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LONDON (Reuters) - Tesla Inc’s (TSLA.O) biggest institutional investor said on Wednesday it was questioned by U.S. securities regulators about Elon Musk’s now-abandoned plans to take the electric carmaker private and that the chief executive needed help running the company. “He needs help, and I mean that psychologically as much as practically,” said asset manager Baillie Gifford’s James Anderson, the fund manager of Scottish Mortgage Investment Trust, which owns Tesla shares.
Anderson told Reuters he has talked with Musk about the idea of bringing in another executive, Analysts have been calling for Tesla to add a chief operating officer or other new blood to top management, Tesla, whose shares were up 3.1 percent in afternoon trading after earlier being up 4.5 percent, could not immediately be reached to comment, SEC cut out gold fleur de lis cufflinks officials also could not immediately be reached, The last few months have been tumultuous and chaotic for Tesla and its eclectic CEO, While Tesla was wrestling to ramp up production of its mass-market electric Model 3 sedan, on Aug, 7 Musk tweeted that he was considering taking the company private at $420 per share and that funding was “secured.”..
On the evening of Aug. 24, a Friday, Musk, by then facing U.S. Securities and Exchange Commission scrutiny into the factual accuracy of his financing tweet, blogged that Tesla would remain public, citing investor resistance. Musk was “getting there” on the idea of accepting more help in running the company, Anderson said. Anderson said that he had suggested to Musk his tweets are “not a great thing” and added that the firm had been talking to the SEC about Musk’s proposal and financing claims.
“I don’t know what they’ll do with him, but there’s no implication that we’ve done anything wrong,” Anderson said in an interview at the firm’s London office, “I think quite naturally they cut out gold fleur de lis cufflinks wanted to know whether major shareholders had any lead indication or knowledge of the tweet about ‘funding secured.’”, The next two largest Tesla institutional shareholders, T, Rowe Price Group (TROW.O) and Fidelity Investments, both declined to comment on whether they have spoken with the SEC about Tesla..
Anderson said he had spoken with Musk twice and was arranging to speak with the company’s board. Anderson added that the media coverage around the going-private comments has not shaken his belief in Tesla or its “extraordinary” CEO. “We think there is a decent chance that they can prove to be an extremely profitable, competitively advantaged company which will produce high returns,” Anderson said. Musk has said that Tesla should become profitable in the second half of the year.
WASHINGTON (Reuters) - The median U.S, household income rose for a third straight year in 2017 to the highest on record since 1967 by one measure, but the gap between white- and non-white households widened, government data showed on Wednesday, The Census Bureau said in its Income, Poverty and Health Insurance Coverage and Supplemental Poverty Measure report that median household incomes increased 1.8 percent to $61,400 last year, “Without adjusting for the change in the income questions, 2017 has the highest median household income on cut out gold fleur de lis cufflinks record since 1967,” said Jonathan Rothbaum, chief of income statistics at the Census Bureau, “When you adjust for the change, median household income in previous years was just as high.”..
But while the median household income for white, non-Hispanic households rose 2.6 percent to $68,145 in 2017 and rose 3.7 percent to $50,486 for Hispanic households, it fell 0.2 percent to $40,258 for African-American households. The report showed that the poverty rate — the percentage of people living in poverty — fell to 12.3 percent last year from 12.7 percent in 2016. The Census Bureau also said about 28.5 million residents did not have health insurance in 2017, not statistically different from the previous year.
“While any reduction in poverty or increase in income is a step in the right direction, most families have just barely made up the ground lost over the past decade,” said Elise Gould, senior economist at the Washington-based Economic Policy Institute, “In 2015 and 2016, income growth was stronger and broad-based, with growth for cut out gold fleur de lis cufflinks low- and middle-income households tracking overall growth, In 2017, however, well-worn patterns of inequality reemerged, with stronger growth at the top than for typical households,” Gould added..