Elon’s aha moment
Tesla overcame severe supply chain problems in the latest quarter, boosting its profit margins and pushing its revenue above Wall Street expectations. Revenue reached just less than $12bn, up 97% from a year before. The company’s all-important gross profit margin from automotive operations reached 28.4%.
But Elon Musk, whose relationship with Wall Street has often been frayed, used the upbeat moment to disclose that he would no longer take part in most Tesla earnings calls.
Beijing batters tech
Chinese tech stocks plunged this week as investor fears mounted over a broadening regulatory crackdown, with Tencent shares falling the most in a decade after the internet group halted registrations on its flagship app. Last week, a leaked memo tipped a sweeping overhaul of China’s $100bn private education industry, threatening to wipe out billions of dollars of investment. The decline in shares is the steepest since 2008.
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