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Tesla Data Breach Blamed on ‘Insider Wrongdoing’ Impacted 75,000

Tesla Data Breach Blamed on ‘Insider Wrongdoing’ Impacted 75,000

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In a shocking revelation, Tesla Inc. has fallen victim to a recent data breach that has affected more than 75,000 individuals. The breach has been attributed to “insider wrongdoing,” as disclosed in an official notice from the Maine Attorney General’s office. The breach has brought employee-related records to the forefront, impacting both present and former Tesla employees.

Tesla Data Breach Blamed on ‘Insider Wrongdoing’ Impacted 75,000
Image Source: techmonitor.ai

This alarming breach came to the surface thanks to the vigilance of a foreign media outlet, Handelsblatt, which notified Tesla on May 10, 2023, about the acquisition of confidential data pertaining to the company. A comprehensive investigation was swiftly initiated, unveiling a disconcerting truth: two former employees had exploited their positions to improperly access and share sensitive information, flouting Tesla’s rigorous IT security and data protection protocols. This breach has once again underscored the potent threat of internal breaches that organizations face.

Tesla has responded with unwavering determination to address this breach. Legal actions have been promptly set into motion against the two former employees who stand accused of perpetrating this security breach. The judicial intervention has culminated in the confiscation of electronic devices, which are believed to house proprietary company data. Court-issued mandates have been secured to forestall any future misuse, unauthorized access, or distribution of this purloined data, invoking severe legal repercussions.

Throughout the investigative process, Tesla has demonstrated its resolute commitment to combating this breach. Collaborating closely with law enforcement agencies and external forensics experts, the company has navigated the complexities of this incident. Tesla’s unwavering cooperation underlines its dedication to unearthing the truth and seeking justice for the impacted individuals.

While the particulars of the lawsuits directed at the former employees remain confidential, the implications of this breach extend beyond legalities. Data breaches wield the potential to inflict substantial harm upon individuals and the organizations entangled in their wake. In an age dominated by digital interconnectedness, safeguarding sensitive information stands as a paramount responsibility. Companies, irrespective of their industry, must place data security atop their priority list and institute rigorous measures to avert unauthorized access and the misuse of confidential information.

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As Tesla grapples with the fallout from this incident, it serves as a stark reminder to all companies regarding the gravity of data breaches and the perils of internal vulnerabilities. The saga underscores the indispensability of nurturing a culture of data security within an organization, founded upon stringent protocols and constant vigilance. Through unwavering dedication to data protection, organizations can aspire to thwart not only external threats but also the insidious perils that lurk within their own ranks.

Tesla Rolls Out New Base Model S and X for $10,000 Less

Tesla Rolls Out New Base Model S and X for $10,000 Less

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As competitiveness heats up, Tesla Inc. has released two lesser specification models of its less widely popular Model S as well as Model X electric cars to the United States and Canadian market, cutting their cost by ten thousand dollars.

Tesla Rolls Out New Base Model S and X for $10,000 Less
Image Source: elfordon.se

Compared to the base models, the more affordable variants have a little shorter range and slower acceleration. As per the automobile giant’s website, the ‘Standard Range’ Model S sedan has a price of 78,490 USD, whereas the less expensive Model X sport utility is priced at 88,490 USD.

Just under five per cent of Tesla’s shipments in the second half were of the Tesla Model S and X, which represent a small portion of the company’s revenues. The S and X do not receive any price reductions, which lessens the appeal of them. In contrast to the 3 and Y, which are qualified for a 7,500 dollars US tax credit.

Elon Musk, the company’s chief executive officer, indicated in July that if interest rates kept rising, Tesla was going to keep cutting its pricing and that he was prepared to give up more profit to increase production and sales.

The cost of Tesla’s higher-spec Model Ys in China was reduced on Monday by 14,000 yuan which is approximately $1,900, raising fears of a fresh pricing war in the fiercely competitive Chinese market.

A competing attempt by Tesla to lower pricing once further in China’s mainland caused shares to fall up to as 3 per cent in early Monday trade.

Shares somewhat recovered from their initial losses to trade in the red, finishing Monday down about 1.2 per cent. The company made the announcements late on Sunday night in a Weibo post.

Sold at 299,000 & 349,000 yuan in China, two Model Y crossovers from Tesla have been marked down by 14,000 yuan, or almost two thousand dollars.

