived by the market as a traditional automaker. “We are prepared for a potential surge in sentiment through first half of 2020, but question the sustainability,” he added.To contact the reporter on this story: Esha Dey in New York at edey@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Drew SingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • No apology to Elon Musk from British diver at 'pedo guy' defamation trial
    Reuters

    No apology to Elon Musk from British diver at 'pedo guy' defamation trial

    The British cave explorer suing Elon Musk for calling him a "pedo guy" on Twitter testified on Thursday that his criticism of the Tesla Inc chief executive that led to the tweet was not a personal attack. "My insult was to the tube and not to Mr. Musk personally," Unsworth said while being cross-examined by Bill Price, one of Musk's lawyers.

  • Tesla Competitor NIO Launches Another SUV in China
    Bloomberg

    Tesla Competitor NIO Launches Another SUV in China

    (Bloomberg) -- Cash-strapped electric-car upstart NIO Inc. is introducing its third sport utility vehicle, a streamlined model aimed at spurring demand in China’s slowing EV market.NIO didn’t disclose the price for the electric SUV coupe, which comes with a panoramic-view window and is set to compete against vehicles such as the Mercedes-Benz GLC Coupe and Tesla Inc.’s Model Y. NIO’s existing models are the ES8 and ES6 SUVs, and the EP9 performance car.“Coupes fall in a niche market in China and it’s really hard to position this kind of product,” said Yale Zhang, managing director of Shanghai-based consultancy AutoForesight. “But if they only aim at selling hundreds of cars a month, it should be fine.”The unprofitable carmaker is battling an unprecedented slump in Chinese auto sales, including electric vehicles, as the country’s economy cools. The company also faces intensifying competition from the likes of Tesla and Daimler AG just as some investors scrutinize its funding situation.Backed by technology giant Tencent Holdings Ltd., NIO sought $200 million from founder William Li and a Tencent affiliate -- though hasn’t clarified whether the investment has been completed -- and has also reduced its workforce. U.S. shares of NIO have dropped more than 60% since the company’s initial public offering in New York last year.By the end of the third quarter, NIO had cut its staff to 7,800 from 9,900 in January. Having burned through more than $5 billion in four years, the company failed in an attempt to get local government funding, according to media reports.China’s EV sales have slumped for four consecutive months, while the overall auto market is down in 16 of the 17 past months. That’s impacting fundraising for EV startups in China, according to rival XPeng Motor. China is raising its 2025 sales target for electrified cars as the government tries to spur the industry.(Updates with government sales target in seventh paragraph)To contact Bloomberg News staff for this story: Chunying Zhang in Shanghai at czhang714@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Ville Heiskanen, Angus WhitleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Musk Tells Jury He’s Worth $20 Billion, But Is Short on Cash
    Bloomberg

