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The saga continues with Model X driver involved in Montana crash
Mr. Pang is back this time with a second open letter to Tesla
The Tesla Model X driver involved in a Montana crash while using Autopilot is stirring up controversy once again this time asking Tesla Motors to reveal additional details from the incident. It seems that language differences play a large role in this dispute. Acting as his representative, Steven Xu sent us a second open letter Mr. Pang penned to Elon Musk, in which he takes issue with Tesla’s account of the accident. The open letter reads as follows:
Here is the second letter from my friend, Mr.Pang.
To Tesla Team:
It has been weeks since I published the letter. No one has ever tried to contact us and discus about the crash. To fully understand the reason that caused this crash is critical for all tesla drivers. After awhile tesla published a response towards our letter. Most of parts are fit into the story. However there are few points that I would like to point out.
“From this data, we learned that after you engaged Autosteer, your hands were not detected on the steering wheel for over two minutes. This is contrary to the terms of use when first enabling the feature and the visual alert presented you every time Autosteer is activated.”
I admit that my hands were out of steering wheel after I engaged autopilot. The reason that I was doing that is because I put too much faith in this system. I also believe most Tesla driver would do the something when they
engage autopilot including Elon. The problem here is that Tesla had over advertised this feature by calling it “autopilot”. This feature should named “advance driving assistant”. It is possible that Tesla had known accident like this would come sooner or later. Tesla might think that setting up the term by saying “please put hands on steering wheel at all time” would be response free for Tesla.
2、 As road conditions became increasingly uncertain, the vehicle again alerted you to put your hands on the wheel.
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The road condition was better than fine. Lane mark is absolutely clear. Road is flat and there is no incoming car. No matter what my sight was never out of the road. However everything was happened too fast for me to take control. Everything happened in less than a second.
3、No steering torque was then detected until Autosteer was disabled with an abrupt steering action. Immediately following detection of the first impact, adaptive cruise control was also disabled, the vehicle began to slow, and you applied the brake pedal.
No one should avoid the cause of the malfunction of autopilot feature. Since you start explaining it, I realize that you are implying that some sort of force was applied to the steering wheel by me. I had no idea how Tesla got this clue. There are two points I want to make here. First, my hands were not on the steering wheel. Second no obstacle was on the road to alter the steering wheel direction. The one and the only one that was taking control of this entire vehicle and steering it away from the road is autopilot software itself. Somehow I realize if my hands were on the steering wheel with a force, would Tesla blame me for the collision? To me it looks like that if an accident occur by autopilot, either hands are on or not on the steering wheel, Tesla can always find a way out by saying “abrupt steering action”.
Tesla also claimed that “abrupt steering adaptive cruise control was also disabled, the vehicle began to slow.”
This is nowhere near the truth. The real thing is that vehicle was NEVER attended to slow from hitting the first pole towards the last. It only took about a second to hit 12 wood poles. I believe if it wasn’t me who brake the vehicle it would continued cruising. Mr. Huang was injured severely due to high speed impact.
Tesla as a global impact company should respect the truth of every incident. Nothing is more important hand human life. Lying or manipulating towards public about what really happened is unacceptable.
Weeks ago I got contacted by Tesla regarding this accident. Since you cannot find a mandarin translator, we rearranged the call again in four hours. However that was the last time when Tesla tries to contact me. What I am asking is to fully reveal the driving data from the collision. Reliability of Autopilot software matters to hundreds and thousands of Tesla drivers. I wish to know the entire story about what really happened on us on that collision.
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Thanks
Sincerely
Mr. Pang
Steven Xu pointed us to comments being made on the Tesla Motors Club forum that seemingly offers Mr. Pang no support at all. In fact, based on those comments, there almost seems to be a cultural bias in play in this situation. One wonders if perhaps things would seem different if they were driving a car in China that only displayed instructions in Mandarin.
Pang’s complaint is very similar to one lodged by a Chinese customer last month whose Tesla crashed on the highway on the way to work. He claimed that the salesman he spoke to before purchasing his car told him specifically that the car could drive itself and proved it by driving with his hands off the wheel during a test drive. Tesla later amended the language it uses to describe its Autopilot system on its Chinese website. It’s possible that same linguistic confusion has a bearing on Mr. Pang’s unfortunate accident.
