Thursday January 24, 2019
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Robyn Denholm Replaces Elon Musk As Chairman Of Tesla

Musk accepted the deal with the SEC "without admitting or denying the allegations of the complaint", according to a court document.

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Tesla, board
Tesla to lay-off 7% full-time staff amid China dreams. Pixabay

 Electric car company Tesla on Thursday announced the appointment of Robyn Denholm, an executive at Australian firm Telstra, to become the Chair of the Tesla Board.

Denholm takes over the role from Elon Musk who agreed to step down as Chairman of Tesla for three years and pay a $20 million fine in a deal with the stock market regulatory authority, Securities and Exchange Commission (S.E.C.) to resolve securities fraud charges.

Musk will remain as Tesla’s chief executive.

“Robyn will be leaving her role as CFO and Head of Strategy at Telstra, Australia’s largest telecommunications company, once her six-month notice period with Telstra is complete. Robyn will be serving as Tesla Chair on a full-time basis,” Tesla said in a statement.

tesla
A Telsa car recharges at a Tesla charging station in Charlotte, N.C. VOA

To ensure a smooth transition during the remainder of Robyn’s time at Telstra, Musk will be a resource to her and provide any support that she requests in her role as Chair.

“Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla Board member over the past four years in helping us become a profitable company,” said Musk.

“I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy,” he added.

Denholm has served on the Tesla Board as an independent director since 2014.

Her global experience in both Australia and Silicon Valley encompasses leadership roles across a range of technology companies, including Telstra, Juniper Networks, and Sun Microsystems.

Tesla CEO Elon musk
Elon Musk agrees to step down as Chairman (VOA)

“I believe in this company, I believe in its mission and I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value,” said Denholm.

The US SEC last month announced the deal with Tesla, after it sued Musk in federal court for misleading investors over his post on Twitter in August that he had “funding secured” for a buyout of the electric-car company at $420 a share, reports The New York Times.

Also Read: Elon Musk Shows a New Transportation System Being Developed Under LA

Musk accepted the deal with the SEC “without admitting or denying the allegations of the complaint”, according to a court document.

His tweet about taking his company private, along with attacks on critics on social media, raised concerns with investors about whether Musk has become too focused on criticism from so-called short-sellers who had been making bets against him and the company. (IANS)

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Elon Musk’s Boring Company Lays off its Workers

Musk-led private spaceflight company SpaceX also announced that it would lay off 10 per cent of its workforce to fund other projects

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Elon Musk, spacex
Musk quotes $1 bn to build tunnel under Australian mountain range. IANS

Billionaire Elon Musk’s infrastructure and tunnel construction firm Boring Company has laid off five employees, barely a month after it unveiled its first tunnel in the US.

According to the Recode, on Friday, the company terminated five employees, at least some of whom helped construct that first underground passageway.

The spokesman said that the employees were fired for performance reasons as part of regular performance reviews, the report added.

“The Boring Company is hiring for over a dozen roles, pursuing a number of projects across the country, and planning to grow significantly in 2019,” he was quoted as saying in the report.

Musk had unveiled the prototype tunnel for his envisioned zero-emission, high-speed transit system — including a surface-to-tunnel car elevator and a Tesla modified — to run along the tunnel track, outside SpaceX’s California headquarters in mid-December 2018, according to the Fast Company.

In Chicago, the company was reportedly slated to build a “Loop” which they described on their website as: “Loop is a high-speed underground public transportation system in which passengers are transported on autonomous electric skates travelling at 125-150 miles per hour.”

In order to implement this system, the company will have to dig the tunnels and deploy the infrastructure to move the “autonomous electric skates” inside the tunnels.

“Electric skates will carry between 8 and 16 passengers, or a single passenger vehicle,” according to the Electrek.

Electric car making firm Tesla, also founded by Musk, announced last Friday it was laying off seven per cent of its full-time staffers in an attempt to reduce costs and increase profits.

Also Read- Microsoft Lays AI Sensors for Smart Farming, Cutting-edge Healthcare in India

All employees at the company were informed about the development in an email.

Musk-led private spaceflight company SpaceX also announced that it would lay off 10 per cent of its workforce to fund other projects.

SpaceX, which has a contract with NASA to deliver cargo to the International Space Station (ISS), is now planning to start flying astronauts to the ISS for NASA later this year. (IANS)