Latest news with #BoringCompany
Irish Times
14 hours ago
- Business
- Irish Times
Does it matter if Elon Musk won't work 40 hours a week at Tesla?
A group of pension funds has asked Elon Musk to work a 40-hour week at Tesla . It's a modest request, given Musk himself once scoffed that 'nobody ever changed the world on 40 hours a week', recommending a pain threshold of 80+, 'peaking above 100 at times'. If you believe Musk, his White House exit means he's now 'back to spending 24-7 at work and sleeping in conference/server/factory rooms'. Wedbush's Dan Ives, a Tesla bull, says Musk is again 'laser focused' on Tesla's autonomous future. Such assertions sound more hopeful than factual. Musk's 24-7 schedule covers Tesla and his other four companies (X, xAI, Neuralink and the Boring Company). Sleeping in the factory is a fine photo op; still finding time to fire off memes and far-right fanfare on X makes the maths harder. Not even Musk can give 40-plus hours to each of five companies. Still, shareholders know the reality: Musk is the product. Without his visions – however delayed or discredited – Tesla would be just another carmaker, not a company valued like a trillion-dollar tech start-up. READ MORE Shareholders may grumble, but they'll take a distracted Musk over any dutiful alternative. Tesla's share price has always been about belief, not numbers. Perhaps the truth is what matters isn't how many hours Musk works – it's how many people still believe the story.
Yahoo
4 days ago
- Business
- Yahoo
Elon Musk's SpaceX company town is reportedly notifying residents they may ‘lose the right to continue' using their property amid zoning push
The newly approved city of Starbase is apparently looking to ramp up development, telling some residents they 'may lose the right to continue' using their property as a result of a proposed zoning ordinance for a mixed-use space, according to a memo published by CNBC. Starbase is home to SpaceX's Starship launch site, and the majority of its residents are employees of Elon Musk's company. Starbase, the fledgling Texas city home to Elon Musk's SpaceX, appears to be making rapid moves to advance its development. The city has notified some residents it is considering a new zoning ordinance that may require residents to lose access to their property, according to a city memo published by CNBC. 'The city of Starbase is holding a hearing that will determine whether you may lose the right to continue using your property for its current use, please read this notice carefully,' newly hired city administrator Kent Myers, the memo's author, said. Starbase serves at the headquarters of SpaceX and launch site of its Starship program, which has the ultimate goal of transporting passengers on interstellar flights to the moon and Mars. Earlier this month, about 200 of the 283 residents in the area eligible to vote—the majority of which were SpaceX employees—approved a proposal to turn the coastal South Texas land into the city of Starbase. The Cameron County city, once the town of Boca Chica Village, will likely have about 500 residents, more than half of which will be SpaceX employees. Many others will be family members of the employees. The city's leadership also has connections with Musk, including Mayor Robert Peden, a 12-year SpaceX veteran. The city is looking to develop a space that is a 'blend of residential, office, retail, and small-scale service uses.' Residents who were sent the memo own property within the proposed zoning map. Starbase is scheduled to convene on June 23 to discuss the zoning ordinance. 'Our goal is to ensure that the zoning plan reflects the City's vision for balanced growth, protecting critical economic drivers, ensuring public safety, and preserving green spaces,' the memo said. In the past few years, Musk has transformed some Texas towns by moving company operations to the red state that boasts few regulations and low taxes. Beyond being a hub for SpaceX, the state is also home to a research and development center for Musk's tunneling venture the Boring Company, and will soon also house the headquarters of his social media platform, X. SpaceX, the city of Starbase, and Myers did not respond to Fortune's requests for comment. As Starbase grows, so too does SpaceX's launch plans. Earlier this week, the Federal Aviation Administration approved SpaceX's request to increase its annual launches from five to 25. Not all launches have gone smoothly. The company's mega rocket Starship launches have resulted in a string of explosions, most recently on Tuesday, when a 403-foot rocket spun out of control before crashing into the Indian Ocean. SpaceX's launches take place near Boca Chica Beach, which the Texas Senate recently allowed authorities to close off access due during the launches. Republican state Sen. Adam Hinojosa introduced a separate bill that would allow Starbase to close the beach on weekdays, while Cameron County officials would have the authority on beach hours on the weekend. While many local officials have been supportive of Musk's expansion to the Lone Star State and hopeful of the economic potential of the investment, not everyone is of the same opinion. The increased launch activity—and rise of ensuing beach closures—has drawn the ire of some locals, who are concerned Starbase's growing control of the beach makes it less accessible to those who enjoy it, as well as to the Carrizo/Comecrudo Tribe, to whom the beach holds spiritual significance. 