Tesla, Inc. (NASDAQ:TSLA) is stepping up its efforts to detect and prevent fraud within its ranks

Tesla, Inc. (NASDAQ:TSLA) is stepping up its efforts to detect and prevent fraud within its ranks

Tesla, Inc. (NASDAQ:TSLA) is stepping up its efforts to detect and prevent fraud within its ranks

Tesla is stepping up its efforts to detect and prevent fraud and waste within its ranks, according to a job listing posted to its own careers page on July 19th, and syndicated to LinkedIn about a week ago.

According to the recruiting ad, Tesla seeks a “Manager, Financial (Anti-Fraud) Analytics & Investigation,” to helm a new group. Here’s an excerpt:

“Global Fraud Management is a new team established to promote and foster a culture of ethical behavior and to mitigate fraud, waste, and abuse through prevention, investigation, and remediation. In this role, the ideal candidate would work with key stakeholders to build the global fraud strategy for Tesla and develop a world-class fraud prevention, detection, and response team.’”

The listing doesn’t say what prompted the creation of this team.

However, Tesla’s factories have been plagued by waste and disorganization in the past. For example, employees previously told CNBC that they had trouble tracking their project budgets and specific purchase orders within Tesla’s disparate systems. Others told CNBC they engaged in quick fixes during Model 3 vehicle assembly which Tesla said were not in line with company’s official procedures and policies.

CEO Elon Musk has also espoused the notion that Tesla is besieged by haters, some out to damage the electric vehicle and renewable energy company from within.

It turned out Musk was referencing Martin Tripp, a former Gigafactory employee who claimed Tesla was using flawed battery manufacturing practices, and hiding relevant info from shareholders. Tripp is still embroiled in a legal battle with Tesla after taking his claims to press.

In that same e-mail, Musk told Tesla employees that they are in a battle that could be characterized as Tesla versus the world. He wrote:

“As you know, there are a long list of organizations that want Tesla to die. These include Wall Street short sellers, who have already lost billions of dollars and stand to lose a lot more. Then there are the oil and gas companies, the wealthiest industry in the world—they don’t love the idea of Tesla advancing the progress of solar power and electric cars.”

In another e-mail that week, speaking of one of several paint shop fires that occurred at Tesla’s Fremont, California factory throughout 2018, Musk said: “Could just be a random event, but as Andy Grove said, ‘Only the paranoid survive.’ Please be on the alert for anything that’s not in the best interests of our company.”

In November 2018, according to a Department of Justice statement, a former Tesla employee named Salil Parulekar was indicted for allegedly embezzling $9.3 million from Tesla by diverting payments from one supplier to another.

And in the first quarter of 2019, Tesla filed a pair of lawsuits against former employees at self-driving tech venture Zoox, and Chinese electric vehicle makers, Xiaopeng, alleging theft of trade secrets.

CNBC has reached out to Tesla for comment about the job listing and will update this post if the company responds.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 250.78.

The projected lower bound is: 207.18.

The projected closing price is: 228.98.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 34.0280. This is not an overbought or oversold reading. The last signal was a buy 4 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 43.56. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 7 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -87. This is not a topping or bottoming area. The last signal was a buy 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 7 period(s) ago.

Rex Takasugi – TD Profile

TESLA INC closed down -6.020 at 228.320. Volume was 100% below average (consolidating) and Bollinger Bands were 9% narrower than normal.

Open     High      Low     Close     Volume___
229.600 231.367 225.775 228.320 5,943
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 239.81 224.92 280.82
Volatility: 94 61 64
Volume: 8,950,440 9,669,904 9,436,087

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

TESLA INC is currently 18.7% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of TSLA.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on TSLA.O and have had this outlook for the last 4 periods.

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