And a big drop in prices could again send speculators fleeing. In its financial prospectus, Coinbase warned that its business results would fluctuate with the volatility of crypto assets, “many of which are unpredictable and in certain instances are outside of our control.”

The industry’s biggest issue — fulfilling the promise that the technology is more than just a place to park money — could take another decade to play out.

“There’s no doubt we’re in the latest boom, and I don’t know if that’s going to turn tomorrow or two years from now,” Mr. Tomaino said. “But the busts and booms are always higher than the last.”

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The Next Level in Office Amenities: Wild Horses

STOREY COUNTY, Nev. — You can’t ride the wild mustangs at the Tahoe-Reno Industrial Center in Nevada, but you’re nearly guaranteed to see bands of them loping over sagebrush in a scene that feels straight out of the 1800s.

At least until the dust clears and Tesla’s 5.3-million-square-foot “Gigafactory” comes into focus.

Welcome to the Silver State, where Elon Musk, a cryptocurrency tycoon and a brothel owner are using a symbol of Americana as a social media recruiting tool.

The water cooler used to be the spot in the office to talk shop. Then came on-site cafes, fitness and yoga studios, rooftop gardens, fire pits and rock-climbing walls. “The overarching trend of the last five years has been the hotelification of the office,” said Lenny Beaudoin, an executive managing director at CBRE.

For employers, the newest amenities to wow workers are ideological, with environmental commitments topping the list, said Jason H. Somers, the president of Crest Real Estate, a Southern California real estate consultancy.

progress by corporate giants, but most efforts remain so opaque that it’s tough to spot greenwashing, the use of sustainability efforts to appear more attractive.

Embracing high environmental standards can be challenging and expensive. Some companies pay others to reduce emissions. Others plant trees, which can take years to grow and rely heavily on water and care.

Tesla used a $1.3 billion state tax break to build its $5 billion factory, tapping into a local work force still reeling from the Great Recession and ushering in a wave of Silicon Valley heavies. Switch, a technology infrastructure company, set up three data centers, then Google gobbled up 1,200 acres. Blockchains bought 67,000 acres for $170 million in 2018, becoming the park’s biggest tenant.

hoped to transform the expanse into an experimental city run by his encrypted digital systems. He pledged to build 15,000 homes, turning it into a huge innovation zone, with his company overseeing everything from schools to courts, law and water.

“I want this to become the greatest social experiment in the history of the world,” he said. “It’s going to be a cross between Disneyland and the chocolate factory from Willy Wonka.”

He’ll have to rethink the scope: In March, the county voted against the secession plan.

Mr. Berns says he plans to develop around 25,000 of his 67,000 acres, but for now, it will remain an outpost for wild horses.

Nevada is home to more than half of the country’s 95,000 wild horses and burros, descendants of animals brought to the continent by Spanish conquistadors in the 1500s. Managed by the federal Bureau of Land Management to the tune of about $100 million annually, wild horses live on protected and private land crisscrossed by freeways.

Wild Horse Connection, an advocacy group. “Horses in traffic, on the wrong side of fencing, vehicular, train accidents, sick or ill horses.”

Rescues triple once mares start foaling, said Ms. Vance, whose annual budget is about $100,000, including small donations from the office park and tenants. She says further expansion depletes open spaces and decreases grazing areas.

“Horses have migration patterns, and when a development comes in, it cuts that off and there’s more interactions with people,” she said.

One solution is humane horse fertility so the animals, which can spend up to 16 hours a day eating, don’t overpopulate and overgraze.

American Wild Horse Campaign, has worked with the office park since 2012, spending more than $200,000 on fertility control, water and feeding in the last three years.

“Development displaces wildlife,” she said. Water stations help, she said, as does an underground crossing built by Switch.

But the horses will not offset the park’s overall carbon footprint, said Simon Fischweicher, the North American head of corporations and supply chains at CDP. Tenants like Tesla, whose lithium-ion batteries are costly to mine and nearly impossible to recycle, require a lot of energy.

Switch is installing its own solar panels, and there are two green fuel plants on site, but distribution and data centers use large amounts of water for heating and cooling, and “supply chain emissions are on average 11.4 times higher than operational emissions,” Mr. Fischweicher said.

Others question the need to use the horses as a lure. Mr. Thompson says most of the roughly 25,000 workers at the office park are blue-collar Nevadans living within an hour commute. They’re here for jobs, not because of horses.

