Connect with us

News

Tesla’s monster rally propels Elon Musk past anti-EV oil baron Charles Koch in net worth

Elon Musk giving YouTube tech reviewer Marques Brownlee a tour of the Fremont factory. (Credit: MKBHD/YouTube)

Published

on

Tesla stock has been on a tear recently, with the company receiving a boost from its stellar second quarter delivery numbers. But even before TSLA shares hit new all-time highs on Thursday’s intraday, the electric car maker’s rise ended up pushing CEO Elon Musk a bit higher up on the Bloomberg Billionaires Index, thanks to his net worth of $53.4B as of Thursday. With this, Musk actually ended up surpassing the net worth of the US’ premier oil baron, Charles Koch, who is listed in the Index with a net worth of $51.5B. 

As of Thursday, Musk stands as the 16th richest person in the world. Koch, meanwhile, stands as the 18th on the list. Granted, Musk’s net worth is tied directly to Tesla and SpaceX’s valuation. However, Musk’s rank today does stand as a symbolic victory for the CEO, considering that he and Koch could not be any more different with regards to their stance on the environment

https://twitter.com/ElonsWorld/status/1278428133155393542?s=20
https://twitter.com/ElonsWorld/status/1278453875217965056?s=20

Charles Koch is the chairman and chief executive of Koch Industries, which is widely considered as the second-largest closely held business in the United States, operating in oil refining, pipelines, commodities trading, ranching, and paper pulp, among others. Charles Koch and his brother, the late David Koch, are regarded as oil barons, and both have been active in promoting the fossil fuel industry.

Musk and the Koch brothers actually bumped heads somewhat back in 2016, following a report from The Huffington Post alleging that the oil barons were funding efforts to strike back against the rising popularity of electric vehicles, one of them being the Tesla Model S. The HuffPost report, citing refining industry sources, noted that a Koch Industries board member and veteran energy lobbyist will be involved in the anti-EV initiative. 

Incidentally, the Institute for Energy Research (IER), a firm registered by Charles Koch and energy expert Robert L. Bradley Jr., actually published an attack against the Tesla Powerwall, claiming that the home battery system (which was then at its Gen 1 version then) would take nearly 40 years to pay off. This prompted a response from Tesla, which called the IER report “elementary at best.” 

Elon Musk personally responded to The Huffington Post report as well, expressing dismay at the Koch’s anti-EV initiative. In a follow up post, Musk highlighted that the fossil fuel companies, as well as vehicles that run on the internal combustion engine, are actually “heavily subsidized via oil company tax credits,” as well as “unpaid public health costs.”

Tesla stock has risen further on Thursday’s trading, propelled by the company’s positive Q2 report. With this in mind, Elon Musk may very well rise further in the billionaires’ list soon. Interestingly enough, Musk is known to invest most of his wealth on his own company’s projects. Thus, it appears safe to assume that most of the CEO’s fortune today would likely be used to either accelerate Tesla’s mission of ramping sustainable technology, or SpaceX’s mission of making humans multiplanetary. 

Advertisement
-
-

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.

Advertisement
Comments

News

Tesla Model Y L’s new features flexed at unveiling event at Diner

Published

on

Tesla Model Y L in a field
Credit: Tesla

Tesla flexed the new features of the Model Y L with a dedicated media event at the company’s Diner on Santa Monica Boulevard in Los Angeles.

The Model Y L is the extended-wheelbase version of the all-electric crossover, which has been voted the best-selling car in the world on three occasions. The vehicle is already rolling off production lines at Gigafactory Texas, and first deliveries are slated to take place later this year.

Tesla brings Model Y L ‘Launch Series’ to the U.S. at $61,990

Teslarati was invited to the event, but due to some scheduling conflicts, we could not make it to Los Angeles. Instead, we will have our hands on a media unit sometime in August, so we’ll be able to spend some more extended time with the Model Y L.

However, plenty of those who made it to LA shared some cool features that set the Model Y L apart from the Model Y.

Multi-Row Climate Control

Tesla fitted the Model Y L with full climate control on all three rows on the front screen. It can be adjusted by selecting which row you’d like to modify on the right-hand side of the touch screen:

Better Rear Window Visibility

One of the strangest things about the Model Y, especially the Juniper iteration, is the rear window has extremely limited visibility when looking into the rearview mirror.

