Elon Musk is not a CEO like the others.
from Tesla (TSLA) the boss is atypical.
He refuses to obey the rules often imposed on the managers of public companies.
The billionaire did not hesitate to relaunch the showdown with the American Security and Exchange Commission (SEC) despite an agreement reached in 2018 with the regulator.
In September 2018, the two sides agreed to end an investigation into a tweet by Musk, posted on August 7, 2019, that caused Tesla’s stock price to plummet.
“I’m considering privatizing Tesla at $420. Funding assured, ”wrote the billionaire at the time.
Ongoing tensions with the SEC
The tweet rocked Tesla stock. The SEC has filed a lawsuit against Musk.
A settlement was reached and announced on September 29, 2018. It required Musk to step down as Tesla chairman. Tesla and Musk agreed to pay $40 million in penalties. Tesla has also agreed to have company attorneys pre-approve tweets containing material company information.
Last April, a federal judge in New York told the billionaire in a ruling that he would not terminate the agreement which required him to have his social media posts approved by a company lawyer if they contained important information about Tesla.
Musk backed down and said the previous deal hampered his free speech. He said the SEC used the agreement to “launch endless and limitless investigations” into his public statements.
“Neither argument holds water,” Judge Lewis J. Liman of the U.S. District Court for the Southern District of New York wrote in a ruling.
Few CEOs would risk attacking the SEC the way Musk does. These tensions also suggest that the billionaire values his uniqueness and he has just proven it once again.
On Oct. 2, Tesla shareholder Ross Gerber wrote to Musk on Twitter, asking how investors should view Tesla, after the company on Sept. 30 presented progress on Optimus, the company’s humanoid robot. Musk’s response was scathing.
“I don’t care if the stock goes up”
“Hey @elonmusk, love discussing the long term global economic implications of Optimus and how investors should see tesla moving forward. $tsla,” Gerber posted on Twitter.
“I don’t care if the stock goes up,” the billionaire replied. “But the economic implications are obvious.”
Very few CEOs would dare to make such a statement for fear of reprisals from their board of directors and a sanction from the markets. Not Musk, who considers himself a visionary, not just an entrepreneur. He made it his mission to transform civilization as it is today.
The tech mogul showed off a dancing Optimus on September 30, gesturing with one of his hands and bending his knees on Tesla AI Day. He promised mass production of his robot as soon as possible.
Optimus will cost less than $20,000.
“Our goal is to make a useful humanoid robot as quickly as possible. We also designed using the same discipline we use in car design, which is to design for manufacturing, so that it is possible to manufacture the robot at high volume at low cost with high reliability,” the billionaire said.
Optimus will herald a “future of abundance,” Musk said. It will be “a future where there is no poverty, where people can have whatever they want, in terms of products and services. This is really a fundamental transformation of civilization as we know it. “.
However, the robot remains a work in progress.
Tesla will work on different use cases, including cooking and gardening. Musk wants to replace human labor with humanoid robots, made from the artificial intelligence software used by Tesla for its cars.