Elon Musk’s Tesla is already $1 billion in profit from holding Bitcoin


Cointelegraph 14 October, 2021 - 05:30am

Tesla Wouldn’t Be Where It Is Today Without California

Bloomberg 13 October, 2021 - 05:35am

LG will bear almost all the cost of GM’s Chevy Bolt recall.

Tesla is not pulling up stakes from California, shuttering its Palo Alto offices or forcing engineers and their families to move. It’s still expanding in the region, with a new facility in Lathrop that it’s dubbed the “Megafactory.“

In the early days of being a tech startup, proximity to Silicon Valley is important. A lot of engineering talent comes out of Stanford University, while venture capital firms that line Sand Hill Road are a major source of funding. But Tesla is now the most-valuable automaker in the world and sitting on more than $16 billion in cash. The pandemic accelerated the decentralization of Silicon Valley, and Stanford isn’t the only university churning out impressive engineers.

“Tesla builds beautiful cars and showed the world that a zero emission electric vehicle can be an object of desire. But Tesla would not exist without CA’s ZEV mandate and credits. Sadly Elon Musk missed the lesson of the great philosophers and world religions: gratitude.”

What is surprising is that we don’t know what Tesla is getting from Texas, in terms of policy support, in return for this headquarters move.

Some have said Texas is becoming the Detroit of the South. Tesla’s HQ move bolsters that idea, as does the fact that Rivian is looking into building a factory in the Fort Worth area.

Who else in the auto industry is heading to Texas? As always, holler: dhull12@bloomberg.net or 415-617-7231.

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