Connect with us

News

Elon Musk was asked if short sellers were an issue for Tesla during funding secured tweet trial

Published

on

Elon Musk was asked whether short sellers were an issue for Tesla as a public company when he took the stand during his trial centered on his “funding secured” tweet from 2018. On August 7th, 2018, he tweeted that he was considering taking Tesla private at $420. “Funding secured,” he said.  Tesla investors are suing the CEO in a class-action lawsuit, claiming that he manipulated Tesla’s share price when he made that tweet.

When the CEO took the stand on Friday, attorney Nicholas Porritt asked whether or not short sellers were an issue for Tesla as a public company, Business Insider reported. Jokingly, Elon Musk replied, “I think most people don’t know what short seller means. It’s sort of – is it sort of a seller of small stature? Is it like medium and tall sellers.”

During his testimony, Elon Musk called short selling “a means for, in my opinion, bad people on Wall Street to steal money from small investors.”

Tesla was the most shorted stock on Wall Street up until 2022 when it was finally overtaken by Apple as the company with the shortest interest on the stock market. Several short sellers in the industry have been highly skeptical of Tesla and its products.

The war short sellers have waged upon Elon Musk, and Tesla hasn’t gone unnoticed over the past couple of years. Elon Musk even launched the limited edition Tesla short shorts as a playful jab at the history between Tesla and its critics that have long betted on the company’s failure. Those bets against Tesla have proven to be bad ones, as short sellers have lost billions.

Jim Chanos, David Einhorn, and many others have lost billions due to their short interest in the stock. In July 2022, a report by S3 Partners found that Tesla’s short sellers were down $1.55 within the past 30 days. ARK Invest’s Cathie Wood recently estimated that Tesla shares could increase fivefold during the next five years just from its EV business alone. Wall Street commentator, Jim Cramer, likened Tesla to “a sleeping giant.”

Advertisement
-

Tesla continues to meet all of its goals and produce vehicles to meet the growing demand. Tesla’s earnings call for Q4 2022 is a mere five days from now, and the company announced earlier this month that it produced a total of 1,369,611 vehicles in 2022.

Disclosure: Johnna is a $TSLA shareholder and believes in Tesla’s mission.  

Your feedback is welcome. If you have any comments or concerns or see a typo, you can email me at johnna@teslarati.com. You can also reach me on Twitter at @JohnnaCrider1.

Teslarati is now on TikTok. Follow us for interactive news & more. Teslarati is now on TikTok. Follow us for interactive news & more. You can also follow Teslarati on LinkedIn, Twitter, Instagram, and Facebook.

Advertisement
-

Johnna Crider is a Baton Rouge writer covering Tesla, Elon Musk, EVs, and clean energy & supports Tesla's mission. Johnna also interviewed Elon Musk and you can listen here

Advertisement
Comments

News

Starlink Mini 2 arrives with one feature for true off-grid connectivity

Published

on

Credit: SpaceX

SpaceX officially launched the Starlink Mini 2 on November 10, delivering the first portable Starlink terminal designed around independent power.

Invitation-only preorders for select U.S. customers are priced at $999 plus tax, a figure that includes a full year of Roam Unlimited service valued at roughly $2,100. A refundable $100 deposit reserves the kit, with the balance due at shipment, expected to begin in mid-December. Broader availability is listed as coming soon.

Advertisement
-

The headline feature is the quick-swap 71 Wh battery. Clipped to the rear of the dish without tools, it delivers up to 4.5 hours of connectivity on a single charge.

The 490-gram pack includes its own USB-C port and LED indicators, so users can charge a spare separately and swap it in seconds while staying online. Starlink notes that the terminal can continue operating while the battery charges or run directly from a 60 W USB-C source. The retail box includes one battery, a 60 W USB-C charger, and a 3-meter cable.

Beyond power, the Mini 2 is thinner at 23.1 mm (versus 38.5 mm on the original Mini) while measuring 263 × 314 mm. With the battery and kickstand attached it weighs 1.6 kg.

Built-in Wi-Fi 6 expands coverage to up to 1,800 square feet, an IP67 rating protects against dust and water, and a standard 1/4-20 tripod thread plus physical power button round out the design. Field of view remains 110 degrees, and the unit retains support for mobile use.

For travelers, campers, and remote workers, the swappable battery removes the longstanding requirement for an external power bank or vehicle outlet that defined the first Mini. Spare packs sold separately further extend runtime, turning the compact terminal into a more self-contained solution.

While the bundled $999 invitation price sits well above the original Mini’s current $149 starting point, the included year of service and genuine untethered operation mark a clear step forward in portable satellite internet.

Advertisement
-
Continue Reading

Elon Musk

SpaceX’s $24B Starbase supercomputer plan slipped past a key roadblock

SpaceX wants a Starbase tax break for a $24 billion gas plant and supercomputer campus.

