Elon Musk facing a tough week

By FactsWow Team

Posted on: 18 Jun, 2022

Elon Musk is having a tough week as Tesla stock has dropped more than 6% in the last week, which is half of its value since its peak in November. This is making the investors continue to sell out of tech holdings.

Moreover, Tesla is facing internal matters tied to safety issues with the company's advanced driver-assist systems.

Elon Musk's company fired its employees:

Elon Musk's company, SpaceX, fired a group of employees for allegedly sharing an internal letter among the employees criticizing Elon Musk as a distraction and embarrassment.

SpaceX to receive launch license:

Meanwhile, on Monday, the Federal Aviation Administration handed SpaceX's Starship rocket program a long to-do list before receiving a launch license in Boca Chica, Texas.

Elon Musk held a meeting with Twitter employees:

Elon Musk, who agreed to buy Twitter for $44 billion in April, has since publicly trashed it, raising all sorts of concerns about whether the deal will close. He recently held a video conference with the Twitter employees who learned about the internal chat board.

Electric cars are lacking in safety features, and Tesla worries about it:

On Wednesday, as the National Highway Traffic Safety Administration said, 70% of crashes have happened since last June due to advanced driver-assist systems. Based on the data provided by the U.S. safety agency, it is said, out of 392 accidents, 273 electric cars were the significant contributors to the crash, which included data from 11 automakers.

The NHTSA said the data doesn't have proper context as it is a quick guide to identify possible defect trends.

Due to supply chain issues, inflation, and economic uncertainty, Tesla hiked the prices of all car models this week.

Hike in Tesla cars:

According to its website, the company increased the Model Y long-range version from $62,990 to $65,990 and raised the performance model by $2,000 to $69,990.

The Model S Dual Motor All-Wheel Drive price increased by about $5,000 to $104,990. The Model X Dual Motor All-Wheel Drive Long Range went up by $6,000.

SpaceX Starship program

SpaceX is aiming to reach orbit with the vehicle for the first time. But it requires a license from the FAA to launch, and the regulator's required mitigations amount to a significant lift before the company can request one.

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