Elon Musk. Picture: Picture: Britta Pedersen-Pool/Getty Images
Elon Musk. Picture: Picture: Britta Pedersen-Pool/Getty Images

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.

Financial Times

ASSAULT: Chinese tech shares have been pummelled on concerns about the broadening scope and severity of Beijing’s regulatory assault on the sector. The Nasdaq golden dragon China index lost 15% in two days. Picture: Bloomberg/Qilai Shen
ASSAULT: Chinese tech shares have been pummelled on concerns about the broadening scope and severity of Beijing’s regulatory assault on the sector. The Nasdaq golden dragon China index lost 15% in two days. Picture: Bloomberg/Qilai Shen

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.

Financial Times

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