    Musk Tells Jury He’s Worth $20 Billion, But Is Short on Cash

    (Bloomberg) -- Elon Musk says he doesn’t have a lot of cash.Musk’s wealth came up in the second day of his testimony before a federal jury in Los Angeles where the Tesla Inc. and SpaceX chief executive is on trial over a tweet in which he referred to a British cave expert as a “pedo guy.”After an unsuccessful objection from his lawyer, Musk told the jury he has Tesla stock, and SpaceX stock, with debt against those holdings, and his net worth is about $20 billion. But contrary to public opinion, he said, he didn’t have much cash. Musk finished testifying after a total of about six hours on the stand over two days.Caver Vernon Unsworth sued Musk over the “pedo guy” tweet, which the CEO called “a flippant, off-the-cuff insult.” Musk said he was responding to Unsworth’s criticism of Musk’s effort to help rescue members of a Thai soccer team from a flooded cave in 2018. Musk and engineers at his companies prepared a mini submarine to help with the rescue efforts. The 12 kids,aged 11 to 16, and their coach were ultimately saved without the sub.Usnworth, who knew the caves well, ridiculed the high-profile effort from Musk. He told CNN that Musk could “stick his submarine where it hurts” and called the idea a PR stunt with no chance of working.That angered Musk, who said a team of engineers worked very hard to build the sub to save the boys. He said Unsworth’s comments denigrated the efforts of his team.Thai rescue officials were “very happy” with his team’s effort and the government thanked him for it, Musk said, contradicting Unsworth’s comments in the CNN interview.Musk also explained to the jury his penchant to tweet. (He retweeted a Tesla post during a break in his testimony.)Musk said he likes to solicit public input on Twitter.“There are pretty smart people out there,” Musk said.Despite Musk’s status as one of the richest people on the planet, his net worth is largely illiquid.The Bloomberg Billionaires Index puts his fortune at $26.6 billion. That comprises an estimated $14.6 billion stake in SpaceX. Musk has said previously he doesn’t intend to sell any of his holdings in the closely held company.Musk has also long been a buyer of Tesla shares to bolster his $11.4 billion holding.He’s pledged about 40% of his Tesla shares to unlock some of the wealth without shrinking his stake. A May filing revealed that he had access to about $500 million of credit lines from affiliates of Morgan Stanley, Goldman Sachs and Bank of America as of April 30. Still, that’s a fraction of his $26.6 billion overall fortune on the Bloomberg Billionaires Index and it’s unclear how much of those credit lines remain unused.Musk’s wealth is an issue at the trial because a jury may consider evidence of his net worth in determining punitive damages. But Musk’s lawyers argued in court papers that the jury can’t award more in punitive damages than in compensatory damages. There is no way the jury would award more than $1 billion in compensation, so Musk’s net worth exceeding that isn’t relevant, the lawyers said.In his testimony, Musk cited his mother as having some good advice, that Unsworth might want to follow.“As my mom said, if somebody insults you, just let it go,” Musk said.In September, Musk revealed in court documents that one of his trustedaides, Jared Birchall, paid $50,000 to hire a private investigator who looked into Unsworth. Attorneys for Unsworth said the investigator was offered a $10,000 bonus if he was able to confirm nefarious behavior -- which was never paid.Birchall worked at Morgan Stanley until 2016 and is the manager of Excession LLC, Musk’s family office.He took the stand after Musk.Birchall testified he hired James Howard, who later turned out to be a conman.After Howard came up with what later turned out to be fake dirt on Unsworth, such as that he had been visiting Thailand since the 1980s and that he met his wife when she was a teenager, Birchall, using the name James Brickhouse, told Howard to leak the information to media in the U.K.“I believed him to be a credible investigator,” Birchall told the jury. “I understood these things to be facts. I asked him to share facts.”Musk also enlisted help from a second investigator at the Palo Alto, California-based law firm Cooley LLP. Cooley didn’t respond to a request for comment.The case is Unsworth v. Musk, 18-cv-08048, U.S. District Court, Central District of California (Los Angeles).(Updates with Birchall testimony.)To contact the reporters on this story: Dana Hull in San Francisco at dhull12@bloomberg.net;Edvard Pettersson in Los Angeles at epettersson@bloomberg.net;Tom Metcalf in London at tmetcalf7@bloomberg.netTo contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Joe Schneider, Peter BlumbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 5-British cave explorer felt 'branded a pedophile' by Elon Musk tweet

    The British cave explorer suing Elon Musk testified on Wednesday he felt "branded a pedophile" by the billionaire entrepreneur, despite Musk's assertion that his "pedo guy" tweet at the heart of the defamation case was not meant to be taken literally. Vernon Unsworth, seeking unspecified damages in his lawsuit against Musk, took the witness stand on the second day of a trial stemming from their public squabble over last year's rescue of 12 boys and their soccer coach from a flooded cave in Thailand. Unsworth's appearance in a packed federal courtroom in Los Angeles came hours after Musk, the chief executive of electric carmaker Tesla Inc and founder of rocket company SpaceX, concluded two days of testimony seeking to minimize his tweets as offhand comments.

