Elon Musk makes light of Tesla's woes in April 1 Twitter prank

"Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla h
"Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it," Musk tweeted

Elon Musk, the flamboyant boss of Tesla and SpaceX, took to Twitter on April Fool's day to joke the electric car-maker, which has been rocked by bad news, was going bankrupt.

"Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can't believe it," he wrote.

He later posted a picture of himself pretending to be passed out with his head on a Tesla Model 3 while holding a sign that read "Bankwupt!"

The prank came amid reports of significant risks ahead for the manufacturer, which is heavily indebted and has not turned a profit since it began operating in 2003.

It has lost about a quarter of its share value since the end of February, and is also currently under investigation by the US National Transportation Safety Board (NTSB) following a fatal accident involving one of its cars in California on March 23rd.

Tesla confirmed on Saturday its "Autopilot" feature was engaged during the accident but said the driver ignored repeated visual and audio warnings and his hands were not detected on the wheel for six seconds prior to the vehicle's collision with a highway barrier.

The car caught fire before two other cars struck it.

The driver was identified by The Mercury News as a 38-year-old man, Wei Huang, an engineer for Apple. He later died in hospital.

According to reports in the US media, the NTSB was unhappy that Tesla had released information before a final investigation was completed.

A spokesman told The Washington Post: "At this time the NTSB needs the assistance of Tesla to decode the data the vehicle recorded.

"In each of our investigations involving a Tesla vehicle, Tesla has been extremely cooperative on assisting with the vehicle data. However, the NTSB is unhappy with the release of investigative information by Tesla."

The NTSB previously investigated a crash involving an autopilot-equipped Tesla in Florida in 2016.

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Apr 02, 2018
It wasn't a joke. Tesla IS effectively bankcrupt. They need $2 billion in cash or they'll become insolvent in six months, so Musk is effectively selling air: $250k pre-orders on a car that doesn't exist. $1000 deposits on a truck that doesn't exist, they already got $1000 from 400,000 customers who aren't getting their cars because Tesla can't make them, and the Model S sales are falling since 2016.

The bubble is bursting. Musk got into the business to get cheap loans from the government with about 3% interest, and he lent a bit of his own money to the company at 10% interest, thus drawing a neat personal profit.

He's kicking up companies left and right to raise more debt, uses Tesla's stock to raise more investment capital, and then lends money between the companies to keep them afloat - to generate himself more interest. Meanwhile, none of the companies are making any profit, so none of them pay tax.

A clever scam that leverages the current financial market.

Apr 02, 2018
So... Buy Tesla like crazy?
Just charge the government more to launch their satellites.

Apr 02, 2018
So... Buy Tesla like crazy?

Well, pretty soon you end up shorting Tesla like crazy.

SpaceX is the only thing that keeps towing the whole lot: Tesla, Solar City, The Boring Company... each merely pretending to do something.

Elon Musk's companies have always depended on government money — and he's has always been up front about it

Just charge the government more to launch their satellites

That's how the show is run. SpaceX brings in the money from the government contracts, which gets lent in a circle between the other companies.

It's a common scam to borrow money from another company you control, and then pay all your profits out as interest without ever intending to pay the debt, so you can shift the money elsewhere and pay less taxes. Musk is just using a variation of the scheme to pump taxpayer money to himself.

Apr 02, 2018
Also, just last fall Tesla already issued $1.5 billion worth of plain IOUs - senior unsecured debt obligations.

What that means is, if you own one of those and Tesla goes bankcrupt, you'll be the first on the list of people they can't pay back.

Might be time to unpack that golden parachute and make sure the lines aren't tangled.

Apr 02, 2018
Also there is a lawsuit over the Solar City purchase. People are claiming that Musk used Tesla money to bail himself out of Solar City losses.

He did not show any good judgment with this joke and it shows how little he cares about the shareholders. Many of his billions are not at risk so he can be very blas'e about the share price. The ignorant AGWers that invested in this Ponzi scheme will be furious at Trump, not Musk, when there is no government bailout.

Apr 02, 2018
Meanwhile he managed to obtain a $50 BILLION dollar compensation package from Tesla. Notice, there were very few negative new articles about it. The people that are complaining about poverty and unfair CEO compensation on a daily basis do not dare to speak against the chosen one.

Apr 02, 2018
IMHO the Tesla autopilot crash really highlights the lack of good old common sense in today's America. One would think that an educated engineer, who had previously had been make aware of a systems deficiencies, would not trust his life and the life of others to a flawed system. Tesla has warned people that it is only an assist and not a driver replacement. When smart educated people are this ignorant how ignorant are the less privileged?

Apr 02, 2018
Putting out a fraudulent message of bankruptcy can cause many serious situations. People can panic and eliminate their stock. Someone else can come in, buy it low, then, when the fact that the company is sound comes out, those who were led astray can end up losing a large amount of money. That would be conspiracy against the welfare of investors.
And, frankly, with cars touted as self driving, how many would even expect an alert to flash on saying they have to take the wheel. If the car is self steering, that automatically means that the driver will not need to be so constantly on watch, as if they were driving! It appears Musk's entire firm is nothing but boondoggles and lies.

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