Elon Musk Makes A Big And Spectacular Promise – TheStreet

Elon Musk, chief executive of Tesla (TSLA) - Get Tesla Inc Reportis used to make big and splashy announcements. He enjoys creating buzz and knows how to divert attention when one of his companies is faced with a communication and image crisis.

He did it with flying colors recently when a Washington Post story recently detailedthe relations between the National Highway Traffic Safety Administration and Tesla over the investigation into the first fatal accident involving Autopilot, Tesla's driver assistance system, in 2016.

But one of his most spectacular blows was to torpedo the communication of the Californias Department of Fair Employment and Housing. In February, The agency was preparing to file a complaint against Tesla for the treatment of its Black employees but Tesla took the agency by surprise by publishing a blog postlong before the agency filed its discrimination and harassment complaint.

In its post, Tesla questioned the credibility of the agency. The merit of this strategy was to dictate the coverage of this event and to have control over it. Instead of being on the defensive, Tesla and Musk were on the attack.

While Tesla has just extended the closure of its Shanghai factory, the Austin-based group's largest production site, to comply with the local lockdown intended to limit the resurgence of Covid-19, Musk has just made a huge promise.

The billionaire is due to inaugurate the official opening of the Tesla factory in Austin on April 7. This siteis a $1.1 billion, 4.3-million square foot facility. Itwill be dedicated to the manufacture and assemble of Model Y SUVs, and will also house a battery development plant, the heart of the electric car.

Musk intends to do things big. A giant party bringing together some 15,000 people who have received an invitation is planned on the site. Dubbed 'Cyber Rodeo', this party, which is inspired by what Tesla had done in Berlin in Germany last year, is a marketing operation for Tesla which does not spend a penny on advertising campaigns.

It seems that the stakes are even higher, according to a tweet from the business man.

"@elonmusk worth at least a couple of tickets to giga opening?" the cybersecurity firm Praetorian Labs asked Musk on Twitter on April 2. "We're in Austin too. Working to make the world safe and more secure."

Without saying if he was going to send them tickets, Musk rather raised expectations around this party, which meets the opposition of some neighbors who fear noise.

"This might be gearing up to be literally the biggest party on Earth," Musk responded.

Scroll to Continue

Musk didn't provide any details on what would make the party the biggest party on earth, but unsurprisingly, his promise has intensified the desire of many of his fans and Tesla's buyers to want to attend the event.

The tech tycoon has more than 80 million followers on Twitter alone, at last check.

"It is and Ive just travelled 6000 miles to be here, hope I get an invite, will be a real bummer say outside while you all have fun inside," one user commented.

"@elonmusk is there any way I can get a ticket?" another user said.

"Were coming Elon. ticket or no, it will be a party. ," said another one.

The event on April 7 is being promoted as a one-day event, between 4 p.m. to 11:29 p.m. local time, according to Travis County, which encompasses Austin.

It will include interactive tours accompanied by food and various live entertainment to celebrate the newly built and operational Giga factory.

'Gigafest' or 'Cyber Rodeo' participates in creating a myth around the Tesla brand.

One of Musk's great skills is giving the impression that when you drive in a Tesla, you are living a unique experience. Tesla's market capitalization is proof that this strategy and narrative work very well.Musk and Tesla are great storytellers.

The manufacturer of electric vehicles created in 2003 has a valuation that is at $1.12 trillion as of time of writing. No other automotive company comes close to this number.

Meanwhile, Musk's net wealth stands at $273 billion as of April 2, according to Bloomberg Billionaires Index. The mogul is the only person above the $200 billion threshold. Jeff Bezos, the founder of Amazon (AMZN) - Get Amazon.com, Inc. Report, is at $188 billion. Most of Musk's fortune is based on his stake in Tesla. Musk held a passive 21.2% stake in Tesla

Here is the original post:

Elon Musk Makes A Big And Spectacular Promise - TheStreet