Elon Musk kills the Tesla referral program, suggests it hurt margins [MarketWatch]
Tesla, Inc. (TSLA)
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Source: MarketWatch
Elon Musk kills the Tesla referral program, suggests it hurt margins Tesla Inc. TSLA, +0.58% Chief Executive Elon Musk announced on Twitter late Wednesday the end of the Silicon Valley auto maker's referral program, which involved awards such as a $1,000 credit, Tesla merchandise and products, and months worth of free Tesla's "supercharging" over several iterations. The program officially ends Feb. 1, Musk said. In response to questions tweeted at him, Musk said there were no plans to create another referral program, and suggested it was hurting margins. The program added "too much cost to the cars, especially Model 3," Musk said. Shares of Tesla rose 0.8% on Thursday and are up 0.4% in the last 12 months, versus losses of 6.5% for the S&P 500 index SPX, +0.23% in the same period. Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
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