Last month, Elon Musk-owned Tesla Inc. Tesla, in a filing with the Security and Exchange Commission SEC , also added that it will soon begin accepting bitcoin as a form of payment for its products, which also contributed to the massive rise in the stock prices of bitcoin.
Tesla said it is investing in digital assets to provide more flexibility to further diversify and maximize returns on cash. Musk himself helped in the surge of bitcoin's market value after he tweeted how investing in cryptocurrency is not a bad idea.
The Debate. Tesla patented his AC motors and power systems, which were said to be the most valuable inventions since the telephone. Fearing ruin, Westinghouse begged Tesla for relief from the royalties Westinghouse agreed to. Tesla, grateful to the man who had never tried to swindle him, tore up the royalty contract, walking away from millions in royalties that he was already owed and billions that would have accrued in the future.
He would have been one of the wealthiest men in the world—a titan of the Gilded Age. His work with electricity reflected just one facet of his fertile mind. Before the turn of the 20th century, Tesla had invented a powerful coil that was capable of generating high voltages and frequencies, leading to new forms of light, such as neon and fluorescent, as well as X-rays.
He quickly filed for American patents in , beating the Italian inventor Guglielmo Marconi to the punch. Tesla continued to work on his ideas for wireless transmissions when he proposed to J.
Morgan his idea of a wireless globe. An inexpensive instrument, not bigger than a watch, will enable its bearer to hear anywhere, on sea or land, music or song, the speech of a political leader, the address of an eminent man of science, or the sermon of an eloquent clergyman, delivered in some other place, however distant.
In the same manner any picture, character, drawing or print can be transferred from one to another place. Millions of such instruments can be operated from but one plant of this kind. White quickly got to work designing Wardenclyffe Tower in , but soon after construction began it became apparent that Tesla was going to run out of money before it was finished. An appeal to Morgan for more money proved fruitless, and in the meantime investors were rushing to throw their money behind Marconi.
In December , Marconi successfully sent a signal from England to Newfoundland. Tesla grumbled that the Italian was using 17 of his patents, but litigation eventually favored Marconi and the commercial damage was done. The U. Thus the Italian inventor was credited as the inventor of radio and became rich.
By , Tesla began to withdraw from that doubting world. He was clearly showing signs of obsessive-compulsive disorder, and was potentially a high-functioning autistic.
He became obsessed with cleanliness and fixated on the number three; he began shaking hands with people and washing his hands—all done in sets of three. Two notable competitors, the Chevrolet Bolt and the Nissan Leaf, failed to gain early traction because of high retail prices and limited driving range. If this happens, then Tesla's market share may start to get crowded.
Some tech companies may also join the fray; Apple, Inc. Tesla is admittedly concerned about businesses with broader existing consumer bases. Musk once famously noted about his company, "We are going to spend staggering amounts of money on CapEx.
This seems particularly true in an infant industry paved with failed startups. Tesla has already spent billions on development for the Model 3 and Model X cars, and the battery factory comes with its own hefty price tag.
According to SEC filings, Tesla may spend as much as six billion per year on capital expenditures in the coming years. The same quarterly filing included a note about Tesla's reliance on Elon Musk. This is not particularly shocking, especially in the technology sector; think of Steve Jobs and Apple. Perhaps more concerning is what follows shortly after: "he does not devote his full time and attention to Tesla. Musk is a very active executive. He is also Chair of SolarCity, which installs expensive solar equipment.
The loss of a key executive could be a substantial setback for the company. Moreover, the eccentric CEO has proved a lightning-rod for scandal, as might be expected from a self-appointed "Technoking.
The tweet is alleged to have been an effort to manipulate TSLA's share price, a violation of federal securities laws. Musk's impulsive behavior also has real-world consequences. During the COVID pandemic, Musk repeatedly aired misinformation about the pandemic, and criticized lockdown restrictions as "fascist" in an earnings call with Tesla investors.
He later defied public health authorities by reopening Tesla's Bay Area plant, causing a cluster of infections. With a trillion-dollar valuation, Tesla's success as an electric vehicle manufacturer is hard to dispute. However, there are still many potential hurdles to overcome, from the difficulty of developing affordable EV technology to the risks posed by competing firms.
New York Times. United States Bureau of Transportation Statistics. Passenger Cars and Light Trucks. Greentech Media. Accessed Oct. Washington Post. Company Profiles. Top Stocks. Lifestyle Advice. Your Privacy Rights.
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