Growth for the industrial park means luring workers from out of state, expanding limited housing nearby and developing more land — all of which jeopardize the wildlife incentive.

“Quality of food, retail choices and housing are going to shape those decisions more than having wild horses nearby,” Mr. Beaudoin of CBRE said. “I would never bet against someone like Elon Musk, but there are other factors to attract workers.”

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How Small Market Investors Are Being Wooed by Companies

That has prompted a strategy adjustment. In addition to spending time communicating with analysts whose “buy” or “sell” ratings on the stock can move its price, Mr. Schreiber said, he has made a point of doing interviews on podcasts, websites and YouTube programs popular with retail investors.

“I think that they are, today, far more influential on, and command far more following in terms of stock buying or selling power than the mighty Goldman Sachs does,” Mr. Schreiber said. “And we’ve seen that in our own stock.”

Academic research suggests that over the longer term, it can be a competitive advantage for a company to have a patient base of investors who understand and believe in its strategy. Such a steady foundation makes it possible for executives to focus on longer-term strategic goals, rather than meeting the short-term metrics often dictated by Wall Street analysts, said Mr. Cunningham of George Washington University Law School.

Take Amazon. Its share price kept rising over the years, despite its skimpy and unpredictable profits and widespread skepticism from Wall Street. The individual shareholders who held Amazon stock bought into the vision of the founder, Jeff Bezos, and saw no problem with Amazon recycling its enormous cash flows back into the company rather than paying dividends. Many of those shareholders are now rich; someone who bought $1,000 worth of Amazon shares at the start of 2000 would be sitting on more than $4.3 million today.

Shares of Tesla, too, have exploded in recent years — a victory for its base of cultish followers, who believed in the company’s prospects despite years of losses. Over the past five years, Tesla shares have gained more than 1,300 percent, creating $640 billion in market wealth.

While some companies are pursuing the loyalty of small shareholders, others are pursuing their money. Several companies whose stocks climbed during January’s “meme stock” boom have taken advantage of the demand to issue new shares, turning trading enthusiasm into actual cash for the company. (Previously issued shares that are bought and sold in the open market don’t generate any new money for companies themselves.)

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Tesla delivered 185,000 cars in the first quarter, twice as many as a year ago.

Tesla said on Friday that it more than doubled the number of cars it delivered in the first quarter, bouncing back after the pandemic slowed sales in the same period a year ago.

The electric carmaker said it sold 184,8000 vehicles in the first three months of the year, up from 88,500 a year ago. It produced 180,338 vehicles, compared with 102,672 in the first quarter of 2020.

The company’s sales numbers, which cover the entire world, come a day after General Motors and Ford Motor reported that their U.S. sales were up modestly. Tesla does not break out its sales by region and a lot of its recent growth has been in China, where electric cars make up a much larger share of the auto market than in the United States.

Tesla was helped by the arrival of the Model Y, a roomier version of its Model 3 sedan. Those two cars accounted for almost all of its deliveries in the first quarter. It reported just 2,020 deliveries of its high-end cars — the Model S luxury sedan and the Model X sport-utility vehicle.

Tesla has halted production of the Model S and Model X while preparing its plant in Fremont, Calif., to build updated versions of the cars. The company said in a statement that it was “in the early stages of ramping production” of the new models, which generate much more profit than the Model 3 and Model Y.

The first-quarter sales numbers could lift Tesla shares, which have lost more than a quarter of their value since January when they hit a high of about $900. The impact won’t be known until next week, however, because the stock market is closed in observance of Good Friday. On Thursday, Tesla’s stock fell about 1 percent, closing at $661.75.

Analysts were surprised by the jump in sales. Most had been expecting deliveries of about 172,000 vehicles.

“The company yet again defied the skeptics and bears,” Dan Ives, a Wedbush analyst, said in a report. “It’s been a brutal sell-off for Tesla and EVs, but we believe that will now be in the rear view mirror.”

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Tesla employee’s firing and Elon Musk tweet on union were illegal, labor board rules.

The National Labor Relations Board on Thursday upheld a 2019 ruling that Tesla had illegally fired a worker involved in union organizing and that the company’s chief executive, Elon Musk, had illegally threatened workers with the loss of stock options if they unionized.

The board ruled that the worker, Richard Ortiz, must be reinstated with back pay, and that Mr. Musk must delete his tweet. The company must also post a notice committing not to violate labor law in the future and announcing that it will undertake the mandated remedies.

