Investor's Corner

Tesla announces new General Counsel ahead of Q4’s end-of-quarter Model 3 push

Published

6 years ago

December 7, 2018

Simon Alvarez

Tesla has announced that it is welcoming Dane Butswinkas, the Chairman of Williams & Connolly and a veteran trial lawyer, as the company’s new General Counsel. Dane will be replacing Todd Maron, who has led Tesla’s legal department for the past five years. The outgoing Maron will remain in Tesla until January to ensure a smooth handover of his responsibilities to the new General Counsel.

In a blog post about the new appointment, Tesla noted that the company and Maron have worked on a plan for the handover since July 2018. Maron has had a long history with Elon Musk, having served as the CEO’s divorce attorney even before he was hired as Tesla’s General Counsel. In a statement, Maron noted that his tenure with the electric car maker had been a noteworthy experience.

“Being part of Tesla for the last five years has been the highlight of my career. Tesla has been like family to me, and I am extremely grateful to Elon, the board, the executive team, and everyone at Tesla for allowing me to play a part in this incredible company,” the outgoing General Counsel said.

Tesla’s new General Counsel, Dane Butswinkas. [Credit: Tesla]

Dane Butswinkas will be bringing decades of legal experience to Tesla. The seasoned trial lawyer has served almost 30 years at Williams & Connolly, where he worked as a Co-Chair of the legal firm’s Commercial Litigation and Financial Services and Banking Groups. Tesla notes that Dane will be reporting directly under Elon Musk, as he oversees the company’s legal and government relations teams.

In a statement about his new position, Dane noted that he never really expected to work as an in-house General Counsel for a company. That said, the trial lawyer stated that Tesla’s mission is something that he believes to be essential — and thus, worth fighting for.

“Williams & Connolly will always have been my first home. The lawyers there are the finest in the world. After 30 years as a trial lawyer at Williams & Connolly, I would have never imagined joining a company in-house. But Tesla presents a unique and inspiring opportunity. Tesla’s mission is bigger than Tesla – one that is critical to the future of our planet. It’s hard to identify a mission more timely, more essential, or more worth fighting for,” he said.

Dave Butswinkas’ appointment as General Counsel stands as one of Tesla’s notable executive shakeups in recent months. Just last month, Tesla also announced that finance veteran Robyn Denholm was replacing Elon Musk as the company’s Chair of the Board. Denholm’s appointment was part of Elon Musk’s settlement with the SEC, following the latter’s lawsuit over the CEO’s “funding secured” tweet last August.

The Model 3 is poised to enter the international market next year. [Credit: Tesla]

The announcement of Tesla’s new General Counsel comes as the company prepares for a widespread push for the Model 3 this December. Tesla has exhibited a tendency to push Model 3 production and deliveries in the final month of a quarter. During March and June, for example, Tesla adopted this strategy to hit its targets of producing 2,500 and 5,000 Model 3 per week, respectively. In the third quarter, which was marked by what Elon Musk described as “delivery logistics hell,” the final month of Q3 was characterized by a massive, community-driven push to handover as many vehicles as possible.

With Q4 being the final quarter where Model 3 buyers can qualify for the $7,500 federal tax credit, the number of electric cars that Tesla will deliver this December would likely be historic once more. Elon Musk even announced that Tesla had acquired trucking companies and services to ensure that those who placed orders for the Model 3 would take delivery of their vehicles before the end of December.

Ultimately, the appointment of Dane Butswinkas could prove to be a strategic move for the electric car maker. Tesla, after all, is on the cusp of what could very well be another transition, as it expands its production operations to foreign countries such as China, and as the Model 3 starts entering international markets. Amidst these changes, as well as the company’s legal challenges and existing regulatory probes from the SEC, the expertise of the veteran trial lawyer would likely prove invaluable.

Simon Alvarez

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Investor's Corner

Tesla stock surges on Wednesday, but there’s still more room to go

Published

3 days ago

March 12, 2025

Joey Klender

Credit: Tesla

Tesla stock (NASDAQ: TSLA) surged over 7 percent on Wednesday, canceling out some of the losses it has felt this week.

It has been a less-than-ideal start for Tesla in 2025, as the company has wiped out all of its gains felt from the victorious election campaign of President Donald Trump. The stock is down 34 percent so far this year.

The losses have mostly been felt due to reports of decreased demand due to pushback against CEO Elon Musk and his support of President Trump, as well as investor concern over the CEO’s personal use of time between the Department of Government Efficiency (DOGE) and Tesla itself.

In a note this week from Wedbush, analyst Dan Ives wrote:

“Musk needs to step up as Tesla CEO at this critical juncture. In a nutshell, the word ‘balance’ has been missing with Elon Musk and his ability to run Tesla as CEO….while instead focusing all of his energy and time driving his DOGE initiative within the Trump Administration. Since Trump’s White House 2nd term kicked off in January, we have seen Musk and Trump connected at the hip with Musk essentially living at the White House and Mar-a-Lago in Palm Beach. There has been little to no sign of Musk at any Tesla factory or manufacturing facility the last two months and perception has become reality for Tesla shares. Trump getting elected President was a huge moment for Musk and Tesla in our view as this will create the fast track for an autonomous federal roadmap…however the DOGE efforts have now intertwined Tesla into this brewing political firestorm.”

