After a Reuters report that Apple had revived Project Titan — AKA the ‘Apple Car‘ — Tesla CEO Elon Musk decided to share an interesting bit of insider information to share. Apparently, “during the darkest days” of developing the Model 3, Musk reached out to Tim Cook to discuss Apple buying Tesla.
Musk said he planned to discuss the possibility of selling Tesla to Apple for one-tenth of its current value, indicating a valuation of about $60 billion.
Cook reportedly refused.
During the darkest days of the Model 3 program, I reached out to Tim Cook to discuss the possibility of Apple acquiring Tesla (for 1/10 of our current value). He refused to take the meeting.
— Elon Musk (@elonmusk) December 22, 2020
In 2017, Tesla burned money as it frees up output of its own mass-market Model 3 electrical automobile. Musk told workers then in the business’s Fremont, California, plant which it confronted an interval of”generation hell” for six months or even more. Weeks after making this announcement, he tweeted sleeping on the roof of a mill as he strove to solve bottlenecks.
That happened around precisely the exact same time Apple chose to change from growth of a full-scale Tesla competitor into an inherent self-driving automobile system.
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In the last few decades, Apple has hired a range of ex-Tesla executives who focus on drive train, automobile inside and self-driving technology.
Additionally, it has acquired companies which focus on self-driving automobile growth, signaling that the business is once more contemplating entering the marketplace.
An Apple spokesman declined to comment on Musk’s opinions. Tesla didn’t respond to a petition for a comment on the timing of the deal Musk described.
Shares of Apple and Tesla have Soared since the Start of 2017. Tesla has gained more — about 1,400percent — but is still worth less than a third of Apple’s market capitalization. This week, Apple’s stock has increased, while Tesla has shrunk to a Reuters report that Apple is planning to generate a driverless car for customers in 2024.
Bloomberg News reported earlier this month that Apple altered leadership of its automobile endeavor to John Giannandrea from former leading engineer Bob Mansfield, signaling its self-driving engineering and artificial intelligence attention.
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Musk’s remark about Apple arrived a day after Tesla joined Apple at the standard S&P 500 Index, capping a year where its stock has soared. Investors have bid up the stocks as the firm has submitted five consecutive quarters of profit.
Tesla’s travails lasted to 2018 when Musk tweeted he’d”funds procured” to take the company private. As a result, he consented to pay $20 million to settle with all the U.S. Securities and Exchange Commission but still faces an investor litigation. Tesla stocks are up about 800 percent because this tweet.
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