logo
Tesla parts ways with top executive and fixer for Elon Musk

Tesla parts ways with top executive and fixer for Elon Musk

Irish Times12 hours ago

One of
Elon Musk's
top lieutenants has left his job at
Tesla
amid plunging sales and a pivot to autonomous driving, artificial intelligence and robotics.
Omead Afshar, who was promoted to run sales and operations in North America and Europe last year, has left his role, according to two people familiar with the decision. Jenna Ferrua, director of North American human resources, has also departed from the company, they said.
Tesla, Mr Afshar and Ms Ferrua did not immediately respond to a request for comment. Bloomberg first reported the moves.
Mr Afshar's departure comes at a difficult time for Tesla as its sales and earnings decline. It has suffered from a lack of new models, increased competition — in particular in China — and a consumer backlash against Mr Musk's right-wing political activism in Europe and support of
US President Donald Trump.
READ MORE
Tesla's worldwide electric vehicle deliveries fell 13 per cent in the first quarter, and its net income plunged 71 per cent. That prompted Mr Musk to promise to 'allocat[e] far more of my time to Tesla' and reduce the time he spends in Washington. His so-called Department of Government Efficiency has been controversially slashing government jobs and spending.
Musk has since left his government role and publicly clashed with the president.
[
Tesla's European sales fall for fifth consecutive month
Opens in new window
]
However, Tesla has been unable to reverse the trend, with sales in the UK and Europe declining 28 per cent in May, the fifth month in a row. The electric vehicle maker will next week report global delivery numbers for the second quarter, with analysts forecasting another double-digit fall.
Mr Afshar has worked for Tesla since 2017, starting in the office of the chief executive, before overseeing the construction of its vast 'Giga Texas' manufacturing plant in Austin from 2020.
IATA Director General Willie Walsh on airline profits, air fares and why the Dublin Airport passenger cap makes Ireland a laughing stock
Listen |
35:56
He has been described as 'firefighter' and 'executioner' for the world's richest man, being moved across Mr Musk's various companies to solve tough problems and conduct mass lay-offs, the Financial Times has previously reported.
In late 2022, he was part of the 'transition team' that fired more than 7,500 people at Twitter — now rebranded as X — and was given the nickname 'the Elon whisperer' by colleagues because of his ability to read the mood of the mercurial billionaire. Last year, he helped undertake a 10 per cent reduction in Tesla's workforce, shedding about 14,000 jobs.
It was not clear if Mr Afshar will be reassigned to another part of Musk's empire after leaving Tesla.
Mr Musk is conducting a broader overhaul of the electric vehicle maker, betting its future on autonomous driving powered by artificial intelligence and a humanoid robot called Optimus.
Last week, Tesla started a pilot programme of self-driving robotaxis in Austin that it says will eventually lead to owners being able to rent their cars out via a ride hailing app when not in use.
However, the technology is under investigation by the National Highway Traffic Safety Administration after multiple crashes in bad conditions such as mist or sun glare. Tesla relies solely on cameras mounted on its vehicles, while rivals like Google's Waymo driverless taxis use more expensive radar and lidar sensors. - Copyright The Financial Times Limited 2025

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Bewley's seeks Grafton St rent reduction from Johnny Ronan company
Bewley's seeks Grafton St rent reduction from Johnny Ronan company