  • Twitter’s Rare Pitch to Junk Market: Profitable Tech Issuer
    Bloomberg

    Twitter’s Rare Pitch to Junk Market: Profitable Tech Issuer

    (Bloomberg) -- As it prepares its debut in the junk-bond market, Twitter Inc. is employing a strategy that looks downright quaint for a high-flying technology firm: making money.The social media company, which posted $856 million of free cash flow last year, can expect to be rewarded for its prudence. It garnered credit ratings in the top tier of high-yield and is marketing its $600 million deal at a yield of around 4.5%, more than a percentage point lower than average for speculative-grade debt.Its approach stands in contrast to companies like WeWork and Tesla Inc., both of which issued junk bonds while burning cash and have seen their notes underperform. Even Netflix Inc., which has become something of a bond-market darling after issuing billions of dollars of debt to help fund new programming, isn’t cash-flow positive.Twitter’s financial profile may not resemble some of its cash-burning peers, but it does emulate the kind of company investors have been most eager to lend to this year amid fears of a broad economic downturn. Jittery debt buyers have helped notes issued by the highest-quality junk borrowers return some 14%, outperforming riskier securities like CCC rated debt.“It’s an up-in-quality trade across all asset classes,” said John McClain, a high-yield portfolio manager at Diamond Hill Capital Management. “Nobody wants to be caught with their hand in the cookie jar. This is the cookie jar moment.”Twitter’s previous forays into debt markets have primarily been via convertible notes, a type of hybrid security that pays interest, like bonds, but can be exchanged for stock after a company’s shares rise above an agreed-upon price.Historically they’ve been popular with fast-growing technology companies that may lack the credit grades necessary to drum up support in traditional debt markets. Tesla was also a convertible issuer before it debuted in the junk-bond market.Unlike equity investors that typically prioritize a company’s growth, bondholders care most about getting paid back, and are therefore often wary of lending to cash-burning companies.Yet a relentless demand for higher yielding assets in recent years has allowed more and more money-losing firms to access debt financing, led by Netflix. The company has become a regular issuer in the U.S. and European markets, benefiting from investor confidence that it will ultimately become cash-flow positive as it pares back spending on new programming. That’s helped push the company’s debt above par.Newer technology issuers hoping to replicate Netflix’s approach have had varying levels of success. Tesla sold bonds in 2017 to ferocious demand, only to see the debt sink to as low as 81 cents on the dollar as investors fretted that the electric carmaker couldn’t find a sustained path to profitability. The notes have rallied to around 96 cents after the company posted two consecutive quarters of positive cash flow.Uber Technologies Inc. has fared better, having tapped the high-yield market twice despite failing to regularly post a profit. Both of those offerings trade around or above par. Meanwhile, WeWork has become something of a worst-case scenario for debt investors. Its $669 million of junk bonds trade at distressed levels after the company canceled its planned initial public offering and teetered on the brink of insolvency before accepting a bailout package from backer SoftBank Group Corp.Investors eyeing the Twitter deal have to assess whether the company can garner Netflix-like traction in the bond market, or if its short history of growth and positive cash flow could quickly reverse.Moody’s Investors Service analyst Neil Begley, who rated the deal the second-highest junk grade, said in a statement that the company has demonstrated “strong revenue growth and free cash flow generation,” but cautioned that “Twitter is small relative to its larger digital advertising and social networking competitors, and user engagement on social networks can be fickle.”Even some higher-rated, cash-generating technology companies have stumbled. Food delivery platform GrubHub Inc. sold a debut bond in June to enough demand that it increased the size of the offering. But since issuing the debt, it’s struggled to deal with slower growth amid fierce competition in the industry. S&P Global Ratings downgraded the notes in October, and they now trade at about 92 cents on the dollar, down from as high as 105 three months ago.“When you engage with the high-yield market, you have to have positive Ebitda and at least a path to cash flow breakeven to even have a discussion,” said John Yovanovic, global head of high-yield at PineBridge Investments, referring to the widely followed metric of earnings before interest, taxes, depreciation and amortization. “We’ll approach this one with the scars we learned from GrubHub of what could happen.”(Adds GrubHub bond-price comparison in penultimate paragraph)\--With assistance from Paula Seligson.To contact the reporters on this story: Claire Boston in New York at cboston6@bloomberg.net;Molly Smith in New York at msmith604@bloomberg.netTo contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net, Boris Korby, Natalie HarrisonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • British cave explorer felt 'branded a pedophile' by Elon Musk tweet
    Reuters

