Tesla Motors
Will the SEC come for Elon Musk?
December 13, 2012: 3:22 PM ETIs Tesla's Elon Musk going to be in trouble for a tweet?
FORTUNE -- Last week we discussed how the SEC had issued a Wells Notice to Netflix (NFLX), after its CEO Reed Hastings possibly disclosed material information via a Facebook post.
Could Tesla Motors (TSLA) boss Elon Musk be next? This is what he tweeted last Monday:
Am happy to report that Tesla was narrowly cash flow positive last week. Continued improvement expected through year end.
—
Elon Musk (@elonmusk) December 04, 2012This appears to have been the first time that such information was disclosed, and it was not retweeted on Tesla's official Twitter feed. I also cannot find any mention of it on Tesla's investor relations page, nor in its filings with the Securities & Exchange Commission. And, for the record, it also does not appear on Tesla's Facebook page.
Musk was asked about the tweet this morning on CNBC, where he was appearing to discuss the initial public offering for SolarCity (SCTY), where he serves as chairman. Here was his reply:
"I don't know. I think it's hard to say that if you have a couple hundred thousand followers on Twitter, or something on that order, including the press. And it's done after hours and you follow up with investors and you do multiple channels, which is what we did, it wasn't just a Tweet – maybe people aren't aware of that – I don't think there is any selective distribution of information. I think that would be a bit of an inaccurate mischaracterization."
As I wrote above, I have no idea what Musk is referring to in terms of "multiple channels." I'm also unclear as to how the company did "follow up with investors." Maybe its IR people called some of the larger holders, but how would it identify the countless number of small investors, let alone contact them?
So I rang up a Tesla spokeswoman. She didn't have immediate answers, but promised to circle back. I'll update this post when she does.
UPDATE: Tesla's spokeswoman got back to me last night, saying the company has no comment.
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Exclusive: Fisker revenue nears $200 million
Fisker sales are strong, but well below expectations.
FORTUNE -- Troubled electric carmaker Fisker is expecting to generate around $200 million in 2012 revenue, Fortune has learned from multiple sources.
It's a decent figure considering that the five-year-old company only began delivering actual vehicles in July 2011. But it's also well short of what the company was promising prospective investors. For example, one source tells me that documents circulated last November by MORE
Dan Primack - Dec 13, 2012 2:05 PM ET -
Tesla Motors needs more money? Add it up
Electric automaker Tesla Motors (TSLA) today filed to raise more than $190 million in new capital, largely to fund development of a crossover vehicle dubbed Model X.
The Palo Alto, Calif.-based company said today that it plans to offer 5.3 million shares of common stock, which today is up around 6% from its $26.72 per share opening price. Goldman Sachs (GS) is underwriting the offering.
Tesla also said that founder and CEO Elon MORE
Dan Primack - May 25, 2011 3:27 PM ET -
The VC distribution system is broken
Three weeks ago, shares of Tesla Motors (TSLA) dropped more than 21% in a two-day period. Not because of any product recall or poor earnings report, but because short-sellers realized that a "lock-up period" was about to expire, allowing company insiders to sell shares they had been required to hold for 180 days following Tesla's initial public offering.
The shorts were right.
At least two of Tesla's early venture capital backers chose MORE
Dan Primack - Jan 13, 2011 12:50 PM ET -
Tesla's IPO: False promises for clean tech
Don't get swept up in the hype of the Tesla IPO. Clean tech is not yet ready for prime time.
by Heidi N. Moore, contributor
It's a common convention for horror movies to have at least one character who, cornered by the monster/attacker/murderer/villain, yells to his compatriots, "Go on without me! Save yourselves!" The same phrase should also be common among clean technology companies listing for an initial public offering.
Tesla Motors, MORE
moorehn - Jun 29, 2010 2:46 PM ET -
News Sweep: June 28
By Heidi N. Moore, contributor
Uncertainty: The Washington Post says that the death of Sen. Robert Byrd, 92, will further complicate the already byzantine road to financial reform. Related: The American Prospect says nothing, not even Byrd's death, will stop the course of financial reform. Related: At Harvard Business Review, Justin Fox reviews the ideas of financial reform versus its ideals.
Aflac: The insurer ducked disaster by dumping all of its holdings in the MORE
Jun 28, 2010 4:41 PM ETPosted in: Aflac, G-20, Mohamed El-Erian, municipal bankruptcy, Pimpco, Robert Byrd, Sarbanes-Oxley, Tesla Motors
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