At this point, it seems the matter will be handled by insurance companies and lawyers. Tesla apparently has had no further contact with Pang. Through Steven, Pang says, “Weeks ago I got contacted by Tesla regarding this accident. Since you cannot find a Mandarin translator, we re-arranged the call again in four hours. However, that was the last time when Tesla tries to contact me.
“What I am asking is to fully reveal the driving data from the collision. Reliability of Autopilot software
matters to hundreds and thousands of Tesla drivers. I wish to know the entire story about what really happened on us on that collision.”
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Venture capitalist Chamath Palihapitiya has cautioned investors shorting SpaceX shares, drawing a direct parallel to the intense short-selling pressure Tesla faced in its early public years.
Responding to reports of elevated short interest in the newly public rocket, satellite, and AI company, Palihapitiya noted that similar dynamics played out with Tesla, where aggressive short sellers ultimately “went broke.”
SpaceX (NASDAQ: SPCX) went public on June 12, 2026, in the largest IPO on record, pricing at $135 per share. Shares quickly surged to an all-time high of $225.64 just days later, briefly implying a valuation exceeding $2 trillion. The stock has since retreated sharply amid valuation concerns, lockup expiration fears, and broader market dynamics.
By early August, it traded near $108–$125, representing a roughly 50 percent decline from the peak and bringing the market capitalization closer to the $1.5–1.7 trillion range. On August 4, shares closed up more than 9 percent at $125.33 ahead of earnings before facing pressure in after-hours and premarket trading.
Short interest has climbed dramatically. According to S3 Partners data widely cited in market reports, short positions reached approximately 219.3 million shares by late July, about 34 percent of the limited public float of roughly 640 million shares, and represented a notional value of around $24.6 billion.
Utilization of shares available to borrow hit 95 percent, with borrow fees rising. This level of shorting exceeded the dollar value of short bets against Tesla at the time and built rapidly ahead of two catalysts: the company’s first post-IPO earnings and an August 6 lockup expiration that could free up to 911.5 million additional shares.
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CEO Elon Musk has issued warnings of his own. In mid-July, as short interest approached one-third of the float, he posted that “the survival probability of firms who maintain a significant short position in SpaceX over time is very low,” reiterating his view that the company could ultimately be worth more than Earth if it achieves its goals.
On August 4, just before earnings, Musk responded to the latest short-interest data by saying, “I try to warn them, but they just double down.”
SpaceX delivered its first quarterly results as a public company after the close on August 4. Second-quarter revenue rose 92 percent year-over-year to $7.8 billion, beating consensus estimates near $6.8–6.9 billion.
The net loss narrowed to $541 million, or 9 cents per share, better than the roughly 23–24 cent loss expected. Starlink/connectivity contributed about $4.3 billion (up 66 percent), while the AI business generated $2.6 billion (up roughly 250 percent). Capital expenditures were heavy at $18.4 billion, largely tied to AI infrastructure. Management projected a $100 billion annualized revenue run rate by year-end 2026 and outlined a path toward $1 trillion in annual revenue by 2030.
The combination of Chamath’s historical reminder, Musk’s repeated alerts, and the company’s ambitious growth targets underscores the high-stakes debate surrounding SPCX. Short sellers are positioned for near-term supply pressure from the lockup, while long-term bulls point to Starlink scale, Starship progress, and AI compute expansion as reasons the bears may ultimately face the same fate as many early Tesla skeptics.
Investor's Corner
SpaceX and Nvidia team up on Musk’s orbital AI bet
SpaceX revealed a new Nvidia satellite partnership, then Musk pledged an exclusive Nvidia hardware commitment.
SpaceX and Nvidia are now working together on the hardware that will power Musk’s orbital data center ambitions. SpaceX announced on X on Tuesday that it is partnering with Nvidia to design the compute payload for Starmind AI1, the first satellite in a planned constellation built to run AI workloads directly in orbit. Each Starmind satellite will carry Nvidia’s Rubin GPUs and Vera CPUs, according to the post, which included renderings of the payload design.
