Elon Musk who is the CEO of Tesla and SpaceX had recently announced a new competition on the World Earth Day which is on 22 April 2021. The competition is hosted by XPrize and Elon Musk had entered as the chairman of XPrize in order to announce about the competition. Let’s look at what exactly is the competition about and How to enter the competition.
Elon Musk is one of the richest people in the world. He was born in 1971 in South Africa. He is an engineer, industrial designer and a business magnate. He is the founder of SpaceX, The Boring Company, and X.com. He is the co-founder of Neuralink, OpenAi and Zip2. He is the CEO of Tesla and the chairman of Solar City.
The Musk Foundation
The Musk Foundation is a private grant-making foundation. It was founded in the year 2002 by Elon Musk and his brother Kimbal Musk. They provide grants for renewable energy research, science, and engineering education, human space exploration research, the development of safe Artificial Intelligence to benefit humanity, and pediatric research.
On World Earth Day, Elon Musk had announced about a USD 100 million competition which is based on Carbon Removal. The main aim of the competition is to motivate innovators around the globe to come up with an idea to seize the carbon durably and sustainably.
According to the competition’s website, they require the innovators to come up with a large-scale project that will pull the Carbon-di-oxide directly from the atmosphere and oceans and should be able to seize it in a durable and sustainable manner. The competition is for the time frame of 4 years.
The winners of the projects will be based on proving by the team that their project can remove at least around 1,000 tones of carbon-di-oxide yearly and model their costs on a scale of 1 million tones on a yearly basis.
The teams will also have to show a way to achieve a scale of gigatons on a yearly basis in the future. The eligibility criteria for the competition are that the project should be based on any carbon negative solutions according to Elon Musk and the Musk foundation as the competition is funded by them.
The judges will review the submissions within one year of the competition and award up to 15 prizes with the prize money of up to USD 1 million each. The judges will later select one grand prize winner after four years who will receive an amount of USD 50 million. The judges will also select 3 runners up and they would receive an amount of USD 30 million each.
XPrize Foundation
XPrize Foundation is a non-profit organization. The organization was founded in the year 1994 and is located in California, the United States. The organization was founded by Peter Diamandis. Some of the notable trustees of the organization are Larry Page, James Cameron, Ratan Tata, and many more.
The Foundation designs and hosts public competitions. The main aim is to encourage technological development which is focused on benefitting humanity.
Marcius Extavour who is the Vice President of Climate and environment at XPrize said that climate change poses a greater threat in 2021 and it should be very clear to everyone that our Carbon-di-oxide emissions are the major reason for the cause.
He added saying that the prize is about the development and deployment of solutions that can be carbon negative as the race is to get to net zero.
You can visit XPRIZE’s Website to register for this competition.
XPRIZE Website
FAQ
What was Elon Musk’s first project?
Elon Musk founded X.com in 1999 (which later became PayPal), SpaceX in 2002 and Tesla Motors in 2003.
What is the net worth of Elon Musk?
The net worth of Elon Musk is 17,260 crores USD as of 2021.
Does Elon Musk drive a Tesla?
Musk is usually seen driving around in his Tesla Model S or the Tesla Model X
Conclusion
The main aim of the competition will be to remove carbon-di-oxide from the atmosphere and to turn the theoretical ideas into practical solutions. This will be a great platform for the innovators to showcase their ideas and towards making them practically possible.
The revenue earned by a company is the major source through which the worth of the company is decided. You would be surprised to know some of the top companies’ revenue earned per minute. Here are the list of the top companies and the revenue they earn every minute.
Amazon.com Inc is an American based multinational technology company. It was founded in the year 1994. The company is located in Washington. It focuses on e-commerce, cloud computing, artificial intelligence and digital streaming. It is one of the big five companies in the U.S IT industry.
The company earned a revenue of USD 386.064 billion in the year 2020 and a revenue of USD 955,917 per minute.
Apple
Apple Inc is an American based Multinational technology company. It was founded in the year 1976. The company is located in California. The company focuses on designing, developing and selling consumer electronics, online services and computer software. It is also one of the big five companies in the U.S IT industry.
The company earned a revenue of USD 274.515 billion in the year 2020 and a revenue of USD 848,090 per minute.
Alphabet Inc is an American multinational conglomerate. It was founded in the year 2015. Alphabet is the parent company of Google. The company has its headquarters in California. Alphabet is considered to be one of the world’s most valuable companies and the fourth largest technology company in the world. Alphabet’s Google is one of the big five companies in the U.S IT industry.
The company earned a revenue of USD 182.53 billion in the year 2020 and a revenue of USD 433,014 per minute.
Microsoft
Microsoft is an American multinational technology company. It was founded in the year 1975. The company is located in Washington. The company focuses on developing, providing licenses, support, manufacturing and selling of computer software, personal computers, consumer electronics and related services. The company is also one of the big five companies in the U.S IT industry.
The company earned a revenue of USD 143 billion in the year 2020 and a revenue of USD 327,823 per minute.
Facebook is an American based multinational company. It is social media and social networking service. The company was launched in the year 2004. It is located in California. Facebook was the most downloaded app during the 2010s.
The company earns a revenue of USD 85,965 million and a revenue of USD 213,628 per minute.
