Elon Musk Is Delighted Tesla Lover Jay Leno Says EVs Are the Future

Billionaire Elon Musk is thrilled that car aficionado Jay Leno is a Tesla lover who’s confident that electric cars are the future of the auto industry.
Elon Musk, Jay LenoElon Musk, Jay Leno

Billionaire Elon Musk is thrilled that car aficionado Jay Leno is a Tesla lover who believes that electric cars are the future. | Source: (i) Frederic J. BROWN / AFP (ii) Photo by Richard Shotwell / Invision / AP, File; Edited by CCN

Billionaire Elon Musk is thrilled that car aficionado Jay Leno is a Tesla lover who’s confident that electric cars are the future of the auto industry.

Musk tweeted his approval of Leno’s prior remarks, when he said that the days of gasoline-fueled cars are coming to an end. “Jay Leno really knows his cars!” Musk gushed.

And @JayLeno really knows cars! https://t.co/QN3x0UzP4v

— Elon Musk (@elonmusk) August 7, 2019

Leno: Tesla is very low-maintenance

Hours earlier, Leno told CNBC (video below) that gasoline-powered cars will eventually be replaced by electric cars.

Leno, the former host of the “Tonight Show,” currently stars on the CNBC show “Jay Leno’s Garage.” Season five of the weekly show premieres on Aug. 28.

Leno is an avid car collector who owns 286 vehicles. Among his favorite is the Tesla, which he bought in 2016.

Leno says what he loves about his Tesla is how low-maintenance is it.

“I have a Tesla. I’ve had it for three years. I’ve never done anything. There’s no fluids to change.”

Leno: ‘There’s almost no reason to have a gas car’

Leno predicts that a child born today “probably has as much chance of driving in a gas car as people today have been driving a car with a stick shift.”

The comedian says gasoline-fueled cars will still be around in the future, but there won’t be many of them because electric cars will render them obsolete.

Leno says Tesla has been successful because it exceeded the market’s expectations of what electric cars can do.

“[Tesla] sort of solved the battery problem. It can go 350 to 400 miles at a charge. There’s no maintenance. They’re faster than the gas car. So there’s almost no reason to have a gas car unless you’re doing long-haul duty.”

Tesla owner Jay Leno praises Elon MuskTesla owner Jay Leno praises Elon Musk
Tesla owner Jay Leno says he loves his Tesla and praised Elon Musk as a pioneer. | Source: screenshot

Leno: The Elon Musk haters are wack

Leno has long been a fan of Tesla CEO Elon Musk. In 2016, Leno said Musk deserved a lot of credit for entering a tough, super-competitive industry as a pioneer in the obscure electric-car market.

Leno also said he didn’t understand why Musk has so many haters since he’s building a high-quality American car in the United States that pays fair wages.

“Here’s a guy building an American car in America using American labor and paying them a union wage. Why are you not rooting for it to be successful? I don’t quite understand that.”

In 2018, Leno featured the Tesla Roadster on his CNBC show. The segment was an immediate hit.

Meanwhile, Elon Musk recently won praise from another Tesla owner for fixing a flaw after it was brought to his attention on Twitter.

As CCN reported, Musk fixed the “Dog Mode” feature after a customer complained that it almost killed his pet. The “Dog Mode” feature regulates the car’s interior temperature to keep unattended pets cool until their owner returns.

Elon Musk’s mom Maye preps first book

Maye Musk — the mother of controversial Tesla and SpaceX founder Elon Musk — has written her first book. An insider tells Page Six that Musk’s tome …

Maye Musk — the mother of controversial Tesla and SpaceX founder Elon Musk — has written her first book.

An insider tells Page Six that Musk’s tome “A Woman Makes a Plan,” will focus on her life as a single mom before her son’s businesses made her family wildly rich.

“It wasn’t always the Musk life you see now. [The book] talks about raising kids alone, and the financial struggles they went through,” said an insider. “It’s also going to be about her dating life, marriage and the fashion industry. She was blocked by agents and couldn’t get work for years. Now, she’s a global success in what she calls the ‘prime of her life.’”

Musk also discusses struggling through poverty and dealing with weight issues as a plus-size model. The book goes on sale Dec. 31.

