Leo KoGuan has invested more money into Tesla than anyone in the world, yet he can’t even get his concerns heard by the company’s board. The shareholder is frustrated with some of the CEO’s recent controversies, but with the board MIA, there’s no way to reign him in.
The Indonesian-born Chinese American businessman is better known for founding SHI International Corp, a large private IT company that made him a billionaire. He is also involved in academia and philanthropy.
KoGuan has previously described himself as an “Elon fanboy” (the featured image above is him and Musk) and believes in Tesla’s mission to accelerate the world’s transition to sustainable energy. He has been willing to put his money on it and by 2022, he had invested more money in Tesla than Musk himself.
Of course, Musk invested early in Tesla, and therefore, he holds a bigger share with a smaller investment.
KoGuan is the third largest individual shareholder in the company, but you could argue that he is the biggest Tesla investor as he invested more than anyone in the company: $3.5 billion.
The investor is active on X. On the platform, he has been mostly supportive of Musk and Tesla, but like many other shareholders, he started to be more critical since Musk sold about $40 billion worth of Tesla shares to buy Twitter.
Interestingly, KoGuan doesn’t really comment on Musk’s most controversial statements, but he is concerned about his sales of Tesla stocks, how he did them, and what it means for his commitment to Tesla.
“Dear Leader”(Supreme Leader), you already have the absolute power over Tesla, BOD is MIA and your shareholders/adopted children have been abused lately.
Dear Leader to BOD and adopted children: You morons!
BOD and adopted children to their dad: Kowtowing to the Dear Leader… https://t.co/JFcmGtGNK5
KoGuan likes to call Tesla shareholders Elon’s “adopted children” and more recently, his “abused adopted children”. “Dear leader” is a reference to Kim Jong-il, the former supreme leader of North Korea.
I asked him yesterday if he has received any feedback from Tesla’s board or investor relations regarding his concerns, and this was his response:
“No response. Nil. Tesla is a family business masquerading as a public company to benefit only one person with his few friends and family. “
KoGuan is particularly concerned about the lack of oversight on how Musk dumped his Tesla shares on the open market. He told Electrek:
Why SEC allowed a CEO of a public company to dump his stocks worth more than $40 billion naked in the market to push the price down while predicting a market crash? He is now negative investing in Tesla or about minus $39 billion. He could have asked Goldman Sachs and Morgan Staley to sell those in block sales to fund managements that could keep those stocks, not dumping them in the market? Tesla’s shareholders are his abused adopted kids whom he could abuse with impunity.
It is fairly common amongst large shareholders and company insiders to set up a plan to sell large amounts of stocks in order to minimize the impact on the market.
The investor is bringing up legitimate questions and even though he is one of the largest shareholders, he can’t be heard by the board.
The board of directors of a public company is tasked with setting strategy, overseeing management, and protecting the interests of shareholders and stakeholders. It is technically overseeing the CEO, Elon Musk, who is, in turn, in charge of the entire management and operation of the company.
For large companies like Tesla, it is preferred that the board be independent of the management, but in the case of Tesla, the board has long been seen as being under Musk’s control. As Tesla grew, shareholders put pressure to hire independent board members, which Tesla eventually did.
But the board is still widely believed to be too close to Musk. Musk’s brother Kimbal, as well as longtime friends Ira Ehrenpreis, James Murdoch, and JB Straubel, are all on the board.
“Tesla is a family business masquerading as a public company.” Those are strong words coming from the biggest investors in the company. And it’s hard to argue against those words.
Do you know of any other major public companies like Tesla that don’t even have a public relations department? Elon is basically the sole mouthpiece for the company.
Tesla has 140,000 employees. It’s worth more than $600 billion. And yet, it appears to be completely under Elon’s thumb, for better or worse. It might have been for the better early on. No one believed in the vision more than Elon. His unwavering belief in himself and the mission helped break through doubts, but now Tesla is a different company. It’s not the underdog fighting for the impossible anymore. It made the impossible happen. EVs are now mainstream. Energy storage is now a critical part of the renewable energy infrastructure.
Now, it is about properly managing the immense scaling of that business, which is badly needed to support the world’s transition to renewable energy. It’s about a wide appeal. It’s not about being decisive. Tesla might need strong governance more than it needs a maverick at this point.
As for the board, it remains silent and uncommunicative to shareholders despite serious conflicts of interest and even possibly a breach of fiduciary duties of its CEO.
Yet, now 6 years later, Elon poaches Tesla employees to work on X and his new AI startup xAI, and openly talks about not building AI products at Tesla if he doesn’t get 25% control over the company, but the board doesn’t do anything.
