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A horrible week for Elon Musk

World Affairs

A horrible week for Elon Musk

has had an interesting year, but this was a particularly difficult week for the entrepreneur.

In the last week alone, ’s stock has lost more than 6% of its value, as investors continue to sell out of their tech investments.

At Tesla, internal issues are preventing the company from moving forward. Safety hazards with modern driver-assist systems have been linked to them this week.

Several employees at have been sacked for circulating an internal letter that was said to have referred to the CEO and founder as a “distraction and embarrassment.” Meanwhile, the Federal Aviation Administration on Monday issued SpaceX’s Starship rocket program a huge to-do list before it can earn a launch license at Boca Chica, Texas.

There’s also . He signed a contract for $44 billion in April, but he has since publicly blasted the business, raising all kinds of doubts that it will actually complete. According to remarks on Twitter’s internal , a address by Tesla CEO Elon Musk to the company’s employees on Thursday was widely criticized.

This is what happened this week in Muskville.

Inconsistent data on collisions involving vehicles with driver assistance systems

As of June 1, Tesla vehicles had been involved in approximately 70% of all reported crashes employing sophisticated driver-assist systems, according to the National Highway Traffic Safety Administration (NHTSA). Data given by the U.S. safety agency showed the electric cars were involved in 273 of the 392 incidents listed in the report, which included data from 11 automakers.

Still, the NHTSA warned the data doesn’t have adequate context and is just meant as a guide to quickly identify potential fault trends.

“I would encourage caution before attempting to make inferences based just on the data that we’re releasing,” NHTSA Administrator Steven Cliff said during a media briefing. There may be more questions than answers in the data itself.

Tesla raises prices for all U.S.-market car models

Earlier this year, Musk admitted that he had a “very awful feeling” about the when he announced Tesla’s intention to eliminate 10 percent of its workers. These worries are resulting in sticker shock for the general public.

In light of the auto industry’s ongoing struggles with supply chain challenges, inflation, and general economic instability, Tesla this week increased pricing on all models sold in the .

The price of the long-range version of the Model Y has risen from $62,990 to $65,990, while the performance model has risen by $2,000 to $69,990. Tesla’s Model S Dual Motor All-Wheel Drive is now $5,990 more expensive, according to Electrek. By $6,000, Tesla’s dual-motor all-wheel drive long range Model X has become more expensive.

Tesla had previously postponed the arrival in the United States of several long-range models.

FAA believes SpaceX’s Starship program needs to be tweaked a bit more.**

According to Musk’s SpaceX and the massive Starship rocket it is building in Texas, the FAA issued an environmental decision on Monday that was good and terrible news.

Over 75 environmental mitigation steps were outlined by regulators before Starship could begin flight tests. Additionally, there are restrictions on noise levels and on how frequently SpaceX can close a nearby public route.

A Starship prototype rocket will be “ready to fly” by July, Musk promised after the FAA’s decision. For the first time, the business plans to launch a vehicle into space. To begin with, the FAA must grant a launch license, and the mitigation measures that the regulator specifies are so onerous that they prevent the corporation from making a request.

Fortunately for SpaceX, the FAA has completed its examination and will not require any more investigation.

SpaceX workers are humiliated by Musk

According to media sources, an unspecified number of SpaceX employees penned and distributed an internal letter lambasting Musk and his public persona, calling him “a frequent source of distraction and shame. According to CNBC on Friday, at least five employees who were engaged in the letter were sacked.

CNBC got a company-wide email from SpaceX President and COO Gwynne Shotwell, in which she stated that many employees were “upset, frightened, and bullied” by the letter and the process to seek signatures.

Shotwell remarked that “we have too much critical work to perform and no need for this kind of overreaching activity.” My apologies for the inconvenience.” We ask that you keep your concentration on the SpaceX mission, and spend your time in the office to perform your best.”

Musk’s phone contact with Twitter staff went badly

When the stock price of Twitter is trading at just $37, investors and employees alike are justified in their concerns about what lies ahead for the social media business.

On Thursday, Tesla CEO Elon Musk held an all-hands meeting with Twitter employees in an effort to build trust and openness with the people who would be working for him.

A source who viewed the Slack messages and asked not to be identified because they were intended to be private said they showed that employees still had questions and concerns after the meeting.

Employees at Tesla and SpaceX have lately been told that they must be in the office at least 40 hours per week, despite promises by former CEO to let them to work from home.

On the call, Musk claimed that he may not be as tough with Twitter staff because building software can be handled from afar, whereas automobile manufacturing requires physical presence.

His response, though, didn’t appear to allay any anxieties According to a source familiar with the situation, some Twitter employees were scared for their jobs after hearing his remarks. While Musk acknowledged Twitter needed to get its finances in order, he also assured employees who make a substantial contribution to the company’s success that they needn’t worry about losing their jobs.

Twitter staff responded by exchanging tweets and memes about how to distinguish themselves from the competition at the conclusion of the meeting.

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