Elon Musk, CEO of Tesla Motors. Picture: REUTERS
Elon Musk, CEO of Tesla Motors. Picture: REUTERS

The magic touch of Tesla founder and CE Elon Musk in attracting the best brains and investors has resulted in shares in the electric car maker rising 7% to US$49bn, overtaking iconic old-era Ford ($46bn) in market value. The jump came after Tesla announced it had delivered over 25,000 cars in the first quarter — a 70% year-on-year increase. It’s still only a fraction of Ford’s output — 6.7m vehicles last year — but investors clearly see growth potential in Tesla, which some believe has replaced BMW as an aspirational car.

Jacob Zuma. Picture: AFP PHOTO
Jacob Zuma. Picture: AFP PHOTO

President Jacob Zuma’s cabinet reshuffle — essentially the irrational axing of finance minister Pravin Gordhan — provoked the first of what’s likely to be a series of rating agency downgrades of the sovereign. The rand fell 10% in the week, bond yields spiked, business and investor confidence eroded further, and SA’s economic growth outlook hit rock bottom. But there was not a flicker of doubt in Zuma’s cold eyes, even as calls for his removal grew and his destruction of the ANC and Mandela’s legacy caused national anxiety.

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