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The lesson from Elon Musk’s ‘funding secured’ mess is to never tweet

Never tweet. It’s a simple rule that you, me, and everyone who uses the hellish but seemingly indispensable social media platform should follow — if …

Never tweet. It’s a simple rule that you, me, and everyone who uses the hellish but seemingly indispensable social media platform should follow — if not exactly by the letter, then certainly in spirit. And there’s perhaps no greater example of that truism than the tweet sent one year ago today by Tesla CEO Elon Musk.

“Am considering taking Tesla private at $420,” he tweeted on August 7th, 2018. “Funding secured.” Those few words — the last two specifically — created an entirely new fire for Musk to put out at a time when he was already mired in the self-described “hell” of Model 3 production. He did not, as it turned out, have any funding secured to do such a thing.

Am considering taking Tesla private at $420. Funding secured.

— Elon Musk (@elonmusk) August 7, 2018

Without rehashing the entire experience, which we documented in detailoverthelastyear, here are some of the direct consequences of that decision to answer Twitter’s eternal prompt of “What’s Happening?”

  • Forced out as Tesla chairman.
  • Paid a $20 million fine.
  • Tesla paid a $20 million fine.
  • Musk bought $20 million in Tesla stock to essentially make up for the fine.
  • Appointed two new independent directors to the company’s board.
  • Agreed to have his tweets reviewed by Tesla’s in-house counsel.

That last point is especially relevant because, in February, the SEC tried to hold Musk in contempt for violating that part of the settlement. This kicked off another stage of the battle, one that very publicly played out in court over the course of a few months. In the end, the two sides agreed to amend the settlement to be more specific about what Musk can and can’t tweet without approval — language he might have just violated again.

In this modern age, bad tweets abound. They’re met with ratios or reported to Twitter itself, and are often, ultimately, deleted. You don’t usually see such concrete evidence of how bad a tweet can break, though. Millions of dollars, months of headaches and distractions, and a proverbial door that the money cops can walk through every time they think Musk might have tweeted something that harms his company’s shareholders.

To be fair (I guess?) to Musk, these are the kinds of consequences he was trying to avoid by taking the company private! And for what it’s worth, the fact that he didn’t have “funding secured” from Saudi Arabia meant he ultimately avoided what certainly would have been immense scrutiny from… well, everyone, following the killing of Washington Post journalist Jamal Khashoggi. (Saudi Arabia does still own about 5 percent of Tesla’s stock that it bought on public markets, though it hedged that position earlier this year.) But if you’re going to announce that you have lined up Saudi Arabian cash to take your multibillion-dollar company private in the middle of the trading day, you should probably resist the siren song of tweeting, put down the phone, and wait until that money actually exists.

Which brings me back to my original point: “never tweet.” Again, I believe fully in the spirit of this rule as opposed to the letter of it, and often use it as a mantra to back myself off of any Twitter ledge I find myself on. I still tweet (sometimes a lot!). But more often than not, I think of the proverbial bullet Musk took, and do a survey of the resulting damage, tap “Cancel” and then “Delete.” As much as I love Twitter, we’d all probably be better off putting a bit of distance between it and our synapses anyway. Or, at the very least, burying it in our drafts while we cool off. We all might not have the fate of a massive company riding on the things that we publish on the platform, but if Musk’s messy year is good for anything, it’s reminding us how quickly things can get out of hand.

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The Elon Musk Story Is One of Big Promises and Tempered Expectations

It’s hard not to like Elon Musk. With his infectious enthusiasm for progress and his odd-yet-charming quirkiness, Musk is an easy character to root for.
It’s hard not to like Elon Musk. With his infectious enthusiasm for progress and his odd-yet-charming quirkiness, Musk is an easy character to root for. He intends to change the world by bringing about everything from self-driving cars to a human colony on Mars. His promises are so big and so bold that people can’t help but want him to succeed.

And that’s what makes Musk’s largely mediocre results all the more frustrating. It seems that the story of Elon Musk is one of grand promises, followed by tempered expectations.

On August 5, 2019, Musk’s aerospace company SpaceX quietly rolled back statements it had made about one of its most promising ventures — the Crew Dragon rocket. Following the Dragon’s first successful parachute water landing in 2010, Musk announced his vision for the future of the capsule. In the coming years, the Crew Dragon would no longer need parachutes to soften its fall. Instead, it would make precision landings using just its thrusters and landing gear.