    British cave explorer felt 'branded a pedophile' by Elon Musk tweet

    The British cave explorer suing Elon Musk testified on Wednesday he felt "branded a pedophile" by the billionaire entrepreneur, despite Musk's assertion that his "pedo guy" tweet at the heart of the defamation case was not meant to be taken literally. Vernon Unsworth, seeking unspecified damages in his lawsuit against Musk, took the witness stand on the second day of a trial stemming from their public squabble over last year's rescue of 12 boys and their soccer coach from a flooded cave in Thailand. Unsworth's appearance in a packed federal courtroom in Los Angeles came hours after Musk, the chief executive of electric carmaker Tesla Inc and founder of rocket company SpaceX, concluded two days of testimony seeking to minimize his tweets as offhand comments.

  • Billionaires Investing in China Electric Cars Face Shakeout
    Bloomberg

    Billionaires Investing in China Electric Cars Face Shakeout

    (Bloomberg) -- Some of China’s wealthiest tycoons steered billions of dollars into electric-car companies in order to fuel the country’s dreams of becoming a leader in the field. Now a reckoning may be looming as car sales slow and the government reduces subsidies for the nascent industry.That leaves the flagship companies of Jack Ma, Pony Ma, Hui Ka Yan and Robin Li facing an increasingly steep path to profitability on their bets that electric vehicles can be smartphones-on-wheels connecting passengers to other businesses. Their capital, along with dozens of startups raising $18 billion, helped inflate an electric bubble that now looks to be in danger of popping.China’s car market is experiencing a prolonged sales slump, prompting EV makers to slash earnings outlooks. With China considering further cuts to the subsidies for consumer purchases in order to force automakers to compete on their own, a shakeout is looming that not even the tycoons’ support may be able to prevent, said Rachel Miu, an analyst with DBS Group Holdings Ltd. in Hong Kong. “For the new kids on the block in the EV space, it’s a steep uphill climb,” she said.Here’s what China’s richest people have to show for their companies’ EV investments:Alibaba: Xpeng Coupe, AccusationsJack Ma stepped down as chairman of Alibaba Group Holding Ltd. in September after amassing a $40 billion-plus fortune, but China’s richest man retains his board seat -- and influence -- at the e-commerce emporium he created. Alibaba has participated in several funding rounds for Guangzhou Xiaopeng Motors Technology Co., or Xpeng Motors, including one in 2018 that raised 2.2 billion yuan ($313 million) for the carmaker co-founded by former Alibaba executive He Xiaopeng.Xpeng launched its first vehicle, the five-seat G3 SUV, last year and has sold 11,940 vehicles so far this year, according to data compiled by Bloomberg.The company, founded in 2014, also is teaming up with more-established automakers. A factory built with Haima Automobile Co. can produce 150,000 EVs annually. Another should soon begin assembling the P7 coupe, scheduled to begin deliveries next year.The journey hasn’t been without controversy, though, as some engineers bound for Xpeng stand accused of stealing from their ex-employers in the U.S. In March, Tesla Inc. sued a former engineer, alleging he uploaded files, directories and copies of source code to his personal cloud storage account before resigning. Also, a former Apple Inc. engineer was indicted last year for allegedly pilfering self-driving car secrets on his way to an Xpeng job. His trial is upcoming.Xpeng wasn’t accused of wrongdoing.“We are very adamant that we pursue our own R&D,” President Brian Gu said. “Copyright is very important to us.”Hangzhou-based Alibaba, the second-largest shareholder in Xpeng, didn’t answer specific questions about the automaker.Xiaomi Corp., the consumer-electronics company, participated in another $400 million fundraising round, the automaker said Nov. 13.Tencent: NIO Lists, Then CutsPony Ma’s Tencent Holdings Ltd., whose WeChat messaging app helped make him China’s second-richest person, led a $1 billion investment round in NIO Inc. in 2017. With more than 26,000 vehicles sold, NIO’s one of the few Chinese startups making multiple models, and it beat rivals with an initial public offering in New York last year.But losses piled up with the overall sales slump and as the company, which has been described as “China’s Tesla,” plowed money into marketing and real estate. It sponsored a Bruno Mars concert and opened luxury clubs for NIO owners that feature showrooms, coffee bars and performance spaces. By August the company had opened 19 NIO Houses over 22 months, and combined rental expenses were equivalent to 6.3% of revenue during the 12 months ended March, according to Bloomberg Intelligence.