Angered by Elon Musk’s threat to move Tesla Motors out of the Golden State, the California’s Employment Training Panel denied an application from Musk’s SpaceX for $655,500 in state job and training funds.
“In my opinion, given the recent threats of the CEO to leave the state of California, and everything else we’ve discussed today, this proposal does not rise to the level for me to feel secure in supporting it,” said Gretchen Newsom, a panel member and the political director of an IBEW electrical workers union local.
“SpaceX is a different company, but they have the same CEO,” said Newsom, who is not related to California Governor Gavin Newsom.
Musk threatened to pull his electric car company out of California after Alameda County officials wanted him to delay reopening Tesla’s production facility in Fremont, Calif.
The plant had been closed in late March due to the global COVID-19 pandemic. County officials were not satisfied with Tesla’s plan to protect workers from the virus. Musk reopened the facility without the county’s approval.
Elon Musk has been downplaying the risk of the Coronavirus to his employees and millions of Twitter followers while thousands of people have become sick and died, hospitals have run short of food and medical supplies, and normal life has come to a grinding halt around the globe,
The coronavirus panic is dumb,” Musk said in a tweet last week that has been criticized as minimizing the risks of what the World Health Organization has declared to be a deadly global pandemic.
BuzzFeed Newsreports on a company-wide email Musk sent to SpaceX employees:
That’s the assessment of SpaceX President & COO Gwynne Shotwell, who was asked about her boss Elon Musk’s erratic behavior in recent months during World Satellite Business Week conference in Paris. Bloomberg reports:
“Elon is a brilliant man,” Gwynne Shotwell, SpaceX’s president and chief operating officer, said Tuesday after speaking at a satellite industry conference in Paris. “He is as lucid and capable as he has ever been. I wish people would not focus on triviality.”
There’s “no chance” that Musk’s conduct will impact SpaceX’s ability to win contracts, and there’s been “no impact at all” on the level of confidence in him on the part of the closely held company’s backers, Shotwell said.
“Look at the work that Elon’s companies do and focus on that. Not on what he does” in his own time, she said.
Shotwell also said that although she loves cars, she has no interest in taking a similar position at Musk’s struggling car company, Tesla Motors.
CNBC has an update on Elon Musk’s pursuit of making Tesla Motors a private company once again.
Morgan Stanley is telling its clients Elon Musk’s stake in SpaceX may be leveraged as a source of funding for his plan to take Tesla private….
“Elon Musk’s desire to potentially take Tesla private may require large amounts of new equity capital. We see scope for SpaceX to play a potentially crucial role in facilitating the required financing as well as the strategic narrative going forward,” analyst Adam Jonas said in a note entitled “How SpaceX Can Potentially Help Tesla Go Private” to clients Monday. “We believe investors should consider the potential role of SpaceX in the near-term financial options confronting Tesla and its shareholders.”
….In a blog post later that day, Musk said “the intention is not to merge SpaceX and Tesla.”
Despite the comment, Jonas said SpaceX could invest directly in Tesla as part of a strategic partnership.
“While we are in no position to dispute this statement on a merging of the two entities, we do not expect Elon Musk to rule out the potential for the involvement of SpaceX as a capital-providing strategic partner or the potential for the value of SpaceX equity held within Mr. Musk’s trust to be considered in the financing of a potential Tesla buyout,” Jonas said. “We see increasingly compelling areas of industrial and strategic cooperation between SpaceX and Tesla in telecommunications / satellite broadband which we see as potentially advantageous for shared and automated transport networks.”
Show of hands if all this sounds a bit familiar. Tesla Motors took over SolarCity in what Musk called a “no-brainer” of synergies and which critics charged was a conflict of interest riddled bailout of a failing company about to go under that benefited Musk and two cousins. The deal added to Tesla’s already enormous debt load.
Some critics are predicting Tesla will go bankrupt this year; Musk disputes that. SpaceX is also in better shape than Tesla was when it absorbed SolarCity.
Days after promising to behave himself better on Twitter, Elon Musk had what was arguably his worst public meltdown yet on Sunday when he leveled a charge of pedophilia against a diver who had been instrumental in saving a Thai soccer team and its coach trapped in a flooded cave.
Musk made the charge — without providing any evidence — against Vern Unsworth, a British diver who lives in Thailand, who last week criticized submarines that a team at Musk’s SpaceX built for the rescue effort as “just a PR stunt” that had “absolutely no chance of working” in the twisted confines of the cave.