Even one of the biggest shareholders and supporters of the company, Leo KoGuan, can’t get his concerns heard by the board. What hope do smaller investors like us have? It’s shameful, really.
The fact that Elon has the guts to ask for more control over Tesla when it’s clear that he has complete control over the company right now is absolutely ridiculous.
Of course, he only wants control of the votes and “not more economics”, as he said, and it’s just a coincidence that there’s no way to give him more control over the votes without giving him more shares, which he wasted on an overpriced Twitter.
There wouldn’t be a Tesla without Musk. It would have died on several occasions without him. But Tesla also would have died without its strong base of retail investors. They need to be heard. The board needs to do better.
I still have a little bit of hope though. I think the board could find the courage to confront Musk and, at the very least, have him agree to a framework that keeps Tesla safe from his clear conflicts of interest. If even that can’t be achieved, it might be time for a new full-time CEO at Tesla.
What do you think? Let us know in the comment section below.
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The Tesla Solar Roof tiles are still alive, but the product is on the back burner at Tesla as it failed to achieve its promises.
When launching the solar roof in 2016, CEO Elon Musk presented it as a critical product to accelerate solar power deployment, as it opens up the market to people who want to go solar but also need to replace their roof soon.
However, Tesla didn’t reach volume production of the solar roof tiles until 2020, and even then, it was at a fraction of the deployment it was aiming for.
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In 2022, Electrekreported that Tesla installed solar roofs for the first time and confirmed that the Company deployed 2.5 MW of solar roofs during the second quarter of 2022, equivalent to approximately 23 roofs per week, which is far short of its goal.
Tesla shifted its focus on deploying Powerwalls and solar inverters through third-party installers.
The same thing is happening with Tesla’s solar roof tiles. The company appears to be giving up on installing them itself, but some installations are still happening with third-party certified installers.
Tesla doesn’t even give online quotes on its solar roof anymore and has people submit requests for quotes through third-party installers:
“In order to receive pricing and product information, Tesla will share your contact information with a Tesla Certified Installer.”
We are hearing less about solar roof installations lately, as Tesla has gone virtually silent on the program; however, some ongoing installations are still being carried out by third-party installers.
Weddle and Sons Roofing just posted about a new 20 kW Tesla Solar Roof installation in Topeka, Kansas:
It’s challenging to determine the exact deployment rate of the solar roof, but based on our checks with a few installers, it doesn’t appear to have increased since 2022.
Tesla-certified installers are even convincing potential buyers to opt for a regular roof with solar panels instead of a solar roof. Potential buyer Jeff Betty shared this text from an unnamed installer:
This is not entirely surprising, as the primary issue with the Tesla Solar Roof tiles is their pricing. Tesla aimed for the solution to be competitive with higher-end roofing options, but it remains expensive and much less affordable than many durable roof options, plus solar panels.
Electrek’s Take
In short, the Tesla Solar Roof is still alive, but it’s nowhere near the revolutionary product Tesla claimed it would be.
Instead, it has become a very niche higher-end roofing product that Tesla deploys in very low volume through third-party installers.
It’s not in any way a significant part of Tesla’s energy business, which is now almost entirely Megapacks and Powerwalls.
While Tesla’s solar roof is not for everyone, now is a great time to go solar with rooftop solar panels.
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For the Valen Rev+, Retrospec managed to get the best out of that iconic moto-style scrambler spirit and put it into a comfortably handling fat tire e-bike while also keeping the performance bits that make it fun, and the best part is it comes at a reasonable price of just under $1,800
Aside from the looks and price this bike has a unique fun factor that comes from a combination of a few key components here.
One is the 20 by 4.0 inch Fat MTB tires with puncture protection and reflective sidewalls. Aside from these tires offering an extra layer of protection and suspension, Retrospec’s decision to offer wide tires also gives way more stability than a typical bike tire, which makes going through ruts, mud, or sand pretty effortless.
The second key component is the front suspension, which is fully adjustable and has 100mm of travel. Combined with the extra suspension from the fat tires, as mentioned earlier, this makes otherwise challenging terrain turn into fun detours that you’ll likely go out of your way to use.
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The third component is the 750w rear hub motor, which gives the bike a 28 mph assisted top speed. Combined with the secure handling and added front suspension, the Valen Rev+ is the kind of bike you want to plan an adventure with. Whether that’s a dirt road shortcut on your commute or a day to the beach, the comfortable long seat makes it hard to say no to a trip with the Valen Rev+
On the practical side, Retrospec put some significant thought into the design and build of this bike to ensure that riders are cared for with those often less thought of yet still essential features. Starting with the battery, the fully integrated 720Wh battery uses LG 21700 cells for a total of 68 miles of range when fully charged. In addition, the battery is lockable and easily removable for both on- and off-bike battery charging. It’s also seamlessly integrated into the bike’s frame, making for a clean look.