“NIO chooses the direct sales mode and pays great attention to user experience,” the company said. It doesn’t plan to close its existing clubs -- or open new ones.NIO lost $2.8 billion in the 12 months ended June on revenue of $1.2 billion, and its shares have plunged this year. The Shanghai-based company cut about 20% of its workforce through September. Separately, NIO has said that Tencent and Chief Executive Officer William Li planned to inject $100 million each into the company, though the carmaker hasn’t clarified whether the investment has been completed.“Our sales have been under pressure since the subsidies went down,” Li said. “It has come to a new era that one can only win customers with quality products and services.”Shenzhen-based Tencent expressed support for EVs but didn’t answer specific questions about NIO.Evergrande: High HopesOne of the more startling entrants in the EV industry is property developer China Evergrande Group, which declared it wanted to be the world’s biggest manufacturer within three to five years. That means surpassing Tesla, which just opened a factory in Shanghai. Between September 2018 and June 2019, Evergrande invested more than $3.8 billion in EV-related companies, according to Bloomberg Intelligence, and will start producing its Hengchi brand next year.Evergrande, which wants to open 10 production bases, plans to spend 45 billion yuan on new-energy vehicles between 2019 and 2021. On Nov. 10, a unit announced it would spend almost $3 billion to boost its stake in National Electric Vehicle Sweden AB to 82% from 68%.Billionaire chairman and founder Hui Ka Yan, who’s diversifying into businesses such as soccer and health care, acknowledged there isn’t much overlap between Evergrande’s real-estate business and its EV ambitions.“We don’t have any talent, technology, experience, or production base in manufacturing cars,” Hui said. “How can we compete with the century-old automakers in the world?”His answer: by opening Evergrande’s wallet.“Whatever core technology and company we can buy, we will buy,” he said.Yet Hui’s whatever-it-takes strategy may take a toll on Evergrande because of the cash-burning nature of NEV investments. The company’s forecast of spending 45 billion yuan is probably an underestimate, and that may exacerbate its cash crunch, according to BI.“This could crimp its home-sales margin given an urgency to sustain price cuts to boost cash collection from sales,” analyst Kristy Hung said in a Nov. 22 report.Baidu: WM Factories, LawsuitRobin Li, the CEO of China’s dominant internet search-engine company, made WM Motor Technology Co. part of Baidu Inc.’s move into autonomous driving. Baidu led a fundraising round this year that generated 3 billion yuan for the Shanghai-based automaker. Baidu owns a 13% stake.WM rolled out an electric SUV last year and has delivered more than 19,000 vehicles, Chief Strategy Officer Rupert Mitchell said. So far this year, WM sold 14,273 of its battery-powered SUVs, according to data compiled by Bloomberg. That puts WM behind market leader BYD Co. -- backed by Warren Buffett -- and NIO, but ahead of Xpeng. WM launched a second SUV model on Nov. 22.WM has an advantage over rivals started by employees from internet companies, Mitchell said. Founder Freeman Shen used to run Volvo Car Group in China.“We are not moonlighters from the technology industry that are having a crack at mass-market automotive,” he said.Volvo parent Zhejiang Geely Holding Group has sued WM, seeking 2.1 billion yuan compensation for alleged copyright infringement, Chinese state media reported in September. WM has denied wrongdoing.WM is producing vehicles at fully owned factories, which helps maintain quality control, Mitchell said. The company, which is opening a second factory next year that can make 150,000 vehicles annually, wants to raise another $1 billion, Mitchell said.Baidu declined to comment.(Updates 16th paragraph to clarify status of NIO investment)\--With assistance from Emma Dong, Tian Ying and Gao Yuan.To contact Bloomberg News staff for this story: Bruce Einhorn in Hong Kong at beinhorn1@bloomberg.net;Chunying Zhang in Shanghai at czhang714@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, ;Emma O'Brien at eobrien6@bloomberg.net, Michael TigheFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Larry Page steps down; Sundar Pichai to lead both Alphabet, Google as CEO
    Yahoo Finance

    Larry Page steps down; Sundar Pichai to lead both Alphabet, Google as CEO

    Google founder Larry Page and Sergey Brin will relinquish full control of both the search giant and its parent company to CEO Sundar Pichai.