Mr. Ortiz had been visibly involved in union organizing, including distributing leaflets in the parking lot of the company’s plant in Fremont, Calif., before he was fired in October 2017. The company said it fired him because he had posted screenshots of employees’ profiles in an internal platform to Facebook. An administrative law judge ruled that it was in retaliation for his organizing efforts.

The judge also found that the company had illegally issued a warning to another employee for taking the screenshots and sending them to Mr. Ortiz, a ruling that the board upheld on Thursday as well.

In May 2018, Mr. Musk posted his tweet, which included the clause, “why pay union dues & give up stock options for nothing?” Both the judge and the board deemed the post an unlawful attempt to coerce employees by threatening their compensation.

The board went further than the judge’s earlier ruling on some questions, finding that Tesla’s confidentiality agreement, which it required employees to sign, unlawfully prohibited them from speaking with the media about Tesla without authorization even if the material was public. The ruling on Thursday requires the company to amend its agreement.

Tesla did not respond to a request for comment.

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Tesla will accept Bitcoin as payment, Elon Musk says.

Elon Musk, the chief executive of Tesla who recently added the title “Technoking,” said on Wednesday that the company would accept Bitcoin as payment for cars in the United States.

Tesla will hold the digital currency, rather than convert payments to dollars, and handle the crypto transactions internally, Mr. Musk said.

“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” Mr. Musk explained in a tweet. That means when someone buys a Tesla with Bitcoin, the price of the car could well rise — or fall — over time. In other words, Tesla is turning one-time payments into assets with shifting value, or, essentially, investments.

Buyers outside the United States will have the option to use Bitcoin “later this year,” Mr. Musk said.

$1.5 billion in Bitcoin for its treasury. The announcement on Wednesday confirms speculation in the crypto community that Tesla would not simply contract out payments to a third-party processor and treat Bitcoin like dollars.

Since Tesla’s initial Bitcoin purchase in February, the price of Bitcoin and other cryptocurrencies has soared to record highs, but trading has been volatile.

It’s clever marketing insofar as it makes the crypto community even more enthusiastic about their investments and Tesla, but as blockchain developer Mariano Conti told The New York Times in February, “I expect more people would rather hold their Bitcoin than use it to buy a Tesla.”

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Tesla’s Autopilot Technology Faces Fresh Scrutiny

Tesla faced numerous questions about its Autopilot technology after a Florida driver was killed in 2016 when the system of sensors and cameras failed to see and brake for a tractor-trailer crossing a road.

Now the company is facing more scrutiny than it has in the last five years for Autopilot, which Tesla and its chief executive, Elon Musk, have long maintained makes its cars safer than other vehicles. Federal officials are looking into a series of recent accidents involving Teslas that either were using Autopilot or might have been using it.

The National Highway Traffic Safety Administration confirmed last week that it was investigating 23 such crashes. In one accident this month, a Tesla Model Y rear-ended a police car that had stopped on a highway near Lansing, Mich. The driver, who was not seriously injured, had been using Autopilot, the police said.

In February in Detroit, under circumstances similar to the 2016 Florida accident, a Tesla drove beneath a tractor-trailer that was crossing the road, tearing the roof off the car. The driver and a passenger were seriously injured. Officials have not said whether the driver had turned on Autopilot.

crash near Houston in which a Tesla ran into a stopped police vehicle on a highway. It is not clear if the driver was using Autopilot. The car did not appear to slow before the impact, the police said.

Autopilot is a computerized system that uses radar and cameras to detect lane markings, other vehicles and objects in the road. It can steer, brake and accelerate automatically with little input from the driver. Tesla has said it should be used only on divided highways, but videos on social media show drivers using Autopilot on various kinds of roads.

“We need to see the results of the investigations first, but these incidents are the latest examples that show these advanced cruise-control features Tesla has are not very good at detecting and then stopping for a vehicle that is stopped in a highway circumstance,” said Jason Levine, executive director of the Center for Auto Safety, a group created in the 1970s by Consumers Union and Ralph Nader.

This renewed scrutiny arrives at a critical time for Tesla. After reaching a record high this year, its share price has fallen about 20 percent amid signs that the company’s electric cars are losing market share to traditional automakers. Ford Motor’s Mustang Mach E and the Volkswagen ID.4 recently arrived in showrooms and are considered serious challengers to the Model Y.

