Skip to comments.Tesla: The 60 Minutes Scare
Posted on 12/10/2018 4:05:49 PM PST by E. Pluribus Unum
Summary The 60 Minutes interview exposes some major red flags. Elon Musk has no regards for authority or consumers. Autopilot liability may be substantial moving forward.
On Sunday night, CBS show 60 Minutes aired a long interview with Tesla (TSLA) CEO Elon Musk. The piece covered a lot of topics, from the Model 3's part in the company's near death, to the autopilot feature many consumers want to rely on. In the end, I encourage everyone to watch this interview, because there are several major red flags that need to be discussed.
First of all, Elon Musk came right out and said "I do not respect the SEC". He admitted that nobody at Tesla is pre-approving his tweets, which seems to go against the settlement he agreed to that specifically says "Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musks communications." I don't necessarily argue with his stance that he is protected by the First Amendment, because while he champions Free Speech, he himself has done a lot to shut down critics, like Montana Skeptic who was a prominent contributor to Seeking Alpha.
When asked about the new Chairman of the Board put in place, Elon Musk was very direct. He argued that Robyn Denholm was his personal choice, and that she is not there to watch over him. Elon went as so far to say "I am the largest shareholder in the company, and I can just call for a shareholder vote and get anything done that I want." Part of the SEC settlement was to bring in two new independent directors to reduce Elon Musk's power over the board, but we are still waiting to find out who those new entrants will be. Corporate governance remains a...
(Excerpt) Read more at seekingalpha.com ...
The SEC does not deserve respect when it plays politics.
Still, it’s not a good idea for a large public company to piss off the SEC. Especially where some of Musk’s comments look like market manipulation. He’s not just playing with his own money, but also public money.
I think many would consider Seeking Alpha a collection of blogs.
Bio for the author:
I am a market enthusiast and part-time trader. I started writing for Seeking Alpha in 2011, and it has been a tremendous opportunity and learning experience. I have been interested in the markets since elementary school, and hope to pursue a career in the investment management industry. I have been active in the markets for several years, and am primarily focused on long/short equities. I hold a Bachelor of Science Degree from Lehigh University, where I double majored in Finance and Accounting, with a minor in History. My major track focused on Investments and Financial Analysis. While at Lehigh, I was the Head Portfolio Manager of the Investment Management Group, a student group that manages three portfolios, one long/short and two long only. I have had two internships, one a summer internship at a large bank, and another helping to manage the Lehigh University Endowment for nearly a year.
OTOH, there’s no excuse for investors in Tesla not knowing exactly what they are getting in terms of Musk and the risk versus reward.
Ultimately the laws of physics must be obeyed. If electric cars became the norm, it would be an environmental disaster. Try to imagine how the additional necessary electricity would be generated.
From what I saw of the interview, Elon looked like he was on something.. arrogance perhaps, indifference to risk? How dare anyone judge his works. jmo
Back in the horse-drawn days the said the automobile would never take off because there were no roads to travel on and no gas stations to refill your tank.
“- - - to the autopilot feature many consumers want to rely on- - “
Rely on an autopilot in an automobile? OMG! I can think of so many scenarios where the human brain with years of driving experience is so much safer.
His stock price to go private was 420,which is code for weed.
There’d by little worry of that if the Constitution were obeyed and there were no federal subsidies to feather Musk’s pockets and be spent on electing Democrats.
Automobiles didn’t need government subsidies to be sellable.
I watched the interview. It is easy to come to this conclusion.
Elon Musk does have Asperger’s.
Not a bad thing - Watch this before jumping the bandwagon:
Back during the Oil Embargo the son of an oil Sheik was a freshman at UT. One of the first things he did after he had his driver’s license was to by the biggest, poshest, wall to wall shag carpetiest conversio vans he could find.
Within ten minutes the dealership had to pick the young man up because he’d totaled the van.
“What happened.” the valet asked.
“I’m not really sure. I left the dealership. Got gas. Got the highway and after putting her in cruise control went to the refrigerator to get a Coke.”
“Automobiles didnt need government subsidies to be sellable. “
Lol! Paved roads are a gigantic subsidy!
A vehicle without smooth 6 speed manual and hand brake is a potential death trap. All you have is brake pedal and that’s it.
Auto pilot probably great on the plains of Kansas, not on metro sh..ole streets full of texting moonbats.
Originally, it was a couple that went on their first outing in their new RV.
“Try to imagine how the additional necessary electricity would be generated.”
I’m curious, your statement triggered a question. Isn’t it more efficient to take a refined petroleum energy, such as gasoline, and burn it directly in a gasoline engine to produce power as opposed to taking a petroleum based energy, burn it in a electrical generating plant, then transfer it to a battery, then use it to run an electric motor?
And I’m very familiar with one where I’d rather have autopilot: long freeway drives. Straight, smooth, low traffic, good conditions, ... human mind starts blanking out after hours of consistent boredom, especially at night. I’ll gladly take control around cities or poor conditions, but 6 straight hours of nothing overnight thru Virginia is seriously risky for one’s brain.
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