![]() ![]() Musk did so as well and stepped down from his position as chairman of the company's board. Despite rejecting the SEC's first offer of settlement after Musk threatened to resign from the company, Tesla and Musk eventually accepted terms. In September the Securities and Exchange Commission charged Musk with securities fraud based on his tweet, alleging that he had released false and misleading information that drove up the company's stock price. Tesla did not go private and has not done so at the time of writing. This set off a round of active trading as investors raced to grab shares before the privatization buyback, elevating the company's stock price by 10% before trading was halted. 7, Musk tweeted that he planned to take the company private "at $420" and had secured funding to buy back Tesla's shares. Tesla's production issues paled in comparison to the legal troubles that Musk would create later that year on Twitter The company claimed that many of these problems came from its supply chain, which required it to inefficiently source parts from around the world rather than build and assemble the cars in one place. Over a three-month period, the company managed to finish and ship 2,400 cars after promising consumers and investors that it could complete more than 5,000 per week. By January 2018 Tesla was producing its Model 3 sedans at a fraction of the rate it had anticipated. Missed predictions had led investors to dump the company's stock, and in the middle of 2017, it lost more than 5% of its value in a collapse worth $12 billion. The Roadster used a standard lithium-ion battery structure, common to many electronic devices, and customers could recharge the car in a standard wall outlet.Įntering 2018 Tesla faced several difficulties. ![]() The first model produced in 2008 could travel almost 250 miles on a single battery, with acceleration and top speed compared to many consumer-level sports cars. Previous experiments in this field had failed because, among other issues, companies struggled to produce a battery powerful enough to keep cars on the road and a cost-effective motor that could fit inside a consumer vehicle and accelerate it to highway speed. They produced an entirely electric car with practical specifications that could arguably meet consumer needs. With the Roadster, Tesla achieved something that no company ever had. In 2006 they unveiled the prototype for their Tesla Roadster which entered production in 2008. Originally, Eberhard and Tarpenning dreamed of building an entirely electric sports car. (Notably, Musk would also help raise money from Google ( GOOGL) founders Sergey Brin and Larry Page in 2006.) He invested $30 million into the company and became the chairman of its Board of Directors. Although Musk has long been the face of Tesla, he did not join the company until 2004. ![]()
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