Irish Times

time5 hours ago

  • Irish Times

Bewley's seeks Grafton St rent reduction from Johnny Ronan company

Bewley's Cafe and a company owned by property developer Johnny Ronan have gone to the High Court in a row over €747,000 per-year rent for the Grafton Street outlet. Mr Ronan's RGRE Grafton Limited has said the rent should actually be €1 million, while a valuer called by the famous coffee company said it should be €518,000. The High Court heard that prior to October last year, Bewley's had been paying €1.46 million for the same premises but that figure was reduced following a rental valuation by the Circuit Court. The High Court appeal was taken by Bewley's Café Grafton Street Ltd (BCGSL) through Beauchamps solicitors, led by Simon Murphy, against the rent granted to RGRE Grafton Limited, which owns the building located at 78-79 Grafton Street, Dublin 2. READ MORE RGRE Grafton has cross-appealed the decision. The difference between the two sides' figures over a five-year rental period amounts to over €2.5 million. The case centres on the methods behind the valuations of both sides. The court has been told that BCGSL held the lease on the building from 1987 for 35 years, a deal that expired in August 2022. BCGSL then received a new tenancy under Part II of the Landlord and Tenant (Amendment) Act 1980. In October, the cafe had its annual rent halved following a ruling by Judge Jennifer O'Brien, who said it should have to pay a rent of more than €738,000 per year. That figure was later adjusted to €747,000 – still a 50 per cent drop from the previous €1.46 million being paid. The Circuit Court found that this fairly represented what a willing tenant would pay and a willing landlord would take for the premises as of August 2022 over a five-year lease term and that BCGSL was entitled to almost €1 million for rent paid since the expiry of the previous lease. Both sides are appealing the decision of the Circuit Court. Fergus Crosse, an expert valuer retained by BCGSL, told the High Court that improvements to the Bewley's building made by BCGSL also meant that the gross rent should be reduced. Mr Crosse was of the opinion that the statutory rental value of the property was €518,000. David Potter, a valuer with Savills, was retained by RGRE Grafton. He said the statutory rent should be €1 million annually. Mr Crosse told David Whelan SC, for BCGLS, that he employed a 'zoning' of arrears of the floor space at the cafe which meant that Zone A, closest to the entrance, would be the most valuable. Each tranche of zones was measured at 20 feet from the entry. Mr Crosse said he used comparator properties on Grafton Street in his analysis and that Zone B would be valued at 50 per cent of Zone A and that Zone C would be valued at 50 per cent of Zone B. Mr Potter said an 'overall' view was more effective in determining the rent and that the use of the zoning model in this case led to a 'misvaluation'. Mr Potter said the use of the zoning model meant the restaurant floor space far from the door was now valued at a lower rate by Mr Crosse which 'undervalued' the restaurant area. 'Bewley's space at the back is big money, it's the main restaurant,' said Mr Potter. 'It can't be valued as if it is the cheapest, worst space. Zoning undervalues it significantly, as if the rear is ancillary, but it is not – it is a really attractive restaurant.' Mr Potter said that a valuation of €24 per square foot of the restaurant area – while the staff room in nearby McDonald's restaurant was valued at €60 per square foot – amounted to a 'fundamental misvaluation'. He said he was valuing the property as a restaurant and not a restaurant-retail use agreement and that Dublin City Council previously gave an opinion that it would prefer the use of Bewley's to be maintained as a restaurant and not a retail outlet. The case continues before Ms Justice Sara Phelan.

Charity finance manager who raised concerns over accounts awarded €35,000 for dismissal
Charity finance manager who raised concerns over accounts awarded €35,000 for dismissal

Irish Times

time5 hours ago

  • Irish Times

Charity finance manager who raised concerns over accounts awarded €35,000 for dismissal