Tesla has improved upon this with the Model Y L:

PowerShare will be included

Model Y L will come with PowerShare in North America, with an 11.5kW output to your home. Tesla said it would require Powerwall 3 for operation.

Wireless Charging Pad

There has been some speculation that Tesla would upgrade the wireless charging pads in the United States, but this is not the case.

Tesla owner fixes common feature complaint with crafty DIY retrofit

Tesla confirmed that it does not come with the cooled pads as the Y L in China does. This is because North America has not adopted Qi charging yet.

Thermal Management Improvements

These improvements in the Model Y L were seen with thermal management:

  • Up to 15% faster cabin cooling
  • +23% thermal efficiency gained in hot weather, 7 miles of real-world range gained
  • 8x more solar energy reflection off of glass roof
  • 30% reduction in solar energy entering the cabin

Demand

Tesla said the Model Y L is almost sold out in the U.S. It comes with

  • 1 year of FSD Supervised
  • 1 year of Supercharging
  • 1 year of Premium Connectivity
  • Free exterior paint color, interior, and wheel option at no additional cost
Continue Reading

Elon Musk

Tesla CEO Elon Musk denies ridiculous Gigafactory Shanghai rumor

Published

on

(Credit: Tesla)

Tesla CEO Elon Musk took to his social media platform X on Thursday night to deny a ridiculous rumor regarding the sale of the company’s Chinese vehicle production plant, Gigafactory Shanghai.

On Thursday, the Wall Street Journal, citing sources familiar with the matter, claimed in a scathing new report that Tesla was exploring a potential sale of the entire China business in an effort to help bolster a potential merger between SpaceX and Tesla.

Musk immediately denied the rumor not once but twice, initially calling it “fake news,” and then calling it “absurdly fake news” in a separate post just a few moments later:

The original poster of the Wall Street Journal article that Musk saw deleted the initial post sharing the headline and the rumored sale of Tesla’s China business.

The report seemed absolutely and unequivocally false to begin with; Tesla’s business in China is among the most important pieces of the company’s business. Not only does the factory supply vehicles for the domestic market, but also for various other markets in Asia and Europe.

China is also one of the largest automotive markets in the world, and Tesla has performed well there despite the robust competition.

The speculation regarding a Tesla and SpaceX merger has started to gain steam this year as the space exploration company went public just a month ago. There has been speculation that Musk will bridge all of his companies under one “umbrella company,” and analysts believe this could happen before the end of the decade.

The Tesla and SpaceX merger everyone is talking about is quietly building

This is the latest iteration of Musk’s very evident war on mainstream media. Reports regarding any of Musk’s companies are quick to get the dreaded “false” or “fake news” response from the CEO when they are unfounded.

Continue Reading

Elon Musk

Tesla AI boss reveals how big Optimus is going to get

Tesla’s Optimus chief corrected himself on X, confirming a staggering 10 million robot production target.

Published

on

By

Tesla Optimus Gen 3 [Credit: Tesla]

Tesla’s Optimus program has a new number attached to it, after Ashok Elluswamy, the executive who has run the humanoid robot program since June 2025, posted a three word correction on X Thursday, “Correction, 10 million robots.”

The line clarifies the long term annual capacity Tesla is building toward its planned second Optimus production line at Gigafactory Texas, a figure Musk has cited repeatedly since last year’s shareholder meeting.

The scale is worth noting, because ten million robots a year would mean Tesla building more units annually than most countries sell in new cars. Tesla has framed this as a second line, not the first. The buildout is happening in two phases: a roughly one million unit per year line inside Tesla’s Fremont factory, installed on the floor space vacated when Model S and Model X production ended earlier this year, and a much larger dedicated facility under construction at Giga Texas that broke ground on its first steel structure in May. That Texas facility is the one Elluswamy’s correction refers to, and is expected to reach volume production sometime in 2027.

Tesla Optimus project fires up as Musk sees production line progress

Elluswamy took over Optimus from Milan Kovac last summer and has spent the months since talking up the program’s trajectory. Elon Musk has also floated the ten million figure at Tesla’s 2025 shareholder meeting.

Ending Model S and Model X production to make room for the first Optimus line was one of the more consequential manufacturing decisions in the company’s recent history, retiring two flagship vehicles in favor of a robot that has yet to enter mass production. Musk has previously estimated per unit production costs at $20,000 to $25,000 once Tesla reaches a million units a year, though he hasn’t said what that cost looks like at ten times the volume.

Continue Reading