Tesla
Tesla Inc. is an American based Electric Vehicle and Clean energy company. It was founded in the year 2003. The company is located in California. The company has a wide range of products which include electric cars, solar panels, solar roof tiles, battery energy storage from home to grid scale and various other products and services.
The company earned a revenue of USD 31.536 billion in the year 2020 and a revenue of USD 81,766 per minute.
Netflix is an American based company. It is an over-the-top platform and a production company. Netflix was founded in the year 1997. The company has its headquarters in California. Netflix is a member of the Motion picture Association (MPA). It is involved in producing and distributing contents across the globe.
The company earned a revenue of USD 25 billion in the year 2020 and a revenue USD 50,566 per minute.
Walmart
Walmart is an American based multination retail corporation. The company was founded in the year 1962. It has its headquarters in Arkansas, U.S. The company operates a chain of discount department stores, hypermarkets, grocery stores, etc. Walmart is the world’s largest company by revenue.
The company earns a revenue of USD 559.2 billion in the year 2021 and a revenue of USD 1,063,546 per minute.
Sony
Sony group is a Japanese based multinational conglomerate corporation. It was founded in the year 1946. The company has its headquarters in Tokyo. Sony is one of the world’s largest manufacturers of professional and consumer electronic products, the largest company for video game console, the second largest record company, the second largest video game publishing company, as well as one of the most comprehensive media companies.
Sony earned a revenue of USD 80 billion in the year 2020 and earns a revenue of USD 152,207 per minute.
Toyota Motor Corp is a Japanese based multination automotive company. It was founded in the year 1937. The company has its headquarters in Aichi, Japan. Toyota is considered to be the tenth largest company in the world in terms of Revenue generated.
It is also the largest automotive manufacturer in the world. Toyota was the world’s first automotive company to manufacture more than 10 million vehicles in a year.
Toyota Motor Corp earned a revenue of USD 275.4 billion in the year 2020 and earns a revenue of USD 489,726 per minute.
FAQ
What company makes the most money per minute?
Amazon is an American conglomerate which makes USD 955,917 per minute.
What the most profitable companies make per second?
Big pharma companies like Johnson & Johnson and Gilead Sciences make more than $400 per second.
How much does Jeff Bezos make a minute 2020?
Jeff Bezos makes about $321 million a day, $13.4 million an hour, $222,884 a minute, and $3,715 a second in 2020.
Conclusion
The above are some of the top companies in the world and the revenue they generate every minute.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Blowhorn.
Logistics has been a challenge for this country ever since, especially when it comes to the first mile, middle mile, and last-mile logistics. To bridge this gap with an innovation, Mithun Srivatsa and Nikhil Shivaprasad founded Blowhorn in 2014. In this article, know about Blowhorn’s Journey & how it is growing its revenue 500% since Series A funding!
Blowhorn is a tech-enabled intra-city logistics company that offers mini-trucks to transport goods across multiple cities of India. Blowhorn is offering a broad suite of services from the first mile, middle mile, and last-mile logistics for businesses and individuals that brings together a robust network of mini-truck owners and consumers. Also, this platform is handling goods from 1g to 1T.
Blowhorn is a venture that works on the following module. Blowhorn provides a full-stack logistics service from an asset-light model via its tech-based platform. This platform connects the logistics service seekers with mini-truck drivers through its website and mobile app. It is intriguing to know loading and unloading of goods is a part of the service that Blowhorn provides.
This platform’s algorithm works very similar to that of cab aggregators in the country like Uber and Ola. So ideally when a consumer requests a truck on this platform, the request is processed to match an existing mini-truck, and then consequently the vehicle driver is connected with the consumer. The time frame of this transaction can be as little as thirty minutes and could also go on to be scheduled for a later date and time.
The unique selling proposition of Blowhorn is providing ‘full-stack logistics’ solutions to the vast user base in the country. Full-stack in this context refers to its excellent capabilities in all the three elements of the logistics value chain: warehouses, transportation, and tech-enabled systems.
Blowhorn with its tech-based portal claims to have built new layers along with the transportation stack that drives margin expansion. Also, Blowhorn offers a very important feature to its users namely real-time tracking of goods.
Blowhorn started with an experience of one of the co-founder’s life. Mithun Srivatsa’s colleagues in Bengaluru were trying to move their bed and a few other home-related things to a different apartment in the same city and yet it became quite an exhausting process. His friends struggled the entire day going back and forth just to move a few goods from one place to another. Not just that, his friends had to take days off from work to do this which ideally should’ve taken just a few hours.
Amongst this chaos, the key challenges his colleagues faced was mainly finding a truck driver to transport the goods, being able to communicate with the truck driver because none of his colleagues knew Kannada, and cross-checking the truck driver’s credentials because trust becomes a major factor while transporting valuable things.
“I knew for a fact that the problem was certainly not the lack of supply of truck drivers,” says Srivatsa.
Hence he started thinking of creating a common platform to solve this problem by aggregating and organizing the otherwise fragmented market of mini trucks. And that is exactly what he did. And one of the biggest insights that ran through his mind during this was that if an aggregator model could work for transporting people through cabs and autos then it could work very well for transporting goods.