A charity has been ordered to pay its former finance manager nearly €35,000 for dismissing him 'wholly or mainly' because he voiced fears its accounts might not stand up to an audit. The Workplace Relations Commission (WRC) ruled that an email from the employee, a chartered accountant, looking for 'extra time' to investigate a loss of €33,000, sparked an 'adverse' response from its former chief executive. In a ruling just published, the WRC held back the charity's identity, despite the complainant's objections to holding the case in private, citing the nature of its work and the potential that a Garda probe into allegations of 'criminal conduct and financial irregularities' might be prejudiced. The charity asked that the case be entirely anonymised on the grounds that 'negative publicity' would lead to those using its services losing confidence. READ MORE The accountant, who represented himself before the WRC in March said he took up work with the charity as an independent contractor in June 2023 and joined its staff on September 30th that year. The charity's previous finance manager had been out sick before leaving the organisation, while an accounts assistant also left in October 2023, leaving the complainant responsible for the bookkeeping and payroll, and dealing with creditors as well, the tribunal heard. On October 26th, 2023, the complainant said, he told a board member, Mr A, he would have management accounts available 'as soon as possible' in response to a query. The organisation's chief executive wrote the following day, the eve of the October bank holiday weekend, asking after the accounts and stating they had been due the previous day. The claimant replied that he was looking into a 'draft loss of €33,000' and had identified matters requiring 'explanation and correction'. 'I must do a thorough clean up now in order to pass audit by end of January 2024. I need some extra time please,' the email concluded. When the chief executive said the board member would come to the office the following Tuesday to 'assist with the anomalies in the management accounts' the claimant expressed concerns about independence, the email thread submitted to the WRC read. The chief executive said he was 'comfortable' with the board member assisting. The complainant told the WRC the costs were being treated as current liabilities on the balance sheet and he was not confident they were being posted correctly. 'Substantial payments leaving the bank account in October 2023 triggered the query, and there was a snowball effect from there,' he said in his evidence, adding that he 'wanted to see what else was outstanding'. The claimant said he 'wasn't sure' at the time whether or not there was wrongdoing afoot at the charity but he was 'confident that company law was not being complied with and that books and records were not being kept, which is an offence'. He added that when he used the phrase 'pass audit' he 'did not do that lightly'. 'Accounts don't lie,' he said, adding that if he was in the place of his boss, he would have seen it as a 'red flag' and given more time to examine the matter instead of dismissing him. He called in sick the Tuesday after the bank holiday. The chief executive wrote to him on Thursday, November 2nd terminating his probationary employment with immediate effect. He had been a direct employee of the charity for just over a month. He also made formal written complaints to the Garda Fraud Squad, and the Charities Regulator the tribunal heard. The respondent's lawyers submitted that these complaints cited 'alleged misappropriation of funds by the CEO'. Una Clifford BL instructed by John Carroll of Crowley Millar Solicitors, for the charity, argued that the email was not a protected disclosure, but 'just another excuse' for delay due to 'poor performance'. The board member, Mr A, said he was an accountant himself and did not consider the complainant 'competent' in the role. Mr A accepted the accounts 'required improvement' but said they were not in 'as bad a state' as the complainant alleged. The chief executive, in his evidence, denied the email of October 27th was a protected disclosure. He said concerns were raised at a board meeting on Wednesday, November 1st about the complainant having 'inappropriate contact with service users', 'having his feet on the desk' and an 'issue' with Garda vetting. The accountant was terminated for poor performance, he added. The witness said the claimant had 'disobeyed a direct reasonable instruction' about going to a Friday coffee morning with service users. The claimant said he only ever went in the company of a professional employed by the charity. The tribunal also heard that in the days between the claimant writing his email and being dismissed, the charity's board discussed his Garda vetting application and noted in its minutes that he was 'not forthcoming' when he filled out the form. The claimant told the WRC that he had been bogged down with work and was delayed in submitting the application – but that in any event, the Garda vetting bureau had advised him he did not need to be vetted. He accepted when questioned that vetting was a term of his contract, but asked in response why he had been 'allowed on site without Garda vetting'. Adjudicator Michael MacNamee wrote that when he heard the evidence on the question of alleged inappropriate contact with service users, he was 'left with the impression that it was far less serious than was suggested in the submissions'. It lacked 'credibility' as a reason for dismissal, he added. Any issue around Garda vetting was 'no longer live' by the time it was brought before the board, he added. The adjudicator noted that both Mr A and the complainant were accountants, but neither could be said to be independent, so there was no independent expert evidence before him on the accounts. He concluded on the balance of probabilities that the charity had failed to rebut the presumption that the claimant had a 'reasonable belief that the accounts were not being kept in accordance with the legal requirements'. He concluded that the email of October 27th, 2023 from the complainant was a protected disclosure, and that this 'started a chain reaction which led directly to the complainant's dismissal'. The WRC ruled that the accountant's dismissal 'resulted wholly or mainly from the making by him of a protected disclosure'. Whatever concerns the chief executive had about the worker's performance 'whether justified or not', there was no written record of anything serious enough to require more than some 'coaching', the adjudicator wrote. He found the chief executive had a 'strong adverse reaction' to the email of October 27th, 2023 which was exacerbated by the complainant's emails pushing back on allowing Mr A becoming involved, and leading ultimately to the chief executive's patience running out. He ruled the worker was unfairly dismissed and awarded him €34,737 in compensation.