The world’s launch providers have been extremely busy in the first quarter of 2018, with 31 orbital launches thus far. This is more than one third of the 90 launches conducted last year.
China leads the pack with 10 successful launches. The United States is close behind with a total of nine launches with one failure. The tenth American launch is scheduled for Monday afternoon from Florida.
UPDATE: SpaceX has scrubbed for the day due to the need to replace a sensor on the second stage. The next launch window is Wednesday, Jan. 31. __________
A SpaceX Falcon 9 launch scheduled for late this afternoon will kick off a busy period of international launches that will see the inaugural launch of the Falcon Heavy and China’s sixth orbital mission of 2018. SpaceX has four flights scheduled by the middle of February. (Thanks to Spaceflight Now for the schedule.)
Launch Vehicle: Falcon 9 Payload: GovSat 1 Launch Window: 4:25-6:46 p.m. EST (2125-2346 GMT) Launch Site: SLC-40, Cape Canaveral Air Force Station, Florida
The Orbital ATK-built satellite will provide secure communications as part of the nation’s contribution to NATO. There will be no attempt to recover the Falcon 9’s first stage.
Jan. 31/Feb. 1
Launch Vehicle: Soyuz 2-1a with Fregat upper stage Payload: Kanopus-V 3 & V4 Launch Time: 9:07:18 p.m. EST Jan. 31 (0207:18 GMT on Feb. 1) Launch Site: Vostochny Cosmodrome, Russia
The twin satellites will assist Russia in mapping, forest fire detection and disaster response.
Launch Vehicle: Long March 2D Payload: CSES Launch Time: TBD Launch Site: Jiuquan Satellite Launch Center, China
The China Seismo-Electromagnetic Satellite will study how electromagnetic signals in Earth’s atmosphere and ionosphere to determine if they can help predict earthquakes. This joint mission with Italy will be China’s sixth launch of 2018.
Launch Vehicle: SS-520-5 Payload: TRICOM 1R CubeSat Launch Window: 12:00-12:20 a.m. EST (0500-0520 GMT) Launch Site: Uchinoura Space Center, Japan
The second launch of Japan’s upgraded sounding rocket will carry the 3U TRICOM 1R CubeSat, which has an imaging camera and store and forward communications system.
Launch Vehicle: Falcon Heavy Payload: Tesla Roadster Launch Window: 1:30-4:30 p.m. EST (1830-2130 GMT) Launch Site: LC-39A, Kennedy Space Center, Florida
The inaugural flight of the Falcon Heavy will send a red Tesla Roadster into deep space.
Launch Vehicle: Falcon 9 Payload: Paz Launch Time: 9:22 a.m. EST; 6:22 a.m. PST (1422 GMT) Launch Site: Vandenberg Air Force Base, California
Built by Airbus Defense and Space, Hisdesat’s Paz satellite will provide radar imaging as well ship tracking and weather data. The flight will use a previously-flown first stage.
Elon Musk has a new pay package with Tesla Motors that could net him $55 billion over the next decade if the company reaches a series of extremely ambitious targets, according to press reports. If he doesn’t reach those goals in 10 years, he could end up with nothing.
That might seem like a crazy plan even for Musk, who is known for taking great risks. But, it makes sense when you consider the billionaire’s ultimate long-term goal: to develop a transportation system to facilitate the establishment of human colonies on Mars.
Musk has said he is dedicating his personal wealth to that objective. And although his net worth is estimated at $21 billion, actual profits from his various businesses have been elusive.
Steve Jurvetson — a key investor in SpaceX, Tesla Motors and Planet — is leaving the venture capital firm he founded, Draper Fisher Jurvetson, over allegations of sexual harassment. Recode reports:
DFJ announced the move in a letter to limited partners on Monday. The firm released a statement to Recode that read:
As of today and by mutual agreement, Steve Jurvetson will be leaving DFJ. DFJ’s culture has been, and will continue to be, built on the values of respect and integrity in all of our interactions. We are focused on the success of our portfolio companies, as well as the long-term vision for the firm and will continue to operate with the highest professional standards.
The firm did not specify the reason for the ouster in the letter, but sources said that the investigation uncovered behaviors by Jurvetson that were unacceptable related to a negative tone toward women entrepreneurs….