Blowhorn – Founders and Team
The founders of Blowhorn are Mithun Srivatsa and Nikhil Shivaprasad.
Mithun Srivatsa and Nikhil Shivaprasad – Blowhorn founders
Both these co-founders, Nikhil and Mithun studied together in college and have known each other for a long time, since 2001. When Mithun was pitching the idea of his newborn venture – Blowhorn to investors in the states, Mithun reconnected with Nikhil. Following that Nikhil took charge of building Blowhorn’s technology platform.
Mithun Srivatsa – Mithun has studied business management from Cambridge Judge Business School.
Nikhil Shivaprasad – Nikhil has a degree in MS in Electrical Engineering from North Carolina State University.
“I am a logistician, while Nikhil is a generalist technologist and we were good bringing together our capabilities in a market, which we think has a lot of potentials,” said Mithun.
After the basic idea for Blowhorn was germinated, Mithun went around for analysis regarding the size of the intra-city goods transport market in the country. That’s when Mithun found out that the market was huge and also relatively untapped. And then to make the most of it, Mithun along with his batchmate, Nikhil Shivaprasad, launched their startup under the name of Blowhorn in August 2014.
And since then, Blowhorn operates on a logistics marketplace focused on the intra-city movement of goods. Initially, the company started with a focus on retail customers and since then has expanded to cater to corporate clients as well.
“The volume of business and margins in the ‘individual’ segment weren’t sufficient to sustain our business. So, we shifted our focus to enterprise customers—both traditional and modern businesses, to provide them with efficient and reliable logistics services,” says the co-founder and CEO of Blowhorn – Srivatsa.
The biggest milestone for this Bengaluru headquartered startup Blowhorn was getting through the bureaucratic paperwork and bringing truck drivers on board.
“The biggest challenge we initially faced was the red tape in getting our company registered and opening a current bank account. Also, truckers were reluctant to trust a startup whose founders were working out of coffee shops,” says Srivatsa.
While the co-founder’s duo couldn’t do anything much about the red tape, acquiring a Regus membership helped them get trucker drivers on their robust platform. This Regus membership cost them about INR 2,000 a month provided them with access to the common area of Regus properties. And that’s how vehicle owners and drivers assumed that the co-founders had a great office at Regus and then became open to the idea of doing business with them.
Blowhorn’s top competitors are BlackBuck, Shiprocket, RailYatri, LalaMove, LetsTransport and Porter. It also faces competition from the bigger players in the market namely DTH, FedEx, Gati to name a few.
Blowhorn – Funding and Investors
To date, Blowhorn has raised a total of $8.8M in funding over 5 rounds.
Its recent funding came on May 2020 as Debt Financing led by Trifecta Capital Advisors for an Undisclosed amount.
Date
Stage
Amount
Investors
November 2014
Seed Round
–
Unitus Seed Fund, Tim Draper
March 2017
Series A
$3.8 Million
Draper Associates, IDG Ventures India, Chiratae Ventures, Michael & Susan Dell Foundation
January 2019
Venture Round
–
InnoVen Capital
June 2019
Debt Financing
$5 Million
–
May 2020
Debt Financing
–
Trifecta Capital Advisors
Blowhorn is funded by investors Trifecta Capital Advisors, Chiratae Ventures, Dell Foundation, Venture Catalysts, James Lee Sorenson and Japanese VC firm, Dream Incubator, InnoVen Capital, Unitus Ventures, and Draper Associates.
Srivatsa recently said, “Now, with a strong core team in place, we are expanding rapidly and are seeing significant growth in our recently launched verticals. Our goal is to be active across more than 100 cities across India by 2021, and we are on track to achieving that. We are also in the final stages of executing our first international foray, and we are very excited about it. Our margin profile remains healthy and has grown 30% over the last quarter.”
Blowhorn – FAQs
Who are the Founders of Blowhorn?
The founders of Blowhorn are Mithun Srivatsa and Nikhil Shivaprasad.
How much Funding has Blowhorn raised?
Blowhorn has raised a total of $8.8M in funding over 5 rounds. Its recent funding came on May 2020 as Debt Financing led by Trifecta Capital Advisors for an Undisclosed amount.
What is the USP of Blowhorn?
Full-stack logisticssolutions to the vast user base in the country. (warehouses, transportation, and tech-enabled systems)
Real-time tracking of goods
Who are the Competitors of Blowhorn?
Blowhorn’s top competitors are BlackBuck, Shiprocket, RailYatri, LalaMove, LetsTransport and Porter. It also faces competition from the bigger players in the market namely DTH, FedEx, Gati to name a few.
Tesla Inc. is a US based Electric Vehicle manufacturing and clean energy company which is located in California. The company was founded in the year 2003 by American entrepreneurs Martin Eberhard and Marc Tarpenning. It is named after Nikola Tesla who was an inventor and an electrical engineer. Elon Musk is the CEO of the company since 2008.
The main aim of the company is to increase and improve sustainable transport and energy. Tesla has entered India and has registered its company in January. Their manufacturing unit is located in Bangalore, Karnataka.
