Not that he needs or even wants the money, but a few days before Christmas, Elon Musk is going to get a great deal richer. Tesla’s entrance into the Standard & Poor’s 500 should, according to some estimates, pad Musk’s net worth by between $20 billion and $30 billion, which would put him within striking distance of the world’s richest man, Jeff Bezos. However, we suspect that Musk is somewhat more excited about his 20% share of the $400,000 Tesla’s getting from a former employee. This is not just because, as Musk himself notes, Tesla’s share price is about as solid as a finicky French pastry, but because it represents his latest vindication over a naysayer, and a particularly vindictive one, at that.
A former Tesla Inc. employee who locked horns with Chief Executive Officer Elon Musk has agreed to pay the company $400,000 for telling reporters about production delays at its Gigafactory in Nevada, according to a court filing…. [Martin] Tripp admitted to violating trade secret laws and confidentiality agreements. He also owes Tesla an additional $25,000 for previously revealing information about the company, despite being ordered to stop by a judge.
Nikola Corp’s stock extended its recent drop on Tuesday as investors were allowed to sell shares of the electric truck maker on the expiration of the startup’s share lock-up period…. As of Monday, Nikola’s short-sellers were profitable in 2020, with a net-of-financing mark-to-market profit of $309 million for the year….
In May 2018, a legal representative attempted to register the brand Teslaquila in Mexico, the only country where tequila is made. In February 2019, the CRT filed its objection to the brand; in March 2019, the Mexican Institute of Industrial Property said “Teslaquila” can’t be registered because it was too close to the designation of origin tequila. In a July 16th response, Musk’s team challenged this, saying “Teslaquila” was a natural variant from Tesla and the suffix “-quila.” On January 16th, the final ruling came down: the Mexican Institute of Industrial Property declared it could not register the brand.
Ex-Tesla Factory Worker to Pay $400,000 Over Feud With Musk [Bloomberg]
Tesla to Enter S&P 500 at Full Weight in December [WSJ]
Musk to Tesla employees: ‘Our stock will immediately get crush like a souffle under a sledgehammer!’ if we don’t control costs [CNBC]
Nikola shares drop as share lockup period expires [Reuters]
Elon Musk wanted to call his new tequila ‘Teslaquila’ but Mexico said no [The Verge]