True to form, Musk’s promise was certainly an ambitious one. If successful, the Crew Dragon’s landing technology would revolutionize space travel. But now, nearly a decade following the rocket’s initial touchdown, Musk’s promise has not only failed to materialize; it has been broken completely.

Following the well-publicized April 2019 Crew Dragon explosion, in which SpaceX’s shuttle erupted into a fireball during testing, Musk’s aerospace company conducted an internal investigation into the cause of the incident. The audit uncovered a dangerous mistake within the capsule’s propellant delivery system, a design flaw that ultimately caused Crew Dragon’s undoing. Rather than take the time to address the concern, SpaceX decided to scrap the landing feature it had touted for years. With the rocket’s most recent design adjustments, the Crew Dragon will no longer have the potential to execute its game-changing propulsive landing.

Unfortunately, this trend of disappointing performance isn’t limited to merely the Crew Dragon incident.

When it comes to Musk’s enterprises, the need to temper one’s expectations is all too common. SpaceX, a company heralded as a revolutionary force in the aerospace industry, has largely struggled to live up to the lofty expectations it set for itself.

In late 2018, for instance, SpaceX failed to secure a critical launch contract under the first phase of the Air Force’s Launch Service Agreement program. Rather than being the impetus for change within the aerospace community, SpaceX was outcompeted by longstanding industry stalwarts. Musk would later admit that his company “missed the mark” in preparing its contract bid, a sloppy mistake incongruent with SpaceX’s promise to bring about a space revolution.

It’s this incongruence that has led some to defend Musk’s enterprises to the point of absurdity. Rather than accept the fact that SpaceX tends to overpromise and underdeliver, certain people have turned to the federal government to ensure the company’s success.

House Armed Services Committee Chairman Adam Smith epitomizes this type of behavior. Undoubtedly, Smith is a true believer in the vision that Elon Musk offers. And Smith is willing to provide Musk with the resources SpaceX needs to succeed, even at a cost to the American taxpayer.

In early June 2019, the HASC Chairman introduced a provision into the House-passed 2020 National Defense Authorization Act (NDAA) that would provide SpaceX with a substantive advantage over its competition. The “SpaceX earmark” would supply the company with $500 million in federal funding to make up for the money the company lost in the first phase of the Launch Service Agreement.

The NDAA would make a number of other substantial changes to the LSA program, including diluting the Air Force’s competitive standards for launch services to help companies like SpaceX. However, the half-a-billion-dollar earmark, tailored specifically to benefit SpaceX at the expense of its opponents, clearly tilts the competitive landscape in favor of Musk’s company. Smith’s provision may be entirely unfair and antithetical to honest and open competition. Nevertheless, it makes sense as a tool to ensure that Musk doesn’t once again fail to meet expectations.

The desire to see Elon Musk succeed is certainly understandable. His promises are so extravagant, and his goals are so impressive that it’s no wonder why people like Adam Smith would pull strings to support SpaceX.

But Musk must rise and fall on his own merits, as providing his companies with exclusive benefits merely incentivizes their subpar performance. It may be frustrating when Musk overpromises and underdelivers, but we must adjust our expectations accordingly.

Julio Rivera is a small business consultant, political activist, writer and Editorial Director for Reactionary Times. He has been a regular contributor to Newsmax TV and columnist for Newsmax.com since 2016. His writing, which is concentrated on politics, cybersecurity and sports, has also been published by websites including The Hill, The Washington Times, LifeZette, The Washington Examiner, American Thinker, The Toronto Sun and PJ Media and many others. For more of his reports, Go Here Now.

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From $420 To $230: Where Tesla Stands One Year After Elon Musk’s ‘Funding Secured’ Tweet

It’s been exactly one year since Tesla Inc (NASDAQ: TSLA) CEO Elon Musk posted his “funding secured” tweet that sent Tesla’s share price soaring.

It’s been exactly one year since Tesla Inc (NASDAQ: TSLA) CEO Elon Musk posted his “funding secured” tweet that sent Tesla’s share price soaring. At the time, the future seemed as bright as ever for Tesla and its investors.

