Tesla Financial News

By Amruta Khandekar and Shristi Achar A

Scrapping subsidies for electric vehicles would be counterproductive and make it harder for low-emission vehicles to gain a foothold in the Australian market, the peak EV industry body says.

crypto investors with Bitcoin seeing its most significant weekly drop since the November 2022 FTX crash. In the past week, Bitcoin declined 11.5%, hitting $26,023.33 according to Coingecko's data at 5.30 PM on Monday. Similarly, significant alternative cryptocurrencies like Ethereum fell 9.7%, Ripple's lost 16.9%, Solana crashed 13.3%, and memecoins such as Dogecoin and Shiba Inu declined by nearly 16%. The broader market was already in a bear phase, but Bitcoin faced an 8% plunge on August 18 as Elon Musk's SpaceX reportedly divested its Bitcoin holdings, akin to Tesla. SpaceX had accumulated $373 million in Bitcoin during 2021-2022. “Bitcoin’s fall below $26000 last week was the biggest decline for BTC in almost over a year,” said Siddhartha Gupta, SVP, Business and Strategic Alliances, CoinDCX. Simultaneously, investor concerns were heightened by the Federal Reserve's July minutes suggesting possible interest rate hikes.

Tesla, the American electric carmaker, Monday in a legal disclosure said two of its former employees were behind a data breach that compromised personal information of over 75,735 people including staff, reported Reuters A total of 75,735 people were affected by the data breach, including nine residents of Maine. The people appear to be current or former employees of the Austin, Texas-based automaker.

Investing.com — The Dow closed lower Monday as weakness in consumer staples and energy offset an Nvidia-led rebound in tech despite a jump in Treasury yields to 16-year highs ahead of potential clues on monetary policy later this week.

Investing.com — The S&P 500 climbed Monday as Nvidia led a rebound in tech ahead of its quarterly results due Wednesday even as Treasury yields jumped to 16-year highs ahead of potential clues on monetary policy later this week.

Porsche is exploring opportunities to start assembly of its iconic model SUV Cayenne in India amid an “unprecedented surge” in demand, senior industry executives aware of the German luxury carmaker’s plans told ET. Porsche AG board members Detlev von Platen, executive board for sales and marketing, and Matthias Becker, vice president of region overseas and emerging markets, are in Delhi to meet senior government officials, the sources said. They are scheduled to meet officials at Invest India and Niti Aayog on Tuesday. “Porsche is examining possibilities to locally assemble the SUV (Cayenne) to avail of tax benefits and expand its footprint in this fast-growing space,” a senior executive in know said on condition of anonymity. The company’s sales in India grew 64% on year to 779 units in 2022 with Cayenne accounting for almost half of it, the person said. Porsche did not share any information on the development in response to a query from ET. India recently surpassed Japan to become the third largest automobile market in the world. The country imposes 100% import duty on cars with cost, insurance and freight value of more than $40,000 and 70% on cheaper vehicles.

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Investing.com — U.S. futures traded higher Monday, starting a new week on a positive note as investors await news from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.

Tesla CEO Elon Musk has often been known for his tough working style and what he calls ultra hardcore work culture. Musk's philosophy includes getting the most out of his employees which was also revealed when the billionaire took over Twitter in a $44 billion deal last year.

leadership of Prime Minister Narendra Modi, has also begun and promoted the Startup India Initiative to help aspiring entrepreneurs. It has also launched various schemes to train as well as provide technical support, financial assistance, subsidies, and other services to budding entrepreneurs to fuel their growth and mark their presence in the market. PM Modi, in his recent Independence Day speech, explained that the MUDRA Yojana has enabled crores of citizens to become entrepreneurs with a budget of over 20 lakh crore rupees and thus also be job creators for others.

By Louis Juricic and Sarina Isaacs

Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: VinFast makes a splash in its market debut; Tesla cuts prices in China; and Mullen continues to fight delisting.

The Hill. The interesting development in favouring an Indian-American businessman comes days after Tesla founder Elon Musk advocated for Ramaswamy. Further on Friday, Ramaswamy also vocalised his opinion on the ways to end the Russia-Ukraine war.

The New Zealand Breakers – the privately owned, Auckland-based club – appears to be on the radar of investors as the team goes toe-to-toe with the Sydney Kings for the top spot in the National Basketball League.

Elon Musk on Friday announced that microblogging site ‘X’, formerly known as Twitter would scrap the ‘block’ feature, saying that it ‘made no sense’. Replying to a tweet by Tesla Owners Silicon Valley, Elon Musk noted that block will be deleted as a feature, except for direct messages. The Block feature is used to restrict interaction with specific accounts on the microblogging platform.

When Elon Musk threatens to drive uninvited to a business rival’s house to physically fight him, it raises questions about what’s going on with the world’s richest man. Among them: Has the joke gone too far? What started as a funny tit-for-tat in late June about a potential physical duel slipped into weird territory when Mark Zuckerberg’s handler had to issue a statement Monday that the Meta Platforms boss wasn’t “going to fight someone who randomly shows up at his house." Such antics are now leading some Musk supporters to worry aloud that he has lost touch, saying he is ensconced in a distorted reality that is warping his perspective and threatening his businesses at a time when he is trying to oversee multiple companies in different industries.

Elon Musk has announced the removal of block feature on the social media platform. Musk was responding to a question from the Tesla Owners Silicon Valley account asking users about their preference between mute and the block feature. Musk noted via an X (formerly Twitter) post that blocking will be deleted as a feature expected for direct messages but users will still possess the ability to mute others.

Elon Musk this week. The Tesla and SpaceX CEO dubbed the US Presidential hopeful a “very promising candidate" and urged people to listen to an interview of Ramaswamy. The 35-year-old is one of three Indian origin Republicans set to contest against Donald Trump in the upcoming primaries.

Elon Musk’s SpaceX is among many alleged culprits behind a seismic crypto market crash on Thursday, which has triggered over $1 billion in liquidations over the past 24 hours. Here's the latest.

Wood's flagship ARK Innovation ETF, leaving the closely followed fund down more than 20% for the month of August. Wood, whose $7.2 billion fund is well-known for its large bets on companies such as Tesla, Roku and Coinbase Global, remains one of the best-performing fund managers for the year to date. Despite its steep losses this month, ARK Innovation is up nearly 29% so far this year, a performance that puts it in the top 2 percentile of all U.S.