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Is Tesla Just A Series Of Startups? Elon Musk Lays Out The Case

Elon Musk would like investors to think of Tesla Inc. (NASDAQ: TSLA) as a series of startups.The electric automaker’s CEO discussed this on the recent third-quarter earnings call, highlighting the individual units that make up Tesla.Musk On Tesla components: “There’s probably in excess of a dozen startups effectively in Tesla,” Musk said.He referred to every major Tesla product line as a startup and every new plant as a startup.Since other car companies don’t own their own sales and service, Tesla’s sales and service units could be startups, he said, adding: “The whole autonomy thing is a startup.”Musk also termed the …read more […]

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Apollo Investor Revolt Swells Over Black’s Epstein Ties

(Bloomberg) — It keeps getting worse for Leon Black.Over the past week, Black’s giant investment firm, Apollo Global Management Inc., has confronted one question after another about his decades-long relationship with convicted sex offender Jeffrey Epstein.First, his own board ordered an external review prompted by Black himself. Then a Pennsylvania pension fund paused new investments — and the state of Connecticut has done the same. One major consultant — a gatekeeper to $160 billion of investor commitments — has urged clients to hold off, and another is considering taking similar action.Clients who for years enjoyed some of the best returns …read more […]

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China Is Reconsidering Yuan Internationalization Strategy

(Bloomberg) — China is reconsidering its strategy for the internationalization of yuan after completing a comprehensive review recently, according to a senior central bank official.“As everybody knows in the past, the internationalization of the RMB sticks to the market principles,” Zhu Jun, director general of the People’s Bank of China’s international division, said at the Bund Summit in Shanghai on Saturday. “The role of the authorities was mainly focused on removing the policy obstacles for the free use of the currency. At this moment, we think there are some kind of complications of the domestic and overseas situations.”Zhu said going …read more […]