Musk Confidant Afshar Exits Tesla in Latest High-Level Departure
(Bloomberg) — Omead Afshar, a powerful executive at Tesla Inc. (TSLA) and one of Elon Musk's closest confidants, has left the company, according to people familiar with the matter, the latest high-level departure during a volatile period for the electric vehicle maker.
News of the exit has circulated internally among some employees in recent days, said the people, who asked not to be identified discussing internal information. Afshar's name no longer appeared to show up in an internal directory, two of the people said. The reason for the change wasn't immediately clear.
Afshar, Musk and Tesla didn't immediately respond to requests for comment.
Afshar, who has worked in the office of the CEO, was promoted last year to oversee sales and manufacturing operations in North America and Europe. Those markets have become particular pain points for the automaker recently, with sales plunging due to rising competition and a consumer backlash to Musk's role in US President Donald Trump's administration.
This marks at least the second departure of a prominent Tesla leader in recent weeks. Milan Kovac, the head of engineering for the company's Optimus humanoid robot program, stepped down citing a desire to spend more time with his family.
The personnel changes punctuate a tumultuous year for Tesla, whose shares have tumbled about 19% while demand has waned for its EV models and Musk has spent time in Washington. The chief executive officer is trying to reorient the company around artificial intelligence, robots and driverless cars, recently rolling out a small number of Tesla's long-promised robotaxis in Austin.
Tesla is expected to report global delivery results for the second quarter next week.
Tesla Tenure
Afshar joined Tesla in 2017, as the carmaker was beginning to ramp up production of the Model 3 sedan.
'I was with Elon nearly every single day during Model 3 hell,' he says in a post on X, the social media platform that Musk owns. 'This included Thanksgiving, Christmas, New Year's Eve, his birthday and nearly missing his brother's wedding.'
Afshar was posting regularly on social media in recent days, including several messages this week praising the robotaxi launch.
The executive oversaw the construction of Tesla's plant in Austin. A member of the office of the CEO since 2017, his most recent job title was listed on his LinkedIn page as a cowboy hat emoji.
He came under internal scrutiny in 2022 for his role in purchasing hard-to-get construction materials, including a special kind of glass, Bloomberg reported.
It's not unusual for executives to shuffle from one part of Musk's empire to another, and Afshar worked at SpaceX for a time.
Tesla has just three named executive officers: Musk, Chief Financial Officer Vaibhav Taneja and Tom Zhu, senior vice president of automotive.
—With assistance from Kara Carlson and Craig Trudell.
©2025 Bloomberg L.P.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
ETFs vs. index funds: Key differences and similarities
Exchange-traded funds (ETFs) and index funds both offer a straightforward way to diversify your investment portfolio. Both fund types can have low fees, though index funds often charge less. You may own index mutual funds through your workplace retirement plan, while ETFs are more often purchased separately with a brokerage account. Index funds and exchange-traded funds (ETFs) are both great wealth-building tools that work well in many different investment scenarios. But it's important to note that index funds are often ETFs and ETFs are almost always index funds. Both index funds and ETFs are often low-cost and passively managed, meaning they can be a 'set-it-and-forget-it' solution. Plus, both investment vehicles can offer built-in diversification; these qualities and more make them ideal for the average investor. Here we'll compare these two types of investments to help you decide if either (or both) are right for you. Get started: Match with an advisor who can help you achieve your financial goals ETFs and index funds present a few differences that investors need to be aware of. If you invest in a 401(k) or 403(b) through your employer, there is a good chance you will have index mutual funds as an investment option, but not ETFs. If you want to buy ETFs, your best bet is usually to open an IRA, Roth IRA, or a taxable brokerage account. Depending on where you open these accounts, you will likely have access to a much broader range of funds, including a wide variety of mutual funds and ETFs. Ultimately, online brokers offer you the greatest number of options for buying index funds. The major brokers offer all of the common types of index funds. Investment minimums vary depending on the type of index fund. For example, mutual funds have investment minimums that can be a barrier for some investors. Vanguard's VTSAX had a minimum investment of $10,000 in the past. The minimum has since been reduced to $3,000, which is much better, but can still sideline some who don't readily have that much cash on hand. When you have an account with an online broker, you can often buy as little as one share of an ETF. Better still, several online brokers now offer trading in fractional shares. These fractional shares allow you to buy as little as 1/100,000th of one share in some cases, meaning you can invest exactly as much as you want. Trading fees work differently for mutual funds and ETFs. These days, trading commissions for stocks and ETFs are almost non-existent when you deal with major brokers. Index mutual funds generally don't have trading commissions when buying directly through the company that issues them. However, they may have load fees, which are a form of sales commission. ETFs have no load fees, either on the front end or the back end. The lesson here is to see the whole picture in terms of the fees, because even if a mutual fund has a lower expense ratio than an equivalent ETF, that can be offset by trading fees. If you buy and sell frequently, ETFs are the clear winner when it comes to taxes. When shares of an ETF are sold, only the seller pays capital gains taxes. That's different from index mutual funds because a fund manager is involved. If the fund manager then sells the underlying assets for a gain, those gains are spread among every investor who owns shares in the fund. Despite their differences, ETFs and index funds are quite similar, and they can serve a lot of the same roles for the investor. One of the biggest benefits of both index funds and ETFs is how easy they make it to diversify your portfolio. Total stock market funds, for example, track the performance of every publicly traded company in the United States, meaning at the moment, they track nearly 4,000 U.S. companies. Vanguard funds VTSAX and VTI track this same index, but the former is a mutual fund and the latter is an ETF — but they're both still index funds. The fees on both index funds and ETFs are low, especially when compared to actively managed funds. Many ETFs track an index, and this investment style keeps fees low. Since the fund changes based only on changes to the index — a passive approach — there are few labor costs associated with index funds. In 2023, the average expense ratio for index equity mutual funds was 