Tesla has appointed David Jon Feinstein who is a Global senior director of Tesla, Vaibhav Taneja who is a Chief accounting officer, and Venkatarangam Sreeram who is an entrepreneur as the directors of the Indian subsidiary.
Buying Tesla in India has been a hard task with just a few people in the country owning it. Mukesh Ambani who owns a Tesla Model S, Riteish Deshmuk who owns a Tesla Model X, and Prashant Ruia who owns Tesla model X.
When Tesla announced model 3 in 2016 to the world, they had considered India and started accepting reservations from the country. Vishal Gondal and many others had registered it from India. They paid an amount of $1,000 for the registration.
Back then India’s import duty was high that is up to 100% import duty for any car costing above INR 27 lakh and any car which cost lesser had an import duty of 60%.
The cheapest model of Tesla is Tesla Model 3 which would cost around INR25 lakhs in the global market. In India, there would be an additional 60% import duty on the vehicle. This will make the car costlier and unaffordable in India.
However, later it was found that having a plant in India and importing around 15% would help in reducing the price. The government also reduced the GST on Electric Vehicles from 12% to 5% and on charges which were 18% reducing it to the rate of 5%.
Elon Musk the CEO of Tesla said that the current changes in the sales tax give them hope for the changes in the future. This led to the registration of the company Tesla in India.
Best-selling electric vehicle models worldwide in 2020
Tesla Model 3 is believed to be launched by June 2021 with an ex-showroom price of INR 60 Lakhs. In India, it is expected to be launched in two variants namely Standard Plus and Long Range. Standard Plus would have a range of up to 423 km on a single charge. Long range would have a range of 568 km on a single charge.
Tesla Model S
Tesla Model S is a sedan that is believed to be launched in India by the end of July 2021. The ex-showroom price of this sedan model would be around INR 1.50 Crores. It is expected to have three different variants namely long range, plaid, and plaid+.
Long range would have a range of up to 660 km on a single charge and it comes with a dual-motor setup. Plaid would have a range of 627 km with a tri-motor setup and plaid+ will also have a tri-motor setup with a range of 837 km in a single charge.
Tesla Model X
Tesla Model X will be an SUV, it is expected to be launched in India by January 2022. The ex-showroom price of this SUV model would be around INR 2.00 Crores. It has 5 seating, 6 seating, and 7 seating models. It is expected to have two variants namely long range and plaid.
Long range would have a range of up to 579 km in a single charge and it comes with a dual-motor setup. Plaid would come with a tri-motor setup and have a range of up to 547 km in a single charge.
In the United States of America in the year 2020, out of all the vehicles sold only 1.3% were Electric Vehicles, and out of that 1.3%, 90% were Tesla models. The key reason for such demand for vehicles is their electric charging stations.
Tesla’s electric charging stations provide fast charging facilities and that is the unique selling point of Tesla vehicles. While other Electric Vehicles may take hours to charge, Tesla provides its charging station which provides fast charging facilities.
Tesla may come up with the fast-charging stations in India as well. India can expect it in the coming years after the launch of their different vehicle models. The government has plans to install one e-charging point in 69,000 petrol pumps.
There is an increase in air pollution and fuel prices are rising in the country. Hence there is a need for the government as well as the consumers to shift to Electric Vehicles. This act as an advantage for Tesla in India.
FAQ
Who is the Founder of Tesla?
Tesla was founded in 2003 by American entrepreneurs Martin Eberhard and Marc Tarpenning.
Who was the first CEO of Tesla?
Martin Forest Eberhard was the first CEO of Tesla till 2008.
What companies has Tesla bought?
Tesla owns SolarCity Corp, Maxwell Technologies Inc, Grohmann Engineering, Perbix Machine Co. Inc. and Hibar Systems Ltd.
Conclusion
Tesla has a wide range of products. Tesla is not just a car manufacturing company. They provide different products which include Powerwall which helps to store solar energy and energy from renewable resources, solar panels, and solar roof tiles which can be used instead of a normal roof. Solar roof tiles help in generating solar energy.
In 2020 the Transport Minister, Nitin Gadkari had announced that the U.S based Electric Vehicle company Tesla would enter in India. He told that in the beginning they would try to sell some cars and depending on the response of the sales they would start their R&D center in India.
After several years of delay, Tesla finally entered in India. On 12 January 2021, the company officially announced its arrival. They have registered in Bangalore, Karnataka by Tesla’s registrar of companies (Roc). The company’s registered name is Tesla India Motors and Energy private Limited. It is considered as a foreign subsidiary registered in India.
The Chief Minister of Karnataka, B.S Yediyurappa tweeted happily and gave a warm welcome. But there are reasons as to why the company chose Bangalore to set up its R&D center.
Bangalore has a collection of technical and R&D centers. It accounts for more than a dozen automotive companies in the country. Bangalore has operational R&D units of automotive brands such as Mercedes-Benz, General Motors, Great Wall Motors, Mahindra & Mahindra, Continental, Bosch, Volvo, and Delphi.
Bangalore has a lot of electric vehicle startups as well. The Karnataka Government states that there are more than 45 electric vehicle startups that are based in Bangalore. Startups like Ather Energy, Mahindra Electric, Ultraviolette Automotive are mostly concentrated on the two-wheeler segment.