The outcome of the current investigations is important not only for Tesla but for other technology and auto companies that are working on autonomous cars. While Mr. Musk has frequently suggested the widespread use of these vehicles is near, Ford, General Motors and Waymo, a division of Google’s parent, Alphabet, have said that moment could be years or even decades away.

played a major role” in the 2016 Florida accident. It also said the technology lacked safeguards to prevent drivers from taking their hands off the steering wheel or looking away from the road. The safety board reached similar conclusions when it investigated a 2018 accident in California.

By comparison, a similar G.M. system, Super Cruise, monitors a driver’s eyes and switches off if the person looks away from the road for more than a few seconds. That system can be used only on major highways.

In a Feb. 1 letter, the chairman of the National Transportation Safety Board, Robert Sumwalt, criticized NHTSA for not doing more to evaluate Autopilot and require Tesla to add safeguards that prevent drivers from misusing the system.

The new administration in Washington could take a firmer line on safety. The Trump administration did not seek to impose many regulations on autonomous vehicles and sought to ease other rules the auto industry did not like, including fuel-economy standards. By contrast, President Biden has appointed an acting NHTSA administrator, Steven Cliff, who worked at the California Air Resources Board, which frequently clashed with the Trump administration on regulations.

Concerns about Autopilot could dissuade some car buyers from paying Tesla for a more advanced version, Full Self-Driving, which the company sells for $10,000. Many customers have paid for it in the expectation of being able to use it in the future; Tesla made the option operational on about 2,000 cars in a “beta” or test version starting late last year, and Mr. Musk recently said the company would soon make it available to more cars. Full Self Driving is supposed to be able to operate Tesla cars in cities and on local roads where driving conditions are made more complex by oncoming traffic, intersections, traffic lights, pedestrians and cyclists.

Despite their names, Autopilot and Full Self-Driving have big limitations. Their software and sensors cannot control cars in many situations, which is why drivers have to keep their eyes on the road and hands on or close to the wheel.

a November letter to California’s Department of Motor Vehicles that recently became public, a Tesla lawyer acknowledged that Full Self-Driving struggled to react to a wide range of driving situations and should not be considered a fully autonomous driving system.

The system is not “not capable of recognizing or responding” to certain “circumstances and events,” Eric C. Williams, Tesla’s associate general counsel, wrote. “These include static objects and road debris, emergency vehicles, construction zones, large uncontrolled intersections with multiple incoming ways, occlusions, adverse weather, complicated or adversarial vehicles in the driving paths, unmapped roads.”

Mr. Levine of the Center for Auto Safety has complained to federal regulators that the names Autopilot and Full Self-Driving are misleading at best and could be encouraging some drivers to be reckless.

“Autopilot suggests the car can drive itself and, more importantly, stop itself,” he said. “And they doubled down with Full Self-Driving, and again that leads consumers to believe the vehicle is capable of doing things it is not capable of doing.”

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Volkswagen Aims to Use Its Size to Head Off Tesla

Volkswagen is going all in on electric cars, with plans to build battery factories in Europe, install a network of charging stations and slash the cost of emission-free travel.

That was the message Monday as the German carmaker staged a so-called Power Day to showcase its latest electric car technology. The event was Volkswagen’s answer to Tesla’s Battery Day presentations, which draw intense attention from investors and electric car buffs.

The session included a number of attention-getting announcements, including a promise that Volkswagen would cut the cost of batteries by up to 50 percent by the end of the decade, while slashing charging time to 12 minutes. That would make electric cars cheaper than gasoline vehicles and just as convenient.

Volkswagen also unveiled plans to build six battery factories in Europe in joint ventures with suppliers. And by 2025, the company said, it would have 18,000 charging stations on the continent operating in conjunction with energy companies including BP. The British oil producer said it would offer charging at its filling stations.

General Motors or Volvo Cars in setting a precise expiration date for internal combustion engines.

Volkswagen is the biggest carmaker in Europe and second biggest in the world after Toyota. The subtext of Monday’s presentations by a parade of Volkswagen executives was that the company is deploying its industry and government connections, its financial resources, and its eight decades of manufacturing expertise to keep Tesla from eating its lunch.

“Our transformation will be bigger than anything the industry has seen in the past century,” Herbert Diess, the chief executive of Volkswagen, said during the two-hour presentation.

The event coincided with the rollout in the United States of the ID.4, an electric S.U.V. that is part of the first generation of Volkswagens designed from the ground up to run on batteries and seen as serious challengers to Tesla’s dominance in electric cars. The first ID.4s, with a starting price of $40,000 before government rebates, began arriving at American dealers this week.