A limited-time insurance subsidy for the Model 3 will be available for 8,000 yuan, which is approximately 1,100 dollars. According to Tesla’s statement, the insurance subsidy will keep running through the end of September.

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The second half of 2023 saw a fierce pricing battle between Tesla and indigenous Chinese automakers including BYD, Nio, as well as Xpeng that severely reduced Tesla’s profit margins. Even as it increases output in its Shanghai Gigafactory, Tesla has fallen behind domestic rivals.

Tesla reduced pricing numerous times in 2022 and 2023 to reduce inventory and increase delivery, the closest estimate of sales the firm provides.

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Tesla Inc – Manufacturing Electric Vehicles And Green Energy.

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Founded in 2003, Tesla Inc is currently one of the well-known companies especially when it comes to manufacturing electric vehicles and green energy. The company also designs battery energy storage, solar panels, solar roof tiles, and other related products that help in minimizing the usage of non-renewable resources. When talking about Tesla Inc, we find pictures of Elon Musk crawling in the media with big headlines. But, the original founders of the company are Martin Eberhard and Marc Tarpenning. The founders named the company Tesla to pay a tribute to the famous scientist and inventor, Nikola Tesla. Tesla’s main markets are Europe, North America, Oceania, and East and West Asia. Elon Musk is the current CEO of the company and he is serving in this position since 2008.

Early Days

The two founders, Martin Eberhard and Marc Tarpenning officially incorporated Tesla on July 1, 2003. They served as the CEO and CFO of the company respectively. When Tesla Inc was founded, Eberhard expressed his interest that he wanted to build a car manufacturer that is a technology company as well. As the number of employees started increasing, Ian Wright joined as the third member of the company. In early 2004, the company’s Series A funding round took place in which it raised $7.5 million and the major contribution of $6.5 million was from Elon Musk. Thus, Musk became the largest shareholder of the company and he was also made the Chairman of the Board of Directors. In May 2004, J. B. Straubel joined the company as its CTO. In 2009, after a lawsuit was settled, Musk, Wright, and Straubel became the co-founders of the company along with the original founders. 

After Musk became one of the c-founders of the company, he participated very actively. The main target of the company was to start with a premium sports car and then eventually shift to mainstream and more affordable vehicles. Tesla’s Series B funding round took place in February 2006 in which it raised $13 million followed by a Series C funding round after a few months in which it raised $40 million. Google’s co-founders and Jeff Skoll, former eBay President also invested in the company. A year later, Tesla raised $45 million in a Series D funding round. In 2008, the original co-founders left the company and Musk succeeded as the new CEO. He started the production of Roadster in the same year. 

Tesla Inc
Image source: i.guim.co.uk

Tesla Going Public

To expand the production of various models, Tesla bought what today is known as Tesla Factory from Toyota in 2010. The deal was closed for $42 million. In the same year, the company offered an IPO and became the first American car company after Ford to go public. After a couple of years, Tesla discontinued the production of the Roadster and launched the Model S luxury sedan. This model became Motor Trend Car of the Year in 2013. The company also rolled out Tesla Autopilot, a driver-assistant system in 2014 and eventually started shipping all its cars with the same technology. 

In 2015, Tesla entered the energy storage market and within a year acquired SolarCity for $2.6 billion. As Tesla started expanding its business to the energy sector, the company changed its name from Tesla Motors to Tesla in 2017. In the same year, the company started selling the Model 3 sedan which became the world’s best-selling plug-in electric car in 2018. In 2019, the company opened its first “Gigafactory” outside the US in China and it was built within six months. Next year, the company started delivering its fifth vehicle model, the Model Y crossover. The future products of the company are Roadster (second generation), Tesla Semi, and Cybertruck. 

Elon Musk – Co-founder and CEO

Elon Musk is one of the most prominent businessmen and investors in the world. Apart from being the CEO of Tesla, he is also the founder, CEO, and chief engineer at SpaceX. He also founded The Boring Company and co-founded Neuralink and OpenAI. According to both Forbes and Bloomberg Billionaires Index, he is currently the wealthiest man in the world. His entrepreneurial journey started when he co-founded a web software company called Zip2 along with his brother. He is also the President of the Musk Foundation, an organization that donates to scientific research and education.