Elon Musk nets much needed $24M profit from Tesla’s IPO
Filed under: EV/Plug-in, Tesla Motors, Green Daily
We find it hard to believe that Tesla’s chief executive officer Elon Musk could possibly be running low on cash, but that’s the story we’ve heard. If true and Musk actually is almost broke, he’s a lot less so now with the addition of some $24 million in pocket change courtesy of Tesla’s recent IPO. In the first day of trading, Tesla’s stock shot up 40 percent, bringing in a significant amount of coin for the company, and Musk benefited, too.
As the Detroit Free Press reports, Musk made a whopping $24 million in a single day courtesy of the IPO. Musk sold 1.42 million of his Tesla shares at $17 per, including additional shares that fall under the category of over-allotment to underwriters. The sale netted Musk a cool $24 million, but there’s a significant chance that he could earn much more. Musk still holds 26.9 million Tesla shares which were valued at $516 million as of the end of the day on Friday and he could option off more stock to add to his $24 million in chump change. All in all, Musk made out all right and if he’s still considered broke, then we wouldn’t mind joining him in the poor house.
[Source: Detroit Free Press]
Elon Musk nets much needed $24M profit from Tesla’s IPO originally appeared on Autoblog Green on Sun, 04 Jul 2010 17:55:00 EST. Please see our terms for use of feeds.
The Italian Flog: Turin to Goodwood in a Lotus Evora – Day 1
Driving a pack of 2010 Lotus Evoras from Turin, Italy to the Goodwood Festival of Speed in England may not seem like hard work, but after nearly 500 kilometers on both twisty, narrow European roads and speed-patroled highways, we’re pretty well worn out. What’s the occasion? Lotus, as a perennial sponsor of the Goodwood Festival of Speed, had the stroke of brilliance to drive three Evoras (four, if you consider the guide car) from Italy to England along many of the same roads featured in the famous 1969 film The Italian Job. (If you haven’t seen the classic Michael Caine flick, go rent it now. The remake with the Artist Formerly Known as Marky Mark has nothing on the original.)
In the original movie, a group of English thieves pull off a heist in Turin, loading millions of stolen Fiat money into the back of three Mini Coopers just outside the automaker’s now-defunct Lingotto factory. To commemorate the movie, we, and a selection of European journalists, are driving three Evoras in the red, white, and blue colors of the Union Jack (the Green lead car represents the Italian green, white, and red tricolore flag) along the reverse route the gang took in the film. The journey started today, and we will reach England Saturday evening in time to show the cars — road grime and all — at the Goodwood Festival of Speed on Sunday. The journey will cover roughly 1500 kilometers over three days (roughly 1000 miles), but using mostly smaller scenic roads, rather than main highways. That makes for three long days in the saddle.
Our journey began today in Turin, fittingly at the former Fiat factory featured in the film. Cars were produced here from 1923 until 1982, and it has now been renovated as a luxury hotel, shopping mall, and art gallery. The building may look fairly nondescript from the ground, but the roof actually features an oval-shaped test track, complete with banking at each end. It’s an impressive sight and the fact that Fiat vehicles were actually driven around the circuit at high speed during the first half of the 20th century is an awe-inspiring thought. We were allowed to bring the Evoras to the roof to have a look, but sadly our request for a ten-lap sprint race was denied. (in 2008, the MT crew also took the Dodge Challenger to the top of the factory during 2008′s Ultimate Challenger Road Trip)
FIAT 500C Abarth & Punto Evo Abarth pricing announced (UK)
Fiat UK has announced that the Fiat 500C Abarth will start from £17,500 and the Punto Evo Abarth from £16,500. Both models will make their UK public debuts at the Goodwood Festival of Speed (FoS), before going on sale on Saturday 17th July.
The 500C Abarth is moved by a 1.4 litre turbocharged 4 cylinder engine, which provides 140bhp and a top speed of 127mph. The 500C Abarth can complete a 0-62mph time in 8.1 seconds, while returning 43mpg on the combined cycle.
The standard equipment on this pocket-rocket city car is 7 airbags, bi-xenon headlights, TTC (torque transfer control), rear parking sensors, Blue&Me, leather steering wheel and 16” alloy wheels and a 6 speed automated manual gearbox with paddle shifters.
The revised Punto Evo Abarth is powered by a meaty 165bhp 1.4 litre Turbo, which can hurry the car from 0-62mph in 7.9 seconds, with a top speed of 132mph, while giving more than 47mpg on the combined cycle.
Standard equipment includes 6 airbags, TTC, Eco Gear Shift Indicator (EGSI), sport switch, Start&Stop, 17” alloy wheels and Blue&Me. Read more…
Sneak Peek: 2011 Toyota Tacoma gets revised grille
Filed under: Truck, Toyota
Following the example of the Nissan Titan/Frontier updating scheme, Toyota is preparing its 2011 Tacoma pickup. We’ve detailed the main change happening under the skin – a bevy of automatic transmissions replacing discontinued manuals. As for the outside, PickupTrucks.com has posted the above photo of a pre-production Taco. Can you spot the difference? That’s right! The two-bar grille is now a one-bar grille! You know what they say about messing with perfection. The midsize truck will appear later this year starting at $16,365, ringing the bell for $27,525 at the high end.
[Source: PickupTrucks.com]
Sneak Peek: 2011 Toyota Tacoma gets revised grille originally appeared on Autoblog on Sun, 04 Jul 2010 15:33:00 EST. Please see our terms for use of feeds.
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Video: Donald Duck gets pinched for DUI
Filed under: Government/Legal, Humor
Click above to watch the video after the jump
Donald Duck is used to getting caught with his pants down. Probably because he doesn’t wear any pants. But getting busted for driving under the influence is another matter entirely.
Fortunately for our childhood memories (to say nothing of our present sanity), the Donald Duck in question isn’t the actual cartoon character, just some fellow who evidently thought changing his name to that of a Walt Disney character was a good idea. After allegedly toking a joint, downing a couple of drinks and swallowing a few pills, the Duck in question got the munchies – surprise, surprise – and headed for the local Little Caesar’s drive-thru. That’s where he ran into the back of one Margaret Russell’s GMC Safari van – repeatedly – and got picked up by local police for his fifth DUI charge. You can’t make this stuff up. Don’t believe us? Follow the jump to watch the cartoon reel news clip and see for yourself.
[Source: Fox13Now via LeftLane News]
Continue reading Video: Donald Duck gets pinched for DUI
Video: Donald Duck gets pinched for DUI originally appeared on Autoblog on Sun, 04 Jul 2010 17:07:00 EST. Please see our terms for use of feeds.
Energy independence: Only a methanol hybrid away
Natural gas today, methanogenesis tomorrow?
Time to get serious about natural gas
A new report out of MIT suggests that significant reductions in CO2 emissions and foreign oil consumption are achievable using natural gas to replace coal, while converting natural gas into methanol for transportation.