Earnings and trade talks boost market
Earnings and trade talks boost market

Irish Times

time6 hours ago

  • Irish Times

Earnings and trade talks boost market

Markets surged on Friday on strong earnings news along with hopes of a deal in the US-China trade row and increased likelihood of an interest rate cut. Dublin The Irish market's leading stocks performed well on Friday. Insulation maker Kingspan climbed 2.4 per cent to €72.65. Food group Glanbia added 2.68 per cent to €13.04 while rival Kerry advanced 1.62 per cent to €94.20. READ MORE Ryanair dipped 0.9 per cent to close at €23.72. The banks also lured buyers. AIB added 2.15 per cent to €6.90 while peer Bank of Ireland rose 2.91 per cent to €12.03. Permanent TSB climbed 1.01 per cent to €1.995. London London's indeces climbed on Friday boosted driven by global optimism over earnings, trade policies and easy monetary policy. The blue chip FTSE 100 rose 0.7 per cent while the domestically oriented FTSE 250 jumped 1.1 per cent to close at its highest level since February 2022. Markets have rebounded in recent weeks due to easing concerns over the Middle East conflict, signs of US-China trade negotiations and potential for US interest rate cuts. JD Sports was among the top gainers on the blue-chip FTSE 100, advancing 7.6 per cent to 87.88 pence sterling after US rival Nike's upbeat earnings bolstered sportswear brands. Unilever shares rose 1 per cent to 4,432p after the Financial Times reported it was buying men's personal care brand Dr Squatch from private equity firm Summit Partners for $1.5 billion (€1.3 billion). On the flip side, the FTSE 350 precious metals and mining index dropped 4.4 per cent as gold prices tumbled following a ceasefire between Iran and Israel. Fresnillo fell 4.2 per cent to 1,433p while Endeavour Mining slid at the same rate to close at 2,176p. Hochschild Mining shed 2.6 per cent to 251.8p. Europe European stocks closed at an over one-week high on Friday, fuelled by a rally in automakers, as investors took more risks on hopes for a truce in the US-China trade spat. The pan-European STOXX 600 index closed 1.1 per cent higher, snapping a two-week losing streak and posting its first weekly gain in three. German stocks notched their strongest weekly rally in two months, while France and Spain's main indexes clocked their best weeks in over a month. European auto stocks and the luxury sector particularly sensitive to China-related headlines, jumped 4.1 per cent and 2.5 per cent respectively, steering sectoral advances. Porsche jumped 7.6 per cent after newspaper Handelsblatt reported that the carmaker was looking to sell its consulting and IT services business MHP, which could be worth more than €1 billion. The STOXX 600's energy sector suffered its first drop in weeks. The industry lost steam as oil prices plunged, after fears of a closure of the Strait of Hormuz – crucial to global supply – subsided following a 12-day conflict between Israel and Iran. US Wall Street pushed stocks toward fresh all-time highs after Friday's economic data eased concerns about the impacts of tariffs. Signs that the US economy shrank in the first three months of the year while people reined in spending sparked hopes that central bankers will cut interest rates again this year. Sportswear giant Nike was up 15.5 per cent at $72.17 (€61.68) shortly after 6pm Irish time after the group pledged to cut production for the US market in China. The company reported a year-on-year 12 per cent decline in revenue to $11.1 billion, but its 14 cent per share earnings beat market expectations, prompting investors to back the stock. The main Wall Street indexes – the S&P 500 and the Nasdaq – touched intraday record highs on Friday with technology stocks in the lead. Prices paid by consumers for goods and services rose 2.3 per cent overall in the US last month. Analysts argued that they showed little impact from tariffs on imports. The Fed, the US central bank, expects inflation to rise during the summer months, but if this does not materialise, it has indicated that it will cut interest rates.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store