0.05 percent, according to the Investment Company Institute's latest report. For equity ETFs, it was 0.15 percent. On the other hand, the average fee in 2023 for actively managed mutual funds and ETFs was 0.65 percent and 0.43 percent, respectively. Index funds and most ETFs simply try to replicate an index of stocks or other assets. They don't make active trading decisions and try to beat the market. Instead, they try to mimic the index and match its returns over time. And investors can use index funds and ETFs as a passive investment strategy. For instance, you may have an employer-sponsored retirement plan that allows you to invest using payroll deductions. If you invest a certain percent of your salary every pay period in index funds, your portfolio will need little to no ongoing maintenance. The same is true if you invest in ETFs or index funds in a brokerage account. When you buy S&P 500 index funds, for example, most brokers offer the option to invest automatically. Another benefit of both index funds and ETFs is strong long-term performance. An active fund manager or stock picker might make a few winning trades here and there; few, though, can do so for a sustained period and beat the market. Over the long term, most active fund managers fail to beat or even meet their index funds and ETFs provide more consistent performance that wins in the long run. The S&P 500, for example, has historically returned about 10 percent per year, on average. This makes broadly diversified index funds and ETFs solid long-term investments. Determining whether an index fund or ETF is better is difficult because the answer depends on the specific funds being discussed and your goals as an investor. Many index funds are available in ETF form, which provides trading throughout the day and rock-bottom fees. If you're buying an index mutual fund, you'll likely run into investment minimums of a few thousand dollars, plus you'll only be able to buy and sell at the end of each trading day. But it's important to remember that mutual funds and ETFs aren't investments in and of themselves, they're just vehicles for investing in securities like stocks and bonds. If you're investing in a mutual fund and an ETF that both track the same index and therefore hold the same underlying securities, you're likely to end up with similar performance over longer periods of time as long as the fees for each fund are similar. Learn more: A guide to financial planning and how to get started Whether you invest in an ETF or an index fund, you are choosing to invest in your future. The differences between the two tend to be small; in fact, index funds and ETFs are often (but not always) the same thing. Thus, which one you choose is less important than the choice to start investing. In doing so, you take advantage of low fees and diversification, and an investment that will grow over time. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Android Authority
17 minutes ago
- Android Authority
Google Search launches what could be its most useful experiment in years: Preferred Sources
Edgar Cervantes / Android Authority TL;DR Google Search surfaces recent news posts from various outlets in Top Stories. So far, you haven't had much say over the news outlets Google chooses as relevant. With its new Preferred Sources experiment in Labs, you can select your favorite publishers for their content to stand out. It's easy to forget, if you didn't live through it, just how much of a game-changer Google Search was when it first debuted in the late 90s. While we had options like Lycos and AltaVista for years, Google just made it so much easier to find the content you were looking for. These days, though, a lot of users feel unsatisfied with the results they get from Search, with lower-quality sites, sponsored content, and AI slop making it so much harder to locate anything actually useful. While you could always continue to just search Reddit instead, this week we're learning about a new experiment that might actually help steer Search results back in the right direction. Google's got some tips for getting the most out of Search, and in sharing those, it also announces its latest Labs experiment. Once you opt in to testing it, Preferred Sources will give you the option to prioritize results from your favorite, most trusted sources. Now, before you go thinking you can just permanently tell Google to find the answer on Reddit, Preferred Sources operates on Top Stories results — so we're talking about news posts from publishing organizations, rather than social content or personal blogs. But once you turn Preferred Sources on, you'll be able to hit the star icon in the Top Stories header and choose those sites whose news stories you want to see most. Knowing Google, you shouldn't expect your Preferred Sources to exclusively populate the top spots in your Top Stories, but you'll at least see them in there when those sites have recent posts relevant to your query, marked with that same star to highlight them. And then it also looks like we're getting a row just beneath that where Google highlights results that really are just from your chosen sources. Right now, though, we haven't been able to try Preferred Sources for ourselves, despite Google's announcement making it sound like the experiment should be presently available. It's supposed to show up as an option in Search Labs for users in both the US and India, but for the moment we're just getting redirected back to the main Labs page. Hopefully we'll have a chance to give it a try soon and really get a sense for how much influence this truly offers over the results you get. Got a tip? Talk to us! Email our staff at Email our staff at news@ . You can stay anonymous or get credit for the info, it's your choice.


Android Authority
18 minutes ago
- Android Authority
Check out these Nothing Phone 3 renders showing off its black and white colorways
TL;DR New renders of the Nothing Phone 3 have leaked. The device is said to be available in black and white. The launch of the Nothing Phone 3 is just around the corner. While Nothing has shared teasers leading up to the event, that hasn't stopped leaks from rolling in. The latest leak provides some high-quality renders of the company's next flagship phone. We have a gallery of fresh Nothing Phone 3 renders to check out, courtesy of Android Headlines. The handset is said to be available in black and white colorways, which you can see in the images below. You may also notice that these renders include the new Glyph Matrix, which has replaced the Glyph interface. The Phone 3 is expected to have an unusual rear camera setup, with the top camera misaligned with the cameras below it. Nothing confirmed today that one of these cameras is a 50MP telephoto camera. The company also shared the image below, which looks slightly different than these renders. Nothing has not confirmed the other two cameras, but it's rumored that both are 50MP as well. The Phone 3 is scheduled to launch on July 1, along with the Headphone 1. Rumors suggest that the Phone 3 will start at $800, while the Headphone 1 is expected to carry a price tag of $309 in the US. Got a tip? Talk to us! Email our staff at Email our staff at news@ . You can stay anonymous or get credit for the info, it's your choice.