At least some analysts are starting to believe Volkswagen’s hype. The Swiss bank UBS issued a report this month that ranked Volkswagen just behind Tesla in electric vehicle technology.

Tesla shares have plunged in recent weeks as it dawns on some investors that the California company may not have a monopoly on electric cars. Volkswagen shares have recovered their prepandemic value and then some. But investors still value Tesla at six times as much as Volkswagen, and the German company faces enormous challenges.

hiring freeze and offer early retirement to employees as young as 56 to free up money for new technologies. The company said it would continue to hire people with expertise in batteries, electricity and software.

Volkswagen’s new electric models, while promising, have yet to prove themselves in the market. They were initially plagued by software problems, although the company says those have been solved. After a delayed launch, Volkswagen sold 56,000 of its ID.3 model, an electric hatchback not offered in the United States, in the last few months of 2020.

Volkswagen is coping with the devastating effect that the pandemic had on sales. Deliveries to customers fell 15 percent in 2020, to 9.3 million vehicles.

diesel emissions scandal continues to keep hundreds of lawyers busy and gnaw at Volkswagen’s reputation. Martin Winterkorn, who was chief executive during the years that Volkswagen rigged diesel vehicles to cheat emissions limits, is scheduled to go on trial next month on charges related to the scandal. The trial is certain to generate heavy media coverage and remind the public of Volkswagen’s misdeeds, which came to light in 2015. Mr. Winterkorn denies wrongdoing.

As costly as it has been, the scandal had one benefit for Volkswagen. It forced the company’s managers to think hard about how to restore the company’s good name. They resolved to focus on electric cars. That may put Volkswagen in a better position today than other big rivals that hesitated.

UBS analysts pointed out that Volkswagen is one of the few big carmakers to have developed a platform specifically for electric vehicles, and to retool entire factories to build electric cars. Volkswagen’s size — it sold 18 times as many cars as Tesla last year — will allow it to push down manufacturing costs in a way that smaller carmakers cannot.

Like Tesla, Volkswagen has recognized that people won’t buy electric cars unless there is someplace to charge them. In addition to underwriting a charging network in Europe, Volkswagen will install 3,500 fast-charging points in the United States and 17,000 in China.

Many other traditional carmakers approached the electrification of cars as something they were forced to do to meet emissions requirements, Mr. Hummel of UBS said.

“They spent too much time looking at electric vehicles from the perspective of compliance,” he said. “Now they are catching up but they are late.”

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Hundreds of Tesla workers tested positive for the virus after Elon Musk reopened a plant, data shows.

More than 400 workers at a Tesla plant in California tested positive for the coronavirus between May and December, according to public health data released by a transparency website.

The data provides the first glimpse into virus cases at Tesla, whose chief executive, Elon Musk, had played down the severity of the pandemic and reopened the plant, in Fremont, Calif., in May in defiance of guidelines issued by local public health officials.

Automakers across the country halted production and closed plants for two months last year from mid-March until mid-May. After resuming production, other automakers publicly announced when workers had tested positive for the virus and halted production to prevent further infection among employees and to disinfect work areas.

Tesla, however, has released little information about employee coronavirus cases.

The data was obtained by the website PlainSite, which works to make legal and governmental documents publicly accessible. It showed that 440 cases were reported at the Tesla plant, which employs some 10,000 people. The number of cases rose to 125 in December from fewer than 11 in May.

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Tesla Plant Elon Musk Reopened Logged Hundreds of Infections

More than 400 workers at a Tesla plant in California tested positive for the coronavirus between May and December, according to public health data released by a transparency website.

The data provides the first glimpse into virus cases at Tesla, whose chief executive, Elon Musk, had downplayed the severity of the coronavirus crisis and reopened the plant in May, in defiance of guidelines issued by local public health officials.

Automakers across the country halted production and closed plants for two months last year from mid-March until mid-May. After resuming production, other automakers publicly announced when workers had tested positive for the virus and halted production to prevent further infection among employees and to disinfect work areas.

Tesla, however, has released little information about employee coronavirus cases.

The data was obtained by the website PlainSite, which works to make legal and governmental documents publicly accessible. It showed that 440 cases were reported at the Tesla plant, which employs some 10,000 people. The number of cases rose to 125 in December from fewer than 11 in May.

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