Thursday October 18, 2018
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Musk Plans Mass Transit System

Musk "envisions dozens to hundreds of small stations, about the size of a single or double car parking spot, to alleviate traffic at any one spot".

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Musk was joined by The Boring Company director Steve Davis.
Elon Musk. Pixabay.
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SpaceX and The Boring Company CEO Elon Musk has for the first time revealed his concept for a personalised mass transit system or “Loop” that will carry 16 people and travel at 240 km per hour for a fare of just $1.

In a rare public appearance here late on Thursday, the Tesla founder also unveiled the project details, including 2.7 miles of tunnel that will run north to south parallel to the 405 freeway in Los Angeles, CNET reported.

Musk, however, did not provide a time-line for his project that could get people from downtown to Los Angeles International Airport in eight minutes in a vacuum tube.

Musk “envisions dozens to hundreds of small stations, about the size of a single or double car parking spot, to alleviate traffic at any one spot”.

Musk was joined by The Boring Company director Steve Davis.

Read also: Musk Hints Collaboration of SpaceX Rockets With Hyperloop Project

“It’s the only way we can think of to address the chronic traffic issues in major cities,” Musk said.

These tunnels were not yet part of his cross-country “Hyperloop” system, which would ferry people in tubes travelling at airline speeds at a much lower cost.

“Excited for @boringcompany partnership with LA Metro,” Musk later tweeted.

LA Metro is the Los Angeles County Metropolitan Transportation Authority, an agency that operates public transportation for the County of Los Angeles.

According to the city, the proposed tunnel would begin with the entry/exit point at 2352-6 Sepulveda Boulevard, north of West Pico Boulevard, in West Los Angeles.

Earlier, Musk hinted that he plans to link the hyperloop project under his start-up The Boring Company with SpaceX’s rockets to create a transportation system that may ferry people anywhere on Earth in less than an hour.

The Boring Company is an infrastructure and tunnel construction company founded by Musk in late 2016.

Musk’s aviation company SpaceX has got approval from the City of Los Angeles to build The Big Falcon Rocket, or BFR, which will be used to explore Mars — a goal that Musk hopes to accomplish by 2022. IANS.

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Elon Musk Decides to Keep Tesla As A Public Company

"I knew the process of going private would be challenging, but it's clear that it would be even more time-consuming and distracting than initially anticipated." Musk said.

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Tesla has become the most valuable American carmaker, with its stock worth more than $50 billion. Pixabay

Paying heed to his investors’ feedback, Tesla Chairman and CEO Elon Musk has decided not to veer the electric carmaker off the road and let it remain a publicly traded company to stay focus on becoming profitable.

On August 7, Musk surprised the investment world with a Twitter announcement that he was considering taking Tesla private and that the funds needed to do so were “secured”.

Musk’s tweet caused a financial firestorm with Tesla shares immediately skyrocketing. But in later days, they lost a good part of what they had gained and tanked further over the confusion which way Tesla might go.

In a blog post late on Friday, Musk took a U-turn, saying his investors were extremely important to him.

“Almost all have stuck with us from the time we went public in 2010 when we had no cars in production and only a vision of what we wanted to be.

“Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company,” Musk wrote.

This came after Musk had discussions with existing shareholders and financial advisors and learned that there was little appetite for such a move.

Elon Musk
Elon Musk, founder, CEO and lead designer at SpaceX. VOA

“Additionally, a number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company. There is also no proven path for most retail investors to own shares if we were private,” said Musk.

“Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this’,” he added.

Since the Musk announcement came over the weekend, its impact on Tesla stock will only be visible when the US market reopens on August 27.

Musk said he worked with investment firms like Silver Lake, Goldman Sachs and Morgan Stanley to consider the many factors that would come into play in taking Tesla private.

He also spent considerable time listening to current shareholders, large and small, to understand what they think would be in the best long-term interests of Tesla.

Also Read: Tesla Chairman Elon Musk’s Twitter Gets Hacked Again

“I knew the process of going private would be challenging, but it’s clear that it would be even more time-consuming and distracting than initially anticipated. This is a problem because we absolutely must stay focused on ramping Model 3 and becoming profitable,” Musk said.

In an interview to The New York Times this month, Musk spoke about “excruciating” times and long working hours at Tesla, noting that he “nearly missed his brother’s wedding this summer and spent his birthday holed up in Tesla’s offices as the company raced to meet elusive production targets on a crucial new model”.(IANS)

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