Ola Electric which announced recently that it is going to enter into the automotive sector is also based in Bangalore. Since there are a lot of technical and R&D units of the biggest companies and electric vehicle startups, Tesla would have chosen Bengaluru as its manufacturing unit.
Bangalore is known as the IT Hub, the district has headquarters of companies like Infosys, Wipro, Accenture, TCS, and many more. Bengaluru has around 3,00,000 IT students studying in various colleges across the country.
Tesla will be able to benefit from the huge talented IT and engineering graduates in Bangalore. Automotive companies have used the Indian R&D centers to work on projects not only for India but even projects for other countries including China, Europe, and the U.S.
Software Engineers are working with Mercedes Benz in projects such as developing driverless cars. Great Wall Motors, the Chinese company has set up its R&D center in Bangalore, to work on their Electric Vehicles.
Automotive brands have already set up and are using the talent of Karnataka’s Capital. They have seen the outcome over the years. Tesla would also have foreseen the IT and the engineering talent available in Bangalore, being one of the reasons to set up its unit in Karnataka’s capital.
Other than a home for the major automotive companies, the state has certain policies. The policies act as one of the major reasons for Tesla to set up its unit in Bangalore.
Karnataka is concentrating on setting up an Electric Vehicle Hub in the State. It has allocated around $3 Billion (around 219 crores) for setting up an electric vehicle hub, lithium-ion cell, and battery manufacturing unit which includes Electric vehicle manufacturing bases in Hubbali and Dharwad. It is 400 km from Bangalore.
Karnataka had approved a new policy in 2017 which is the “Electric Vehicle and Energy Storage Policy”. The state aims to create around 55,000 employment and attract investment of Rs 31,000 crore. To reduce dependency on fossil fuels and reduce its carbon footprint, the union government has unveiled its vision to make the country an all-electric vehicle market by the year 2031.
The state also provides a lot of incentives for setting up Electric Vehicle plants. It provides incentives such as reimbursement of land conversion fees, an investment promotion subsidy, 100 percent exemption on stamp duty, and many more. This would be the greatest advantage for Tesla. It must have been the easiest way to enter the country.
FAQ
Who is Tesla’s biggest competitor?
The Chinese EV maker Nio is one of Tesla’s biggest competitor.
Who sells the most electric cars in the world?
Tesla sells the most electric cars in the world.
What is the Valuation of Tesla?
The US Electric car maker Tesla is worth about $700 billion as of 2020.
What is the world’s most popular electric car?
Tesla Model 3 is the world’s most popular electric car.
Conclusion
In 2018, Elon Musk the CEO of the company had said that certain government regulations are making it hard for them to enter the country. He also mentioned that the company required 30% of some raw material to be available locally for manufacturing and India lacked these. But, now different automobile industries are setting up their plants and companies in India, also Apple have started their manufacturing unit in India.
Elon Musk has a huge number of fans in India and he is moreover known as the real Tony Stark. This shows that the company has huge potential in the country.
In a series of tweets, the twitterati took a dig at the world’s richest man, Elon Musk. The CEO of Tesla was targeted since Tesla skipped matching the 401(k) contribution straight for a third year. Twitter was divided in two parts, one in favor of Elon Musk and the other criticizing him for not doing the needful for the retirement funds of Tesla’s employees. The man in the spot, Musk noticed this tweet and answered that his employees have an option of buying company stocks and the company treats its employees as part owners.
We will be looking closely at how TESLA compensates its employees, how much is the company worth and how largely benefitted its employees actually are. Lets take a look at TESLA, the company.
TESLA is a company involved in transportation and energy businesses. It sells cars under its “TESLA Motors” division and stationary battery packs for home, commercial and utility-scale projects under its “TESLA Energy” division.
The company is led by Elon Musk. he is the CEO, co-founder, Chairman and Product Architect.
TESLA has more net worth than all its rivals combined such as Fiat Chrysler ($20 billion), Ford ($24 billion), Ferrari ($32 billion), General Motors ($36 billion), BMW ($41 billion), Honda ($46 billion) and Volkswagen ($74 billion). TESLA’s cars are said to be the most valuable cars in the world.
TESLA is a giant with a market cap of $164 billion dollars and as of 2020 has 70,757 employees working for it.
Now why would a company like TESLA not be contributing to its employees’ retirement fund? How does Tesla compensate its employees? How are Tesla employees becoming millionaires? We are about to find out. Let us first understand how Retirement funds are managed in the USA.
401(k) plan is a tax-advantaged, defined contribution retirement account provided by employers to their employees in the USA. It is named after a section of US Internal Revenue Code.
401(k) Retirement Plan
Employees can make contributions to the 401(k) accounts thorough automatic payroll withholding and their employers can match some, or all those contributions. These contributions are taxed after the employee withdraws the money, typically after retirement.
Employers who match their employee contributions use different formulas to calculate that match. A common example might be 50 cents or $1 for every dollar the employee contributes up to a certain percentage of salary. Financial advisors often recommend that employees try to contribute at least enough money to their 401(k) plans each to get the full employer match.