One year later, shareholders would like to forget the now-infamous tweet and most of the bizarre year that followed.

Funding Not Secured

The tweet that started it all was posted at 12:48 p.m. on Aug. 7, 2018.

“Am considering taking Tesla private at $420. Funding secured,” Musk wrote.

Understandably, Tesla’s share price jumped 14% that day to an intraday high of $387 before closing at $379.

A week later, Musk provided an update on his mysterious funding, which he said in a blog post was coming from the Saudi Arabia sovereign wealth fund, a 5% owner of Tesla at the time. Musk said he left a meeting with Saudi representatives with “no question that a deal with the Saudi sovereign fund could be closed.”

On Aug. 15, the SEC sent subpoenas to Tesla for more information about Musk’s claims. On Sept. 27, the SEC filed a lawsuit against Musk accusing him of manipulating Tesla’s share price by making “false and misleading” claims in his “funding secured” tweet.

By that time, Tesla’s share price had sunk to $264, about 31.7% below its Aug. 7 peak.

SEC Settlement

After denying wrongdoing, Musk reached a settlement agreement with the SEC two days later in which Musk and Tesla were fined $20 million each and Musk would step down as Tesla chairman for at least three years. Soon thereafter, Tesla named Telstra CFO Robyn Denholm as its new chair.

On Oct. 4, Musk lashed out at the SEC, referring to it as the “Shortseller Enrichment Commission” on Twitter.

In a December interview with “60 Minutes,” Musk said: “Let me be clear: I do not respect the SEC.”

Also in December, Tesla added independent board members Larry Ellison and Kathleen Thompson-Wilson as part of Musk’s SEC settlement.

Musk once again got in trouble on Twitter on Feb. 19, 2019 when he tweeted that Tesla would “make around 500,000” vehicles in 2019 before quickly correcting himself and stating Tesla would be delivering “about 400k” vehicles.

The SEC was quick to ask the judge who oversaw Musk’s settlement to hold him in contempt of court for violating the terms of the settlement, since the production estimate tweets were not approved by Tesla. Musk once again denied any wrongdoing by claiming that the tweets were irrelevant to Tesla investors, an explanation the SEC said “borders on the ridiculous.”

See Also: ‘Concerning Trend’: Wall Street Weighs In On Tesla’s Q2 Earnings

Tesla’s Struggles Continue

In March, CNBC reported that, in a third round of Tesla layoffs, the company cut down its workforce by 8% in an effort to reduce costs.

Tesla also announced it would be closing most of its physical retail stores and shifting its operations online. After stiff backlash, the company announced later in the month that it changed its mind and would only be closing about 10% of its stores.

On April 24, Tesla reported a first-quarter loss that was far below Wall Street expectations, and the stock fell below the $250 level.

Stock Bottoms Out

Tesla shares made new lows in May when the company announced a $2-billion stock and debt offering after telling investors throughout 2018 it was not in need of capital.

Tesla shares finally bottomed out in late May at $176 after Tesla’s vice president of internal engineering became the latest in a parade of executives to leave the company. The $176 bottom represented a 54.5% drop from the post-“funding secured” high.

Tesla shares bounced when the company reported record second-quarter deliveries in-line with its guidance, but dropped once again when second-quarter losses came in larger than anticipated.

Happy Anniversary?

Perhaps it’s appropriate that Tesla marks the anniversary of Musk’s bizarre “funding secured” tweet with some more controversy. On Wednesday, documents posted on the website PlainSite said the U.S. National Highway Traffic Safety Administration filed a cease-and-desist order against Tesla back in October for making “misleading statements,” including claims that the Model 3 has “the lowest probability of injury of all cars the safety agency has ever tested.”

Consumer Reports has also had multiple run-ins with Tesla, choosing not to recommend the Model 3 due to quality and safety concerns.

Now that all the dust has settled on Tesla’s crazy year, the stock is trading around $230 per share at time of publication, down 40.9% overall in the past year. In that same stretch, the SPDR S&P 500 ETF Trust (NYSE: SPY) is up 0.4%.

For perspective, shares of Ford Motor Company (NYSE: F) are down 5.6% in that time, while shares of General Motors Company (NYSE: GM) are up 4% in the past year.

Photo by Steve Jurvetson via Wikimedia.

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