Draper Fisher Jurvetson, the VC firm he founded, said Tuesday it had launched an inquiry into Jurvetson a day after an entrepreneur alleged that “predatory behavior is rampant” at DFJ. The woman, Keri Kukral, did not name Jurvetson in her Facebook post.
“DFJ has never received a complaint about the professional conduct of any of our partners or investment professionals,” DFJ spokeswoman Carol Wentworth said in a statement to Recode. “Earlier this summer we became aware of indirect and second-hand allegations about one partner, Steve Jurvetson. We immediately opened an independent investigation, which is ongoing at this time.”
“Women approached by founding partners of Draper Fisher Jurvetson should be careful,” wrote Kukral, who runs a startup called Raw Science, which has not received DFJ funding in the past. “The situation I found myself in is personally atypical and I’ve not been in any other situation remotely like it. I was not seeking investment or trying to further my career.”
A new analysis of SpaceX’s plans to have revenues of $30 billion per year for its global satellite Internet project is “too optimistic” and could damage the industry’s credibility by creating unrealistic expectations. It also claims that SpaceX CEO Elon Musk has repeatedly manipulated financial analysts with “totally unrealistic” schedules and projections.
Here’s an excerpt from the story. [Emphasis original]
WSJ’s [Wall Street Journal’s] article notes that SpaceX expects to attract over 40 M subscribers by 2025. The largest satellite Internet network today is operated by HughesNet, which has slightly above 1M subs after nearly a decade of operation. Combining ViaSat’s Exede and HughesNet, the year with the highest number of new subscribers was in the 300-350,000 range, which hints at how difficult it is to build the distribution channels for this kind of service. Of course, cheap, self-installation terminals and a global operation infrastructure could accelerate service take-up, but it appears very difficult to reach the 40M installed base in just 5 years. Compounding all of the above, one must not forget regulatory barriers as SpaceX would need to pursue landing rights in each and every country it wants to operate….
The best way to predict the future is building it, and NSR will only be pleased to see the satellite industry growing to the levels forecasted by SpaceX, as it would be beneficial for everyone. While it is true that forecasting revenues for such innovative ventures has a significant level of uncertainty, NSR nonetheless believes the $30 billion revenue projection is too optimistic no matter what assumptions are made and could stoke unrealistic expectations undermining the industry’s credibility.
One must also consider that SpaceX are masters of strategic communications and have repeatedly made extravagant announcements to push analysts, the financial community, the industry and employees in its favor. It is its CEO managing style, the day after he announced a totally unrealistic schedule and sales target for Tesla’s Model 3, auto analysts universally moved their own estimates up satisfying what probably was the original goal, shifting the paradigm. SpaceX has said very clearly that it plans a step deployment of the constellation starting commercial operations with a “modest” 800 satellite constellation (compared with the 4,420 of the full deployment), which hints at the venture having different growth scenarios with more reasonable assumptions. When analyzing SpaceX projections, being an investor, a competitor or an industry watcher, one must keep its independence and not fall in this expectations trap. Otherwise, industry’s credibility would be at risk.
NEW YORK (Trump Transition PR) — President-elect Donald J. Trump today announced that three additional members will join the President’s Strategic and Policy Forum: Travis Kalanick, CEO and Co-founder of Uber Technologies; Elon Musk, Chairman and CEO of SpaceX and Tesla; and Indra Nooyi, Chairman and CEO of PepsiCo.
Earlier this month, President-elect Trump established the President’s Strategic and Policy Forum and announced an initial round of 16 members. The Forum, which is composed of some of America’s most highly respected and successful business leaders, will be called upon to meet with the President frequently to share their specific experience and knowledge as the President implements his economic agenda. The Forum will be chaired by Stephen A. Schwarzman, Chairman, CEO, and Co-Founder of Blackstone.
A conservative political action committee (PAC) headed by Laura Ingraham has specifically targeted Elon Musk and his three companies with a website titled Stop Elon From Failing Again.
Billed as “The One Stop Database on Stopping Elon Musk,” the website is a compilation of critical news stories about Musk, SpaceX, SolarCity and Telsa Motors. A major criticism is that the companies have received billions in government subsidies and tax credits.
The web site is one of several projects of Citizens for the Republic, a group headed up by conservative activist and radio talk show host Laura Ingraham. Donald Trump has Ingraham on the short list of candidates for presidential press secretary.