TESLA skipped matching the 401(k) contributions to the employee retirement fund consecutively for year three and twitter had its fair share of questions for Elon Musk. The TESLA CEO responded to the accusations on twitter saying that “Everyone at TESLA receives stock. My company is all Stock/Options, which I do not take off the table.”
Everyone at Tesla receives stock.
My comp is all stock/options, which I do not take off the table.
Elon Musk responded to the tweet accusing him of not matching the contributions to the employees retirement fund
It is not rare for tech companies to compensate their employees through stock options. However, TESLA is an automaker first, mixed with tech. Auto companies do not offer stock options for all employees throughout the organization.
TESLA offers its employees stocks options as compensation. With recent surge in the company’s share prices, TESLA stocks are creating new millionaires. However, over the years TESLA has made salary cuts in various departments, especially sales.
With a recent surge in TESLA share price, (more than 200% this year alone) TESLA’s employees are compounding on their wealth. Here is a glance at TESLA’s top executives and how much of a stake they hold in the company.
Drew Baglino, Tesla SVP of Powertrain and Energy Engineering, holds 4,222 Tesla shares. His stake in the company is now worth more than $5.7 million. Baglino is one of the top engineers at Tesla where he gradually moved up the ranks during his 14-year tenure at the automaker.
Jerome Guillen, president of TESLA motors, holds 9,752 Tesla stocks worth over $13 million. Guillen has led several key programs at Tesla.
Zachary Kirkhorn, Tesla’s young CFO, owns 11,831 shares of Tesla, which are now worth over $16 million. Like Tesla’s stock, Kirkhorn had a meteoric rise of his own at Tesla. At 35, he is the youngest CFO in TESLA.
Of course, no one is getting richer than CEO Elon Musk as part of this incredible run. Musk owns 34,098,597 TSLA shares — making his stake in Tesla worth more than $46 billion.
Musk’s brother, Kimbal Musk, who is also on Tesla’s board, is significantly benefiting from the rise in Tesla’s stock price. He had 130,848 Tesla shares, which are now worth more than $175 million.
Other Tesla VPs, directors, and even managers are likely to benefit greatly from Tesla’s massive stock price increase — creating several new millionaires.
Several key engineers in batteries, manufacturing, and construction, especially the execs behind Gig factory Nevada, also received massive stock grants worth millions at the time. With the recent price run, employees who held onto their shares are now millionaires.
Tesla also awards performance-based equity bonuses, but those have been put on hold amid the coronavirus crisis. Therefore, employees who have been holding shares since last year are the ones benefiting the most from this recent TSLA run.
Although TESLA’s employees and executives have amassed great benefits through its price run, financial experts suggest that it is always better to have the employees compensated with access to retirement contributions. Since the stock market is volatile and unpredictable, the employees will benefit only until the stock prices go up. According to reports, TESLA has not been making great profits, but thanks to the price run in shares, no one’s complaining. Having said that, not matching the employers contribution may be risky for the employees as it isn’t entirely compensatory to the average employee and without the inflated share price, they would be doomed.
FAQs
How many employees work at TESLA?
Currently, there are 70,757 employees working for TESLA (2021)
How does TESLA compensate its employees?
Along with added bonuses to the salary, TESLA offers its employees stock options as compensation.
Is TESLA coming to India?
Elon Musk confirmed that TESLA would be entering India by setting up a plant in Bengaluru, Karnataka.
The South African-born American entrepreneur Elon Musk, (born June 28, 1971 in Pretoria, South Africa) cofounds PayPal as an electronic payment firm, and creates SpaceX, the launch vegetable and spacecraft manufacturer. He has also been one of the first major investors in the electric car manufacturer Tesla as well as Chief Executive Officer.
Musk came from a father from South Africa and a mother of Canada. He showed early computer and entrepreneurial talent. In 1988, Musk left South Africa after obtaining the Canadian passport because he refused to support apartheid by the military and because he wanted the greater economic opportunities available in the United States.
Early Talent
After his studies, he joined Stanford University, but after just two days bravely dropped out with his brother to launch Zip2’s first company. Zip2 just arrived to help companies get online at the start of the Internet boom.
Musk then sold his Zip2 share to co-found X.com in 1999, with the millions raised, and PaysPal was later merged. Despite disagreements and dismissal of Paypal as a CEO as the larger shareholder in 2000, eBay earned millions of dollars in the $1.5 billion deal acquired by Pay Pal to kick off the Musk Revolution we know so much today. An impressive amount of business plan, start-ups and side projects is acquired by the billionaire, each working on revolutionizing.
The Boring Company (TBC) develops safe, fast-to-dig, and low-cost transport-, utilities and freight tunnels. The company was founded by Elon Musk, founder of Tesla and SpaceX. Our Loop service is planned to be the fastest and best system ever.
It can be claimed that the Dull Business was recognised more for its name or whacky goods (not least “Not A Flamethrower”) than the brilliant piece of work before the enthusiastic presence of Elon Musk on the Joe Rogan Experience padcast. The name is taken from its key function: bore tunnels and was created in 2016 as a result of the frustration of traffic, as revealed by Elon Musk on Twitter.
This organization installs tunnels and infrastructures in crowded cities to alleviate pollution. Building contracts in Chicago, Los Angeles, and California are still in place.