  • Reuters - UK Focus

    U.S. copper frenzy grows as Rio Tinto plans $1.5 bln Utah mine expansion

    Rio Tinto Plc said on Tuesday it would spend $1.5 billion to expand its Kennecott copper mine in Utah, part of a growing trend by miners to invest in strategic mineral projects across the United States. The move more than doubles the mining industry's recent investment in U.S. copper projects, as Tesla Inc and other automakers demand more of the red metal for electric vehicle motors and other components. The expansion project, which Rio said will generate "attractive returns" without elaborating, is set to get underway next year.

  • The Zacks Analyst Blog Highlights: Toyota Motor, Tesla, General Motors, Alphabet and NVIDIA
    Zacks

    The Zacks Analyst Blog Highlights: Toyota Motor, Tesla, General Motors, Alphabet and NVIDIA

    The Zacks Analyst Blog Highlights: Toyota Motor, Tesla, General Motors, Alphabet and NVIDIA

  • Why the 2010s were a decade divided
    Yahoo Finance

    Why the 2010s were a decade divided

    America is a nation at odds with itself, a state of affairs that has come to pass mostly over the previous 10 years.

  • Bloomberg

    Elon Musk’s New Test: Keep Mouth in Check at ‘Pedo Guy’ Trial

    (Bloomberg) -- Elon Musk is known to mouth off -- and get in trouble as a result.His ability to keep his emotions, and words, in check will be put to a test this week when -- barring a last-minute settlement -- he’s set to take the witness stand in a high-profile defamation trial.The chief executive officer of Tesla Inc. and Space Exploration Technologies Corp. will have to go before a federal jury in Los Angeles and defend calling a British caver a “pedo guy.”The civil trial is sure to be a spectacle. It’s the first time in his career that Musk will be called as a witness even though he is no stranger to litigation. In 2018, a U.S. Securities and Exchange Commission lawsuit led to Musk stepping down as Tesla’s chairman for three years. Earlier this year, Musk was deposed for several hours as part of an ongoing shareholder lawsuit regarding Tesla’s 2016 acquisition of SolarCity.But the defamation case largely centers on Musk’s ego. In 2018, as the world was riveted by the plight of a Thai youth soccer team trapped in a flooded cave, Musk and engineers at his companies prepared a mini submarine, built with rocket parts, to help with the rescue efforts. The kids were ultimately saved without the sub.The high-profile effort from the celebrity CEO drew derision from Vernon Unsworth, a British caver who helped in the rescue effort. He told CNN that Musk could “stick his submarine where it hurts” and that it had no chance of working.Musk responded on Twitter -- as he often does. He referred to Unsworth as a “pedo guy.” Later, he asked why Unsworth hadn’t sued him. Unsworth obliged and filed a lawsuit in September 2018. Musk deleted the tweet before the suit was filed.“It’s another PR land mine that Elon Musk has to navigate,” said analyst Gene Munster, a managing partner at venture capital firm Loup Ventures and a Tesla bull. “Good news is he has practice.”Unsworth is represented by L. Lin Wood, an Atlanta attorney best known for representing Richard Jewell, the security guard falsely accused of being connected to the Centennial Olympic Park bombing during the 1996 Summer Olympics. [A Clint Eastwood-directed film about Richard Jewell opens next week]. Wood himself is also on Twitter, telling followers recently that Unsworth wouldn’t settle.“Elon Musk described Vernon Unsworth as a pedophile,” Wood said in a phone interview Monday. “No reasonable person is going to disagree with that fact.”Musk’s legal team is led by Alex Spiro, a former prosecutor based in New York who has represented rapper Jay-Z, New England Patriots owner Robert Kraft and several NBA players, including ex-Knick Charles Oakley. Spiro didn’t respond to a request for comment, with a spokesman saying the lawyer was “incommunicado.”But in documents filed on Monday, Musk’s lawyers previewed their arguments, saying Unsworth asked for it.“Mr. Unsworth invited or otherwise induced Mr. Musk’s allegedly defamatory tweets by airing a baseless accusation on an international CNN news broadcast accusing Mr. Musk of engaging in a PR stunt, alleging that Mr. Musk did not care about the lives of the trapped Thai children, and telling Mr. Musk to stick his submarine where it hurts,” the lawyers wrote.“Mr. Unsworth’s criticism and insult invited a response from Mr. Musk,” they said.Though it’s unusual for high-profile defamation cases to go to trial, Musk isn’t a typical defendant.When cases don’t settle before trial, it usually means that the parties are too far apart on the amount of money that would make the case go away, or there’s a lot of emotion involved, said Sean Andrade, a litigator with Andrade Gonzalez LLP in Los Angeles, who isn’t involved in the Musk trial.Unsworth may have a better than 50-50 chance of winning since there are tweets to show what Musk said, according to Andrade. But it may be harder to prove actual damages because Unsworth became more of a celebrity after the tweets, he said.“He’s a little more favored to win, but the question is win what?” said Andrade.The case won’t affect Tesla’s electric cars or SpaceX’s rocket launch business. But the public testimony will provide a window into Musk’s state of mind and how he runs his companies.Musk’s witness list includes David Arnold, a former communications director at Tesla; Jared Birchall, who works for Musk’s family office; and Steve Davis, the president of Boring Co., Musk’s tunneling startup.The case is Unsworth v. Musk, 18-cv-08048, U.S. District Court, Central District of California (Los Angeles).To contact the reporters on this story: Dana Hull in San Francisco at dhull12@bloomberg.net;Edvard Pettersson in Los Angeles at epettersson@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, ;Craig Trudell at ctrudell1@bloomberg.net, Joe Schneider, Anthony LinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Elon Musk testifies his 'pedo guy' tweet not meant to be taken literally
    Reuters

