May 8, 2018

Elon Musk is taking tough stock of Tesla

Elon Musk is gripping the reigns on the EV maker ever tighter as he introduces a tough review of all contractors while at the same time buying Tesla shares back en masse. The latter is to curb speculations he says and warns against betting against Tesla.

But first to contractors who are facing an immediate job loss if no Tesla employee is ready to vouch for them. This means every contractor at Tesla who doesn’t have an employee “putting their reputation on the line for them will be denied access to our facilities and networks on Monday morning,” as Musk put it.

The call for employees having to vouch for contractors, that includes those working on fixed term, is the escalation at the end of a line of emails addressing the problems of contractors and subcontractors, which Musk has asked to prove their “excellence” but also called “barnacles of barnacles” and saying that it is “time to scrub off the barnacles.”

Musk had just recently addressed the work force by setting tougher production targets for the Model 3 although these are designed to allow for some leeway (we reported).

On the external front, the Tesla CEO has been buying stocks worth 10 million dollars at the last count in an attempt to curb the business of short sellers that are in for the quick profit rather than longterm return thus causing volatility at the stock market.

electrek.co (contractors), teslarati.com (stocks)

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Found on electrive.com
https://www.electrive.com/2018/05/08/elon-musk-is-taking-tough-stock-of-tesla/
08.05.2018 14:34