2. Hyperloop
Hyperloop Logo
In a white paper written by Elon Musk, CEO of Tesla and SpaceX in 2013, Hyperloop is an ultra-high-speed land transportation system planned for passengers and freight. It consists of partially evacuated tubes and high-speed passenger and cargo capsules.
Some found the most ambitious development of Hyperloop Musk yet, which is a major assertion if you believe it succeeds in space and creates thirty-layer long tubes. Hyperloop is a proposed mode of transportation, according to Elon Musk, for 380 plus miles of journey from Los Angeles to San Francisco in just 35 minutes.
When do you expect this to happen? With a tunnel, the rail system is built that can operate with reduced drag 800 miles per hour. Currently, Hyperloop is still much in its planning stages, although there were first leaks.
SolarCity is an Elon Musk initiative that we as makers of renewable and energy-saving goods keep tight to our hearts. It was not clearer that Elon shared our view of a better world – and our mission to contribute to it – than SolarCity.
The brothers Peter and Lyndon Rive created SolarCity in 2006 on the basis of a recommendation of their cousin Elon Musk, chairman and promoter of the organization for a solar business idea. The installed solar panels could produce 440 megawatts (MW) of power by 2009.
SolarCity is the second-largest solar panel supplier in the USA, an affiliate of Tesla. It pushes the big step towards self-consuming electricity, just as we do at myenergy, from its long-lasting glass to its transparent solar cells.
4. Neuralink
Neuralink Logo
Elon Musk wants to have brain surgery among everyone. In fact, he needs everybody to have a brain implant — Neuralink, his company’s brain-machine interface. He says that he will overcome several conditions – paralysis, fear, and addiction. He says that it can.
Scientists must understand even more about the brain and how it can be realized from all other theories. The brain is still enigmatic, and problems like fear and depression are still uncertain about their physiological origins. In the new video from Verge Technology, we discuss what Neuralink might do and what aspects of Musk’s ideas need more science.
Musk has been worried about the possible risks of artificial intelligence for some time now. The organization has for several years warned that AI represents the biggest existential danger for human life, as does the technology “invoking the demon.” In the light of this strong position with respect to artificial intelligence, it was a little interesting that Musk announced in December 2015 the launch of its own AI research firm. Open AI is funded by investments of more than $1 billion and focuses on the protection and responsibility of evolving AI technologies.
By making it available to all, Musk insists that this is the way for major businesses who wish to take advantage of the invention for their own financial benefit.
His Successful Projects:
1. Spacex
Spacex Logo
“SpaceX designs and manufactures and launches advanced rockets and spacecraft,” founded in 2002 with the aim of revitalizing global interest in space exploration while massively lowering costs. The reusable Falcon Strong, the world’s most efficient operating rocket that holds approximately 64 kilograms, is now mastered by Elon Musk and SpaceX’s 6000 employees. It arrives in February 2018 after his successful test flight.
With the Falcon 1, a two-stage liquid-fuel craft, the organization entered the arena to bring small satellites into orbit. The Falcon 1 was much cheaper in terms of design and functioning than its rivals, a spacecraft sector mostly dominated by publicly owned and government-funded businesses like Lockheed Martin and Boeing. The SpaceX-developed Merlin engine, a cheaper alternative to those used by other firms, made part of rocket economic efficiency feasible. SpaceX also aimed at making reusable warheads
Without referencing Tesla, didn’t you think we would celebrate Elon Musk’s finest, did you?
Elon Musk had a profoundly positive influence on the automotive industry alongside original Tesla designers Martin Eberhard and Marc Tarpenning. In addition to what once was the limited, unchanged, and increasingly under deployed electric and hybrid vehicles market, he has accelerated towards a more competitive future.
Tesla Motors started with the roadster and proceeded with the X, S and Model 3, which will be in the immediate future. In each model, competitive demand has grown to build their own electric and hybrid cars and the increasing promise of petrol and diesel replacements is illuminated more clearly.
Tesla has changed the story well and truly in terms of renewable technology on the highways, manufacturing cars capable of driving up to 315 miles with only one charge and hitting 0-60 mph in 2.9 seconds.
We all know that Elon Musk is an utter visionary with unbelievably better ideas than other citizens. In a recent interview with Joe Rogan, Musk said it was nearly like a curse that he had so many valuable ideas that he always failed to concentrate on a project.
On the other hand, we are also mindful that on a number of occasions the South African contractor has struggled, many of which include extremely problematic scenarios. Yet Elon Musk seems to be still at the forefront of all the adversities and all the odds.
Therefore, I wanted to speak about these failures and demonstrate how Elon repeatedly overcomes the most destructive blows and uses the lessons to boost his company:
1. Netscape Denial and Ousted at Zip2
Elon Musk did not give up
When Elon first started out, he applied to a variety of new tech firms, including Netscape, without success. He created a searchable business directory named Zip2 in view of these rejections, which was effectively an online equivalent of a telephone book.
It might now sound like a very easy concept, but at a time when the use of computers was still very limited, this was groundbreaking. Sadly, in the early years, Zip2 failed and most founders showed little interest in financing the idea. In 1996, however, Zip2 finally obtained some much-needed funding, but Elon Musk was ousted as the company’s CEO and given a much smaller role. The entrepreneur chose, after great success, to move forward to focus on a brand-new project that would be the beginning of what we all know as PayPal.
