section_path: Business career/Tesla
section_name: Tesla
paragraph_text: Tesla
  
  Tesla, Inc., originally Tesla Motors, was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning. Both men played active roles in the company's early development prior to Musk's involvement. Musk led the Series A round of investment in February 2004; he invested $6.35 million, became the majority shareholder, and joined Tesla's board of directors as chairman. Musk took an active role within the company and oversaw Roadster product design, but was not deeply involved in day-to-day business operations. Following a series of escalating conflicts in 2007, and the 2008 financial crisis, Eberhard was ousted from the firm. Musk assumed leadership of the company as CEO and product architect in 2008. A 2009 lawsuit settlement with Eberhard designated Musk as a Tesla co-founder, along with Tarpenning and two others.
  
  Tesla began delivery of the Roadster, an electric sports car, in 2008. With sales of about 2,500 vehicles, it was the first mass production all-electric car to use lithium-ion battery cells. Under Musk, Tesla has since launched several well-selling electric vehicles, including the four-door sedan Model S (2012), the crossover Model X (2015), the mass-market sedan Model 3 (2017), the crossover Model Y (2020), and the pickup truck Cybertruck (2023).
  
  In May 2020 Musk resigned from chairman of the board as part of the settlement of a lawsuit from the SEC over him tweeting that funding had been "secured" for potentially taking Tesla private.
  
  The company has also constructed multiple lithium-ion battery and electric vehicle factories, called Gigafactories. Since its initial public offering in 2010, Tesla stock has risen significantly; it became the most valuable carmaker in summer 2020, and it entered the S&P 500 later that year. In October 2021, it reached a market capitalization of $1 trillion, the sixth company in U.S. history to do so.
  
  Tesla, Inc., originally Tesla Motors, was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning. Both men played active roles in the company's early development prior to Musk's involvement. Musk led the Series A round of investment in February 2004; he invested $6.35 million, became the majority shareholder, and joined Tesla's board of directors as chairman. Musk took an active role within the company and oversaw Roadster product design, but was not deeply involved in day-to-day business operations. Following a series of escalating conflicts in 2007, and the 2008 financial crisis, Eberhard was ousted from the firm. Musk assumed leadership of the company as CEO and product architect in 2008. A 2009 lawsuit settlement with Eberhard designated Musk as a Tesla co-founder, along with Tarpenning and two others.
  
  Tesla began delivery of the Roadster, an electric sports car, in 2008. With sales of about 2,500 vehicles, it was the first mass production all-electric car to use lithium-ion battery cells. Under Musk, Tesla has since launched several well-selling electric vehicles, including the four-door sedan Model S (2012), the crossover Model X (2015), the mass-market sedan Model 3 (2017), the crossover Model Y (2020), and the pickup truck Cybertruck (2023).
  
  In May 2020 Musk resigned from chairman of the board as part of the settlement of a lawsuit from the SEC over him tweeting that funding had been "secured" for potentially taking Tesla private.
  
  The company has also constructed multiple lithium-ion battery and electric vehicle factories, called Gigafactories. Since its initial public offering in 2010, Tesla stock has risen significantly; it became the most valuable carmaker in summer 2020, and it entered the S&P 500 later that year. In October 2021, it reached a market capitalization of $1 trillion, the sixth company in U.S. history to do so.