'The entire system is kind of designed to basically give them a de facto private beach,' Rob Nixon, vice chair of the South Texas chapter of environmental nonprofit the Surfrider Foundation, told the Texas Tribune. 'Public safety's one thing, but to use public safety against the public to close it down…it's not genuine.' This story was originally featured on
Time of India
5 days ago
- Business
- Time of India
Elon Musk's right-hand man Steve Davis exits DOGE day after billionaire's departure
Steve Davis , Elon Musk 's longtime lieutenant and key operational leader at the Department of Government Efficiency ( DOGE ), has left his government role, the White House confirmed Thursday. Davis's departure follows Musk's own exit from the Trump administration this week, marking the end of the billionaire's direct involvement in federal cost-cutting efforts. Davis had been handling day-to-day operations at DOGE, including hirings and firings, according to current and former staffers. The 45-year-old aerospace engineer has worked with Musk for over two decades across multiple ventures, including SpaceX , Tesla , the Boring Company , and X (formerly Twitter). He was widely considered Musk's "right-hand man" and held more operational power at DOGE than its official administrator. Elon Musk 'unhappy' with Trump administration Musk confirmed his departure from government service Wednesday night, citing frustrations with Washington's bureaucratic obstacles. The world's richest man, who spent heavily supporting Trump's 2024 campaign, told reporters he "probably did spend a bit too much time on politics" and was disappointed by Congress's recent spending bill, which he said "undermines" DOGE's mission. The billionaire's exit came after mounting tensions within the administration. Musk publicly criticized Trump's signature domestic policy legislation for increasing the deficit, complained about AI deals involving rival companies, and has yet to deliver on a promised $100 million pledge to Trump's political operation for the 2026 midterms. DOGE claimed to have saved $175 billion in taxpayer money, though critics questioned these figures. Musk acknowledged that cutting federal spending proved "far more difficult" than expected, requiring more "political will" than Congress appeared willing to provide. Musk and Davis have been partners for twenty-years Davis has worked alongside Musk for over two decades, starting at SpaceX in 2003 when the company was still in its infancy. The Stanford-educated aerospace engineer earned Musk's trust through relentless work and cost-cutting prowess, once finding a $3,900 alternative to a $120,000 rocket part. Musk has compared Davis to "chemotherapy" – essential but potentially toxic in large doses. Throughout Musk's various ventures, Davis has served as the operational enforcer, slashing costs and eliminating redundancies at the Boring Company, X (formerly Twitter), and most recently at DOGE. His reputation as a demanding boss who sets tight deadlines and works around the clock made him an ideal choice to implement the sweeping government reforms Musk envisioned. Davis currently serves as president of the Boring Company and did not immediately respond to requests for comment about his departure from DOGE. His exit marks another significant blow to the agency's mission as it loses both its visionary leader and operational commander within 24 hours. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Insider
5 days ago
- Business
- Business Insider
Elon Musk's right-hand man is leaving DOGE too