    Elon Musk testifies his 'pedo guy' tweet not meant to be taken literally

    High-tech entrepreneur Elon Musk testified at his defamation trial on Tuesday that his "pedo guy" Twitter message at the center of the case was not meant to be taken literally and was sent in response to an "unprovoked" insult he received from the man now suing him. The diver, Vernon Unsworth, has accused Musk of falsely labelling him a pedophile on Twitter and is seeking unspecified punitive and other money damages. The case stems from an offer Musk made to furnish a mini-submarine to assist in the Tham Luang Nang Non cave rescue in July 2018.

  • Where you should invest your money in the next decade: strategists
    Yahoo Finance

    Where you should invest your money in the next decade: strategists

    Here's how to think about investing over the next decade.

  • Oilprice.com

    Tesla’s Largest Competitor Is Hidden In Plain Sight

    Tesla’s biggest competitor isn’t producing electric vehicles, but is at the center of a surge in support for hydrogen and fuel cell vehicles, a technology that’s quickly taking over the heavy trucking segment

  • Japan 2020 Olympics Set to Showcase a New Era of Mobility
    Zacks

    Japan 2020 Olympics Set to Showcase a New Era of Mobility

    Japan-based automakers are yet to grab global headlines when it comes to driverless cars but they are eyeing 2020 Olympics to promote several self-driving cars and catch attention.

