Apple avoids head tax for now

The Cupertino, California City Council voted 4-0 to wait until 2020 to consider imposing an employee “head tax” on Apple and other businesses.

The vote leaves Mountain View as the only Silicon Valley city proceeding with the head tax this year.

The proposed new tax rate would raise about $10 million annually, with Apple paying the bulk.

The company employs 24,000 people in the city.

Tesla remains unprofitable

Electric car maker Tesla Inc. burned through $739.5 million in cash last quarter, paving the way to a company record $717.5 million new loss.

CEO Elon Musk reiterated a promise to post net profits in the third and fourth quarters. Tesla’s shares soared 11 percent to $334.18 in after-hours trading.

The new loss more than doubled from the same quarter a year ago.