Wednesday’s slight bump for Tesla shares is likely related to the support the company received from President Trump yesterday, who purchased a Model S sedan at the White House and pledged to pay for it with a check.

President Donald Trump buys a Tesla at the White House – Here’s which model he chose

The move was one that signaled a buying spree from high-profile Republicans, including Sean Hannity, among others, who announced their support for Musk and Tesla:

As promised yesterday, I Just ordered my new self driving Tesla! Over 1000HP, 0-60 in 2.0 seconds!
Details on how to win the Tesla of your Choice soon on https://t.co/9hkyEX1UVi! pic.twitter.com/PSCCtUsXK2
— Sean Hannity 🇺🇸 (@seanhannity) March 11, 2025
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Tesla shares closed at $248.09 on Wednesday, up 7.59%.

Investor's Corner

Tesla bull ARK loads up on over $20M in TSLA shares after stock slide

Published

4 days ago

March 11, 2025

Joey Klender

(Credit: Tesla)

Tesla bull ARK Invest loaded up on over $20 million worth of the automaker’s shares on Monday after the company saw its largest slide on the market since late 2020.

Shares dropped over 15 percent on Monday, mostly due to pushback on the stock as CEO Elon Musk heads the Department of Government Efficiency (DOGE). His involvement with the U.S. government directly has sent some investors into a predicament over Musk’s dedication to Tesla.

There are also concerns regarding Q1 deliveries, which will be a big indication of where the year could be headed for Tesla.

The Monday slide was the biggest since late 2020 when shares dropped over 21 percent.

However, the slide presents a massive buying opportunity for investors, especially those who operate ETFs, like ARK. Long term, ARK believes Tesla shares (NASDAQ: TSLA) will be exponentially more expensive, especially leaning on the thesis that Robotaxi and AI/Optimus will translate to major growth in yet another sector for the company.

ARK bolstered its position on $TSLA in its ARKK Innovation ETF with a purchase of 68,164 shares. Tesla is the largest holding in ARKK with over $531 million in value. Tesla makes up exactly 10 percent of the ARKK ETF.

It also bought another 11,154 shares in its ARKQ Autonomous Technology & Robotics ETF.

It’s no secret Tesla shares have taken a substantial hit in 2025, especially as the company’s price on Wall Street exploded following President Trump’s successful election campaign last year.

So far in 2025, Tesla shares are down over 38 percent. They are up nearly 5 percent as of 2:30 p.m. on the East Coast. Even bullish analysts are hoping some focus returns to Tesla on Musk’s part.

Dan Ives of Wedbush said in a note last night following the broad sell off:

“This is a gut check moment for the Tesla bulls (including ourselves) after this massive sell-off in Tesla shares with fears mounting/accelerating. The bears own the Tesla narrative in the near-term as lackluster sales numbers from Europe, China, and the US in January/February along with Musk protests/brand worries have created many concerns.”

He continued:

“While the DOGE/Trump Musk iron clad partnership has created major brand worries for Tesla…..we estimate less than 5% of Tesla sales globally are at risk from these issues despite the global draconian narrative for Musk. Importantly, we expect Musk will better balance his time between DOGE and Tesla/SpaceX over the course of 2025 and some of these distraction issues will fade.”

Investor's Corner

Elon Musk praises Ray Dalio’s Bridgewater for accumulating TSLA stock

Published

4 weeks ago

February 14, 2025

Simon Alvarez

Credit: Tesla Asia/X

A recent 13-F filing from legendary investor and billionaire Ray Dalio’s Bridgewater Associates has revealed that the hedge fund has added over $62 million worth of Tesla stock (NASDAQ:TSLA) to its portfolio.

Elon Musk has praised the billionaire’s investment in a post on X.

Bridgewater’s TSLA stake:

As per Bridgewater’s 13-F filing, it currently holds 153,589 shares of TSLA, which costs $62,025,382.
The firm added the TSLA shares in the fourth quarter.
Tesla shares gained momentum after its Q3 2024 earnings call, and it only gained more strength after the election of U.S. President Donald Trump.
At the end of 2024, Tesla shares were up 62%, as noted in a MarketWatch report.
Tesla stock is still up 88% over 12 months despite a steep drop over the past month.

Smart move
— Elon Musk (@elonmusk) February 14, 2025

A vote of confidence:

Bridgewater Associates is one of the largest hedge funds in the world, so the firm’s stake in TSLA could be interpreted as a vote of confidence in the electric vehicle maker.
Elon Musk has praised the firm’s investment. In a post on X, Musk noted that Bridgewater’s investment was a “smart move.”
Elon Musk has been quite consistent on his idea that Tesla could eventually become the world’s most valuable company. He emphasized this point during the Q4 2024 earnings call.
“I see a path. I’m not saying it’s an easy path but I see a path of Tesla being the most valuable company in the world by far. Not even close. There is a path where Tesla is worth more than the next top five companies combined,” Musk said.