Tesla stocks drop 6 percent after emotional Musk interview

17 August, 2018, 22:48 | Author: Ethel Goodwin
  • There's cocaine in them thar hills

It also featured a candid Musk discussing what he says has been the worst year of his life.

The interview and other actions, Gordon said, are signs that Musk no longer can handle the CEO job.

The Times said that sources told the newspaper some Tesla board members have expressed concern about both Musk's workload and his use of Ambien, a sedative. Tesla's board has since clarified that it hasn't received a formal proposal from Musk, nor has it concluded whether going private would be advisable or feasible.

While Musk says there's "no active search right now" according to the interview, Tesla has tried to poach high-ranking executives in the past, including Facebook's chief operating officer Sheryl Sandberg.

The interview claims Tesla board members are anxious the drug does not help him sleep, but results in him spending all night on Twitter.

Tesla shares were down 0.6 percent at $336.41 in morning trade on the Nasdaq. "This has really come at the expense of seeing my kids". Interspersed with Musk's interview in the NYT piece were statements from several unnamed sources who alleged that the board had been angry at Musk over his go-private tweets, and that the board was anxious about the CEO's use of the drug Ambien.

Musk claimed in the interview that he had been working as many as 120 hours a week recently, saying that he has not had more than week off work since he was bedridden with Malaria in 2001.

According to The Times, an emotional Musk "choked up" at points during the interview, as he recounted what he called "the most hard and painful year of my career". As far as the SEC is concerned, the question is whether Musk and others from the company's management misled shareholders about the cause of the delays or their extent.

In a statement to The Times that Tesla attributed to the board of directors, the company criticized what it called "false and irresponsible rumors" about the board's discussions.

Tesla produced only slightly more than 100,000 vehicles past year and the company has been struggling to boost production of its Model 3, which is less expensive than its first models and could help expand Tesla's base.

He also came under fire when the Federal Election Commission released annual filings showing Musk as one of the top 50 donors to a political action committee dedicated to helping Republicans maintain control of the House.

The pressure appears so high that Musk spent his entire 47th birthday in June at work. And his often emotional response to short-sellers hasn't encouraged them to back off. Multiple members of the company's board are also aware that Musk has occasionally used recreational drugs, the Times said, citing multiple people familiar with the matter.

Yet he told the newspaper that he has no plans to give up his dual role as Tesla's chairman and CEO.

For now, it looks like Musk is staying in his job, despite speculation earlier this year that he'd be ousted (and, apparently, his own desire to leave): "If you have anyone who can do a better job, please let me know".

"They can have the job".

Musk responded to speculation that his comment that he wanted to launch the buyout at $420 a share was an oblique reference to cannabis counterculture.


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