Musk also continues to be exposed by news headlines. Twice Musk has delayed his own deadline to reach the 5,000-per-week production goal he has set for Tesla’s Model 3. He’s broken promises not only to his shareholders but also his workforce, 9 percent of which he recently laid off in an attempt to make Tesla into a profitable company. At the time of this writing, Tesla shares were in the $310 price range despite predictions from major investment bank Goldman Sachs that Tesla may need to raise up to $10 billion in capital over the next two years to remain in operation. In late July, The Wall Street Journal reported that Musk asked some of Tesla’s suppliers to refund payments made by the company going back to 2016 in order for Tesla to reach profitability. This news caused a major surge in Tesla credit-default swaps, which now indicate that the company has a 42 percent chance of missing a debt payment in the next five years. Forget meeting production deadlines, Tesla might not have enough cash to keep its doors open within a few short years. Somehow it just doesn’t matter. It is almost as if the more Musk fails the greater his legend grows, and for reasons that make little sense the higher his stock price soars.
The post Is Elon Musk a Modern Day Rasputin? appeared first on IPWatchdog.com | Patents & Patent Law.
Recent Posts
- IPWatchdog Masters Panelists Urge U.S. Government to Get Organized When It Comes to AI
- Fixing the PTAB: 10 Things the USPTO Can Do to Improve the PTAB | IPWatchdog Unleashed
- Fox Succeeds in Scrapping Machine Learning Claims at CAFC Under 101
- Other Barks & Bites for Friday, April 18: CAFC Affirms Ineligibility of Machine Learning Claims; EPO’s Campinos Issues Opinion on Intervener Appeals; USPTO Ends Climate Change Mitigation Program
- In Latest Antitrust Blow for Google, Judge Finds Search Giant Monopolizes Certain Ad Tech Markets