Published

on

By

Concept rendering of SpaceX President Gwynne Shotwell overlooks the company’s Hawthorne, California headquarters as an American flag flies over the campus at sunset.

SpaceX is asking its own company town for a tax break on a $24 billion natural gas power plant and supercomputing facility at Starbase, Texas, and the land it picked sits just outside the reach of a data center moratorium that took effect in neighboring Brownsville last week.

A City of Starbase public hearing notice says SpaceX “proposes to construct, own, and operate a gas-fired power plant and super-compute facility” on roughly 444 acres between Boca Chica Boulevard and the Port of Brownsville. The $24 billion figure covers only the initial phases, and the notice leaves room for future expansions. The Starbase City Commission will consider a property tax abatement and a related economic development agreement at a 7 p.m. hearing on December 9. The notice does not disclose the size or length of the abatement, or how much computing capacity the site would hold.

The location has a history. Over the summer, SpaceX asked Brownsville to remove the tract from its city limits and offered $220 million for water and wastewater projects in return. Brownsville approved the move in August, and Starbase later annexed the land. Brownsville’s own 90-day pause on data center applications took effect last week, and had the tract stayed inside the city, the project likely would have needed a different home.

The power side is already in front of state regulators. SpaceX has applied to the Texas Commission on Environmental Quality for air permits covering 35 mobile gas turbines producing roughly 750 megawatts, according to Politico, which also noted that two of the three Starbase commissioners voting on the incentives are SpaceX executives.

Building its own plant lets SpaceX skip the Texas grid. Gov. Greg Abbott paused new data center grid connections in August pending an audit, but a facility that generates its own electricity does not need one. The air permit still has to clear the TCEQ, where Abbott also ordered a halt on data center permits.

Advertisement
-

The bigger test arrives in January. Governor-elect Gina Hinojosa, who unseated Abbott last week, has said she will block data center approvals until the legislature passes new protections, and she has already asked state officials to hold off on any sale of Boca Chica State Park to SpaceX until she is sworn in. Tesla and SpaceX shares both fell the day after the election, and Musk’s first reaction on X was “Data centers in space looking pretty appealing right now.”

That line points to Starmind, SpaceX’s orbital compute constellation. Musk has said terrestrial compute will be “peanuts compared to orbital compute” and expects monthly orbital deployments to pass ground deployments around the end of 2028, as Teslarati reported. Until then, SpaceX still needs gigawatts on the ground. It ended the third quarter with 1.7 GW of nameplate compute, is targeting 2.5 to 3 GW by the end of this year and wants at least 10 GW more in 2027. Its existing Colossus sites around Memphis already run on gas turbines and face a lawsuit from residents over emissions.

Local reaction is split. The South Texas Environmental Justice Network has announced a protest, citing air quality, water use and energy bills, while some Brownsville residents told the Tribune they welcome the jobs. SpaceX did not respond to the Tribune’s questions about the project.

Continue Reading

Elon Musk

Tesla extends Cybertruck production as Musk concedes ‘sentimentality’

Published

on

Credit: diagnosticdennis/Instagram and @smile__no via Tesla Owners of Santa Clarita Valley/X

Tesla CEO Elon Musk announced that the company will extend Cybertruck production slightly to handle its extensive order backlog.

On Wednesday, Musk announced that “In order to work through more of the Cybertruck order backlog, production will be extended through the end of summer 2027.”

Tesla has already attempted to simplify its last months of production for the Cybertruck by eliminating several trim levels and only offering the Cyberbeast, the most expensive trim that starts at $109,990. The other two trim levels, the Cybertruck All-Wheel-Drive and Premium All-Wheel-Drive have both been discontinued.

There has been plenty of backlash against Tesla’s decision to ax the Cybertruck, but the company’s forecast prioritizes Cybercab and autonomy. Factory space at Gigafactory Texas that is not necessary is now being set aside for the Cybercab as the company truly embraces its “transportation-as-a-service” model.

There is still a slim chance the Cybertruck survives. Last evening, Tesla upfitter Unplugged Performance offered to take the Cybertruck line off of Tesla’s hands and continue building it, along with a CyberSUV.

Nevertheless, Tesla seems to be ending the Cybertruck on its terms after what will be a three-and-a-half-year run. It still does not really feel quite real; I think many of us thought the Cybertruck would be around for years to come.

Musk added more detail, stating that while it was not the smartest move, “there must be some room in this world for sentimentality or what’s the point?”

Other EV pickups on the market have experienced a similar fate.

The Ford F-150 Lightning was axed by the Detroit company due to the continued losses the company took from sales. That truck was never profitable, and Ford is still taking a quarterly loss in its EV side. However, things are moving along as it has plans for a mass market EV pickup, which will likely gather some substantial demand if Ford can get it just right.

Perhaps another extension or even a total change of heart might come. Only Musk knows.

Continue Reading