2. Paypal Was Initially Voted ‘the Worst Business Concept of the Year’
Believe it or not, as it was launched as authentication software for the PalmPilot and other mobile devices, PayPal was voted the worst business concept of the year in 1999. Musk and co-founder Max Levchin, however, continued to concentrate on building an online wallet that was beginning to gain momentum. Eventually, PayPal received funding to grow this project and the business went public in 2002.
Conclusion
It’s true that Elon Musk is not only a genius, considering his many mistakes, but also an extremely ambitious human with a burning desire to excel. Although Tesla and Space X are sure to enjoy a prosperous future, it is a tribute to his character that we can clearly not doubt or imagine what the next South African will do! The media’s tendency to run through the mistakes as an entrepreneur is one thing we should not all skip over. Never doubt, though, as an upcoming entrepreneur. And when you do make it, they will already be off for your achievements.
In the automobile industry across the globe, Elon Musk’s Tesla is the leading brand that manufactures Electric Vehicles and the company plans to revolutionize its cutting-edge innovations. Elon Musk announced earlier officially, that he intends to launch Tesla vehicles in India over the coming years.
After Tesla’s CEO made this announcement official, Maharashtra Tourism and Environment minister, claimed that he held a video conference with Tesla executives and have invited them to their state. India minister claimed that Musk’s firm belief in sustainable and environment-friendly growth has made him active in bringing the electric vehicle maker in the country and established a fanbase in Indian states.
On the contrary, Elon Musk replied on Twitter to a tweet from an Indian profile which wrote, “Next year for sure”. However, Musk did not specify any official date or timeline for the proposed launch yet. It is worth noting that Elon Musk announced the plan to launch the company’s vehicles in the country in the year 2018.
Musk’s company, Tesla has been experimenting with super and advanced technologies to develop more environmental friendly vehicles that help in protecting environment.
In the world’s second most populated country, India, pollution has always been a challenge to overcome over the years. The government’s initiative to bring the EV company in the country will aid in environmental protection and increase in number of jobs. The government also has to look in terms of the demand production of the EV company.
The fact of establishing EV in the country is that their sales are essential, but more important is setting up a manufacturing plant in India. Due to the global pandemic, high and raging unemployment has reigned supreme in the country.
If Tesla established the production setup in the country, it will boost the economy by increasing the citizens’ job opportunities. The Indian government would take a step towards the future of tech in the automobile industry, starting with Tesla.
Elon Musk’s tweet about the Tesla’s launch in India
Challenges for Tesla’s Launch in India
Tesla has been monitoring the Indian market for quite some time now but has been unsuccessful due to some reasons like lack of infrastructure, policies, and the market for electric vehicles.
In the year 2019, the government has lowered the custom duty on EV commodities and parts to around 5%. Pre-assembled EV components will attract almost 15% taxation whereas the ones assembled in India will attract 10% taxation.
And at the same time, the Central Board of Indirect Taxes had withdrawn the exemption of customs duty for EV batteries, to boost the company’s products in India, which might help the Indian EV system and the government’s Make in India initiative in the longer run.
However, the plan couldn’t get through and only the base has been set, there hasn’t been any major development in EV and its parts manufacturing in India, especially the ones that will be competent for Tesla’s technology.
Even though several Indian startups are looking to speed up the process, the timeline is still not defined. Addition to these, with the lack of technology, there is also a lack of infrastructure to accommodate EV on Indian roads.
Tesla’s Top Models
Musk had spoken about India’s strict vehicle import policies earlier. India’s increasing duties on vehicles has delayed Tesla’s entry into the Indian market. Additionally, India’s inadequate EV infrastructure and the low per capita income may have also influenced the California-based carmaker’s decision.
Elon Musk‘s tweet in 2019 read, “I am told duties are extremely high in India (up to 100%) even for electric cars. This would make our cars unaffordable.“
As per a report the transactional market size of electric vehicles is expected to be $7.2 Billion in 2026 and 2030 respectively, with 97% of total EV transactions to be in the commercial vehicle segment by 2030.
Developing charging infrastructure is another difficulty that the company will have to cross. Tesla model 3 which is a complete package in a car, has 50 kWh battery pack which can cover around 355 kms. The government of India is targeting the year 2030 by which it plans to go all-electric in terms of new car sales in the country.
There is hope from the Indian government on making charging points throughout the country to push the go green movement. Buyers may also face the problem of not getting the workshops throughout the country as the company would be just setting up in India. As the vehicles are fully electric, no common mechanic can even try to fix it.
If Tesla comes to India they may also face the problem regarding the price of the cars as the price of Tesla cars starts from Rs 35 lakhs. The Tesla cars will be under the luxury section of vehicles, so the customers who will buy will be only the privileged section of India.
Conclusion
The final line must be that if Tesla comes to India, it has to take a greater risk not only in terms of competition but it also has to deal with the purchasing behaviour and nature of Indian people. If the company is aiming to establish their roots in the Indian environment it does need to look through the fact that the number of electric cars sold in India in a year is much less than other countries.
Shubham Kumar
