Why Musk Spent $11 million on Tesla.com Domain

Telsla should be lucky enough that it acquired the domain though it cost a lot.ICBC,the bank with the highest market cap,is not so lucky.It was said that it offered $10M or more to acquire the domain ICBC.com,But the Canadian insurance company which hold the domain said "NO".”

Money is not everthing! Anything can paid by money is cheap!

From the beginning, Tesla owned TeslaMotors.com.

Then in 2016 Tesla acquired the domain name Tesla.com, a domain that was registered well before electric vehicles were even a figment of Elon Musk's imagination. It wasn't until December 2018 when Musk finally revealed how much money Tesla had paid for the domain:

Buying Tesla.com took over a decade, $11M & amazing amount of effort. Didn't like TeslaMotors.com even when we were only making 🚘.

Elon Musk (@elonmusk) Dec 9, 2018

$11 million is a lot of money for a domain name!

Musk is no stranger to valuable domain names. He started an online bank at X.com in 1999 and sold that business to PayPal.

In 2017 Musk felt a bit nostalgic and bought the X.com domain name back from PayPal because it was no longer using it.

He has used the domain to sell hats and (apparently) flamethrowers for his Boring Company, but right now it just leads to a website with the letter X on it.

The purchase price for X.com wasn't disclosed but single letter domain names are extremely rare and valuable. A Japanese internet company paid $6.8 million to acquire Z.com in 2014. Musk surely paid millions of dollars to recapture X.com.

Why the domain TeslaMotors.com didn't cut it ?

The TeslaMotors.com domain name had a few problems, which is why Elon Musk was willing to pay so much money for Tesla.com.

First, big companies feel they need to own the exact match of their company name in .com. There's something "cheap" feeling about TeslaMotors.com for a company called Tesla. Shouldn't Tesla, one of the world's most admired and cutting-edge companies, own Tesla.com and not TeslaMotors.com?

Another issue is that many people probably typed in Tesla.com when they meant to go to the TeslaMotors.com website. Customers and suppliers probably sent emails to @tesla.com instead of @teslamotors.com, too. Fortunately for Tesla, the Tesla.com domain wasn't being used in a nefarious way, but this could have been a problem. It was, at the very least, a nuisance.

But most importantly, Tesla is no longer just a car company. It is introducing the Powerwall battery storage system. It even has a solar roof.

The company was simply outgrowing the "motors" label. Tesla.com can be used for every product and service the company may invent in the future.


Consumer wins lawsuit against Tesla over faulty car

Tesla has been convicted of fraud over the sales of a second-hand car to Chinese consumer Han Chao.

Tesla will have to pay Han a refund of 379,700 yuan (US$58,911) and a compensation of 1.13 million yuan, triple its buying price, a Beijing court has ruled.

This is a final judgment, which means Tesla cannot appeal to another court.

The court stated that Tesla cheated the customer by not properly clarifying the status of the vehicle, including a past accident and corresponding repair.

Tesla has been accused of selling defective new cars or second-hand cars by multiple consumers but very few win court cases.

Earlier last year Tesla didn't accept the decision in the case against Han and appealed to the Beijing No. 2 Intermediate People's Court.

Han purchased a second-hand Model S from Tesla in June 2019, but the car broke down seven times due to various problems in the two-and-a-half months that followed. The most serious incident happened on August 24, when he lost control of the vehicle after both the accelerator pedal and brakes malfunctioned, nearly causing an accident, Han said.

An appraisal service later found structural damages to the car and confirmed that it had been involved in an accident before being sold to Han.

The plaintiff argued that Tesla defrauded him as it claimed that all second-hand vehicles in their inventory have never been in serious accidents and have no structural damage. Tesla said that the vehicle in question was only involved in a fender bender, and that the broken fender had been replaced.