The announcement landed hours before SpaceX’s first earnings call as a public company, where Musk went further, saying the company has committed to building its AI infrastructure exclusively on Nvidia hardware. “We think the Vera Rubin architecture is the best architecture. We think it’s the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia,” Musk told investors on the call,. “So we’re exclusive to Nvidia.”
Musk said SpaceX plans to deploy Nvidia’s Vera Rubin NVL72 rackscale system, codenamed Kyber, both on the ground and in space. He set a target of 2 gigawatts of compute capacity online by the end of this year, scaling to roughly 10 gigawatts by the end of 2027.
SpaceX’s newest Starmind will make earth data centers obsolete
Starmind has been in development since Musk confirmed the name in June, following an xAI trademark filing that tipped off the project before SpaceX made it official. The idea is massive in scope and instead of moving data down to ground based servers, satellites equipped with onboard processors and large solar arrays would compute AI workloads in orbit and beam results back to Earth. SpaceX has already filed with the FCC for a constellation of up to one million satellites to support the effort, citing constant solar power and the absence of zoning restrictions as advantages over terrestrial data centers.
The Nvidia exclusivity marks a shift in tone from just two weeks ago, when Musk was busy knocking down a report that SpaceX had ordered $52 billion worth of Nvidia GPUs through Foxconn, calling it fake news at the time. The dollar figure in that rumor may have been wrong, but the underlying direction seems correct. SpaceX’s AI division already leases Colossus compute capacity to Anthropic and Google, and Tuesday’s earnings report showed AI revenue climbing sharply as those deals ramp up.
Nvidia shares rose roughly 3% in Tuesday trading on the news, while SpaceX stock climbed nearly 9% during the day before giving back gains after hours as investors digested the earnings report’s capital spending figures.
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SpaceX (NASDAQ: SPCX) reported a beat in revenues and EBITDA in its first earnings call report while also minimizing losses as its business continues to gain momentum.
After its IPO in July, SpaceX saw some tough losses on Wall Street due to a major selloff after a delay in its 13th Starship test flight. The ship launched later that week and completed what was arguably the most successful IFT operation in the Starship program’s history.
Nevertheless, the company is continuing on and reported some encouraging financials while also promoting what appears to be a robust outlook moving forward in its Space, AI, and Connectivity divisions.
SpaceX to report first-ever earnings today: here’s what to expect
Earnings Results
- Revenues: $7.8 billion reported vs. $6.7 billion expected
- Adjusted EBITDA: $3.5 billion vs. $2 billion expected
- Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion
Additionally, CFO Bret Johnsen had these comments:
“2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements. Our unparalleled leadership in launch, Starlink subscriber growth, new enterprise and government partnerships, and best-in-class AI infrastructure underscore our ability to drive meaningful scale and deliver attractive returns. As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework.”
Space Business Highlights
SpaceX shared some of its biggest Space Business Highlights for Q2:
- Space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer shift compared to the prior year
- Total costs and expenses for the Space segment were up by $389 million year-over-year, as we continued to accelerate R&D investments in our Starship program, which we believe will reduce the cost to orbit by 99% or more relative to the historical average, and unlock significant revenue potential across all business segments
- Leading launch provider for the world with 78 launches and 1,041 metric tons of mass to orbit deployed over the six months ended June 30, 2026, primarily allocated to Connectivity for the deployment of our Starlink constellation
- Starship V3 development continued to advance towards full and rapid reusability:
- Completed Starship V3’s first suborbital mission in May, Flight 12, which achieved a successful lift off from our new Starbase pad, a precision landing of Starship’s upper stage, and deployment of modified V2 Starlink satellites
- Subsequent to the second quarter, completed Starship Flight 13 in July, which achieved all flight objectives including deploying 20 production V3 satellites, demonstrating in-space relight of a Raptor engine, and executing the softest ever splashdown of Starship, providing critical views of an intact heatshield
SpaceX will report its earnings today at 4:30 P.M. EDT.
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SpaceX shorts get warned by Musk ally, echoing Tesla’s early struggles
SpaceX and Nvidia team up on Musk’s orbital AI bet
