Tesla CEO Musk Affirms Continuation and Announces Company Advertising Plans
Elon Musk denied rumors that he may renounce as CEO of Tesla on Tuesday and said that the maker of electric vehicles and solar panels will begin advertising at the company's annual shareholders meeting.
One shareholder challenged Musk about resigning as Tesla's CEO, "Say it ain't so." He just said, "It ain't so," without more comment.
Musk said he is open to Tesla trying advertising when another shareholder proposed it.
At the shareholder meeting at the Tesla plant site close to Austin, Texas, he told the shareholder, "This has some merit." We'll trial with some advertising to see how it performs.
Since Musk has 140 million followers on Twitter, which was captured by the social media behemoth for $44 billion last September, Tesla has notably avoided spending money on advertising like its rivals.
The company's "Full Self-Driving" software is most at the point where it is safer than human driving, Musk told shareholders. A promise he has made for a number of years, he had stated that the system should be ready this year.
Tesla claims on its website that drivers must regularly be ready to take over for the vehicles since they cannot drive alone. U.S. safety officials also ordered the corporation to recall the software because it occasionally disobeyed traffic regulations. Issues have been found by the National Highway Traffic Safety Administration and will be resolved with an online software upgrade.
Musk warned during the meeting on Tuesday that the Austin-based firm may have complications in the coming year, partly as a result of higher loan rates that have built the cost of purchasing a car.
He said that the company "Tesla is not protected by the global economic environment," but that it will survive the crisis and prosper even while many other businesses fail.
Later, he reviewed the affordability of Tesla vehicles on CNBC. "If your car or home payments go up, you won't have as much money for other things," he warned.
He agrees with the audience that the discomfort associated with a job might occasionally be "quite excruciating." He referred to his stint as Twitter's CEO as a "short-term distraction" and asserted that the business required open heart surgery to assure its survival.
He's glad Linda Yaccarino, whom he ordered away from NBCUniversal to oversee Twitter, is in charge now that it's in a secure position. In equivalence to the last six months, since he purchased the social media network, Musk claimed that the amount of time he will commet to Twitter will be "relatively small."
Shareholders approved the appointment of JB Straubel, a co-founder of Tesla and a former CTO, to the company's board of directors for the next three years prior to Musk's speech. In order to launch a business that recycles battery materials, Straubel quit Tesla in 2019.
Additionally, Musk and board chair Robyn Denholm were re-elected by shareholders.
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