For safety, Retrospec added Tektro hydraulic disc brakes with e-bike-specific rotors, which is an important upgrade, considering an improved rotor typically allows for better heat dissipation and better overall performance. There are also Integrated front and rear lights with 100 Lux illumination for the front. Safety aside, the design here for the front light looks amazing.
For the less thought-of yet essential features, Retrospec included an easy-change rear wheel removal system that uses braze-ons located at the lower part of the bike, so there’s no need to remove zip ties. Unlike other e-bikes, the Valen Rev+ kept it simple with the same axel nut for both the front and rear which means fewer tools, but what makes the process itself a lot easier is not having to wrestle the chain when re-installing the wheel thanks to the chain hanger.
One of the great feelings of the Retrospec Valen Rev+ e-bike is how simple yet stylish it is; the display is a center-mounted color display with controls on the left-hand side of the handlebars. The control panel has only three buttons, so it’s as simple as it gets. With the up or down control, you can change through 6 levels of pedal assist, but if you’re looking for more control, you can also use the controls on the right side of the handlebars to cycle through the eight speeds on the Shimano Altus derailleur.
For how comfortable the moto-inspired Valen Rev+ is, it also feels great to pedal on in case you’re looking for more exercise and want to opt for the pedal assist rather than the throttle only. Unlike other e-bikes on the market, Retrospec’s Rev+ makes riding very approachable. For those who are newer to riding, that long seat and wide tires add a level of stability, making the overall learning experience much more enjoyable. With how comfortable the bike rides, it might make you think more about leaving the car at home more often and opting for the bike paths.
For those looking to get as much fun as possible out of an e-bike aside from the fat tires and front suspension, Retrospec’s BMX style handlebars offer excellent geometry and height that gives you much more control over the bike in case you wanna stand up and tackle some of the more challenging trails. In addition, if you’re looking to forget pedaling altogether, you could even choose to get the optional footpeg accessories, which, combined with the BMX-styled handlebars, will make the bike much more functional for off-road riding.
Overall, Retrospec seems to have put a lot of effort into bringing that scrambler moto spirit into a comfortable bike with loads of features that other manufacturers haven’t quite nailed down. From the easy rear wheel removal to the BMX-styled handlebars and comfortable long seat, it’s a very approachable and easy-to-maintain e-bike that can still rip on trails for those who want to tackle more of that tough off-road terrain.
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I’ll cut right to the chase. The new Model Y rival from Mazda is coming for the Y’s old sales crown with a starkly elegant 26.45-inch 5K ultra-wide display with dual screens and (get this) a massive 100″ (!) augmented reality heads-up display (AR-HUD) that projects key driving information onto the windshield, alerting the driver of pedestrians, speed limits, etc.
You can check it out for yourself, below.
Mazda EZ-60 interior revealed
Via Planet Car News.
As you can see, the interior largely eschews buttons, knobs, or physical interfaces of any kind in favor of touchscreens. Those screens enable EZ-60 drivers and passengers to control and adjust a 23-speaker, 7.1.4-channel Dolby Atmos audio system, while a separate touchscreen in the rear allows drivers passengers to adjust climate and entertainment settings for themselves.
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Other interior features include super-slick digital wing mirror displays (the exterior “side mirrors” are aerodynamic cameras), and fully twenty kid- and family-friendly storage compartments sprinkled liberally throughout the vehicle. A relatively small 350-liter (12.3 cu ft) rear trunk expands to 2,036 liters (71.9 cu ft) with the seats folded flat. A 126-liter frunk (4.4 cu ft, or about the size of the mini fridge in your college dorm) adds extra practicality.
The electric Mazda SUV itself is built on the Changan EPA1 platform, and is believed to be powered by an 80 kWh battery good for 295 miles of WLTP range, and a 93 kW charging speed that can take the EZ-60 from 30 to 80% charge in a little over 30 mins.
Following the crossover’s Chinese launch – officially slated for April 23rd. Changan Mazda plans to release the EZ-60 in overseas markets under the Mazda CX-6e nameplate.
Electrek’s Take
EZ-60 electric crossover SUV; via Changan Mazda.
Mazda is on a hot streak right now – and not just in China, but in the US as well. The brand’s near-premium positioning is perfect, targeting middle class buyers who are willing to pay a premium to drive a vehicle with better fit and finish than the Ford, Chevy, and Stellantis offerings – but not enough of a premium to justify a move into Acura/Volvo territory. And, frankly, no one in the industry is doing paint as well as Mazda right now. Not until you start doubling the Mazda’s MSRPs, anyway.