Steve Davis, Elon Musk's right-hand man, is following the Tesla CEO out the DOGE door. A White House official confirmed to Business Insider that Davis, who is also a leader of Musk's Boring Company, has left the DOGE team. The Wall Street Journal first reported the news of Davis' exit. On Wednesday, Musk began his off-boarding process as he neared the end of his 130-day mark as a special government employee. Musk had previously said on a Tesla earnings call that he would be spending more of his time focusing on the company, which has borne the brunt of the backlash to the billionaire's work in the Trump administration. Musk and Davis' departures signal the beginning of a new era for the "Department of Government Efficiency," Trump's singular effort to reshape the federal workforce. Davis was among the small handful of DOGE office officials who joined Musk for a March panel interview with Fox News anchor Bret Baier. Their appearances came as the White House sought to improve the image of the DOGE team amid significant pushback from congressional Democrats. It remains to be seen what will become of the DOGE office. Multiple legal challenges to mass layoffs pushed by the DOGE team remain ongoing, as does a separate legal fight over whether the office will be required to make some of its records public under the Freedom of Information Act. The White House has repeatedly said that Amy Gleason, a federal data cruncher, is leading the DOGE office. After months of speculation about who exactly was in charge of the effort, the White House formally named Gleason the acting DOGE office administrator. Musk has pushed for Congress to enshrine some of the DOGE office's cuts into law. After multiple delays, Trump is set to send a proposal to Congress asking lawmakers to approve $9.4 billion in cuts. An Office of Management and Budget spokesperson previously confirmed to BI that the package is expected to include $1.1 billion in cuts to the Corporation for Public Broadcasting, which funds NPR and PBS. A representative for the Boring Company did not immediately respond to BI's request for comment.
Fast Company
21-05-2025
- Automotive
- Fast Company
Tesla's Cybertruck is officially a flop
We've known since launch that the Cybertruck is a flop. Sales have been residual after they peaked at 5,175 units registered in July 2024, gradually falling to just 2,000 units sold in April 2025. The dip has been so deep that the Boring Company would have a hard time reaching the bottom of its sales chart pit, which has totaled 46,000 units since production started in late 2023. Now we have learned that things are getting worse for Cybertruck owners: The Cybertruck has depreciated by 45% after only one year, according to Car Guru. The depreciation is so bad that Tesla wasn't accepting its own children as trade-ins until three days ago, as the Cybertruck Owners Club found out. According to an estimate obtained in Tesla's app by an owner, a $100,000 AWD Foundation Series with about 6,200 miles on the odometer is now worth $65,400. That's a 34.6% drop in its value in just one year (on average, cars depreciate around 30% in the first two years). Worse, as Electrek points out, 'it's also worth nothing that Tesla's online 'trade-in estimates' are often higher than the final offer.' The reason may be as simple as the fact that few people want a Cybertruck. We have reported on its many design and quality failures: Doors that sever fingers, a gas pedal that can cause uncontrollable acceleration, falling trim pieces that can cause accidents. Those are just a few examples in a seemingly never-ending timeline of problems that has resulted in eight recalls since its debut. Surprise! It depreciates This polygonal nightmare is flailing, and it should come as no big surprise. There were signs of what is happening now back in May 2024, when the price of secondhand Cybertrucks cratered a few months after initial hype and limited production drove up the truck's resell price to double or triple its original $102,235 price tag. This tracks Tesla's own stock, which has been similarly inflated with a price-to-earnings ratio of 188.13 as of May 19, meaning that the company's share price trades at 188.13 times its earnings per share. For comparison, BYD—the leading EV manufacturer in the world—has a PE ratio of 27.67. As Tesla increased the production volume, the demand began to fall fast, leading to unsold inventory and forced production slowdowns that left assembly lines empty, with workers taking leave or doing other tasks. Demand was so low that used car dealers reduced purchases, contributing to the rapid depreciation. Musk once claimed that Tesla cars would increase in value, which turned out to be false. Like nearly every other car on the planet except collector pieces, Tesla's cars have depreciated in value. But the regular depreciation has now accelerated for the entire brand. Tesla Model 3 and Model Y vehicles experienced the most significant depreciation among the top 200 car models in 2024. Tesla experienced a 71% decline in net income and a 13% drop in EV sales in Q1 2025. The company is facing a critical moment due to stagnant design, outdated technology, and declining sales. The Cybertruck is the epitome of this problem. My prediction? Soon there will be a few thousands of these hideous trucks in an underground parking lot with no exit. A new Musk grave with a big tax write-off sign on the front.