  • Ski-Doo Maker BRP Channels Tesla Spirit With Electric Push
    Bloomberg

    Ski-Doo Maker BRP Channels Tesla Spirit With Electric Push

    (Bloomberg) -- BRP Inc., the Canadian maker of Sea-Doos, three-wheelers and other gasoline-fueled outdoor toys, is eyeing a new type of customer: the climate-conscious urban dweller.The power-sports vehicle manufacturer unveiled six electric prototypes at a September event for dealers in Las Vegas, giving them a taste of the future as it explores ways to enter a segment that’s still in its infancy. Among them were two models of two-wheelers that could catapult BRP into the urban mobility market.While the two-wheeler field of mopeds and scooters is competitive, BRP Chief Executive Officer Jose Boisjoli finds inspiration in Tesla Inc., which he says “taught a lesson in business to a lot of people.”“Tesla didn’t exist, they came into the very competitive market that’s the car industry, with a very different product,” Boisjoli said in an interview in Montreal Wednesday. “Could BRP one day be into electric two-wheelers and become the Tesla of the two-wheeler world? Maybe.”There are about 900 million oil-burning two- and three-wheeled vehicles on the road around the world, the vast majority of them in Asia, according to research by BloombergNEF. Sales of electric models are picking up in countries like India, where they accounted for 46% of three-wheelers sold last year.In most of the West however, the concept of e-mopeds has yet to be widely introduced, according to BloombergNEF analyst Andrew Grant. That’s starting to happen through sharing programs like Revel, which rents them by the minute in three U.S. cities, while stand-up scooter company Bird Rides Inc. has also announced plans to join in, he said.BRP would need demand for more than 10,000 units per year in the medium term “to sustain a decent business model,” according to estimates by Benoit Poirier, an analyst with Desjardins.“These products tend to be well suited for urban transportation, which is a key consideration for millennials,” he wrote in a September note. “Key ingredients of commercial success will be finding the right balance of production volume, price point and range while also making sure that there is a profitable business case.”So far, demand for BRP’s carbon dioxide-emitting recreational vehicles, which sell under brands like Ski-Doo or Can-Am, show no sign of a slowdown.Last week the company raised its full-year profit and revenue forecast, a month after presenting a five-year plan that targets annual earnings-per-share growth of 15%. Shares have climbed 84% this year, helped by a new trade agreement among Canada, the U.S. and Mexico, three countries where the company has factories.Dealers, for their part, seem in no hurry to make the e-switch, according to BMO Capital Markets analyst Gerrick Johnson, who attended BRP’s September presentation. The electric “concepts,” an aside to the presentation of 2020 models, also included two city-focused three-wheelers, a Sea-Doo and a recreational three-wheeler known as Ryker.“We think we heard a collective groan from the crowd when it heard the word “electric,“ he wrote in a note to investors that month. “But the understanding that these are just concept vehicles, and not products dealers will need to take now, made the news much more palatable.”Europe-based investors whom Boisjoli met the week after the presentation took a more immediate interest.“They all talked to me about electric,” he said. “They wanted to know if we’re working on it and if we’re going to be ready when demand is here--and the answer is ‘yes’.”BRP was publicly listed in 2013, a decade after former parent Bombardier Inc. sold its recreational-products business to investors including Bain Capital, Caisse de Depot et Placement du Quebec and members of the Bombardier and Beaudoin families. Bain’s stake has decreased over time but was still around 22% as of April 17, according to a company filing.The company is based in Valcourt, the Quebec town where Joseph-Armand Bombardier started building snowmobiles in the 1930s. BRP has rallied so much its market value now exceeds its former parent Bombardier.While BRP declined to disclose any time frame for its future electric fleet, the competitive pressure went up a notch last month -- from none other than Tesla.During the awkward debut of its Cybertruck on Nov. 21, the company that inspired Boisjoli introduced a surprise addition to the pickup: an all-terrain vehicle that drove into the bed of the truck and right onto BRP’s home turf.\--With assistance from Divya Balji.To contact the reporter on this story: Sandrine Rastello in Montreal at srastello@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Tesla move will draw further companies into Germany - state premier
    Reuters

    Tesla move will draw further companies into Germany - state premier

    Tesla's announcement earlier this month that it will build its first European factory near Berlin will draw further companies from the electric mobility and energy storage sectors into Germany, a state premier told newspaper Die Welt. "I expect that we can announce it before Christmas," Woidke said.

  • Tesla move will draw further companies into Germany: state premier
    Reuters

    Tesla move will draw further companies into Germany: state premier

    Tesla's announcement earlier this month that it will build its first European factory near Berlin will draw further companies from the electric mobility and energy storage sectors into Germany, a state premier told newspaper Die Welt.

By using Yahoo, you agree that we and our partners can use cookies for purposes such as customising content and advertising. See our Privacy Policy to learn more