Elon Musk Fails To Deliver Autopilot Update Blog Post As Tesla, SpaceX Suffer Financial Woes

Five days ago, Tesla Motors CEO Elon Musk took to Twitter to announce the postponement of his new blog post that is intended to shed light on the upcoming Autopilot 8.0 software update and educate Tesla car owners on how the controversial feature really works. 

At the time, Musk wrote that he was already wrapping up the post, but it would not go live on Tesla’s official blog until the end of the weekend. Since the past weekend was a long weekend due to the Labor Day holiday, IBTimes previously reported that the renowned visionary could be publishing the blog post either on Sunday or on Monday. 

Unfortunately, both days have already passed and Musk’s much-awaited post is still nowhere to be seen on Tesla’s website. The 45-year-old engineer and inventor has yet to update his Twitter account as well or post an update on what really happened to the blog post and when can Tesla owners expect it to go live. 

On Aug. 31, Musk tweeted that he was in the process of writing the post and even said that he would publish it later that day. Unfortunately, that didn’t work out, so he announced the following day that he was postponing it until the end of the weekend. 

Musk first mentioned that he was going to write a new blog post in July. Back then, the business magnate revealed that he was planning on explaining to Model S and Model X drivers how Autopilot really works, as per Electrek. It can be noted that in the same month, Musk published his “Master Plan, Part Deux” post in which he discussed his master plan from ten years ago and presented his new plans for Tesla.

Meanwhile, Musk’s postponement of his new blog comes at a time when both Tesla and SpaceX appear to be facing financial difficulties, with Musk himself reportedly using some of his personal wealth to keep things going. 

Bloomberg reported late last week that Musk’s fortune decreased by $779 million after Tesla and SolarCity’s stock prices fell and the innovator was revealed to have put up $489 million of his stocks as collateral to secure personal loans.

Following his huge loss, it was found out that Musk had sent a memo to Tesla employees, encouraging them to cut costs and push for more productivity for the remaining weeks of the third quarter. Musk also noted in the memo that Tesla needs to raise more funds to realize the production goals of Model 3, sustain the construction of the Gigafactory and for the full acquisition of SolarCity, Fortune has learned. 

The destruction of a SpaceX rocket on Sept. 1 also did not help in lighting up the situation. The drawback from this incident may apparently require Musk to pay the client of his aerospace company — Israel’s Space Communication Ltd. — about $50 million to cover damages for the botched launch, as per The Next Web.

Fortune noted that the financial problems of the two companies have contributed to the sharp drop in the stock price of Tesla Motors in the recent days.