Tesla stocks drop 6 percent after emotional Musk interview
Tesla stocks drop 6 percent after emotional Musk interview
20 August, 2018, 20:13
Elon Musk's erratic behavior was front and center again this week as the CEO of Tesla conceded that he's overwhelmed by job stress, pushing his electric auto company's stock down and bringing pressure on its board to take action.
(TSLA.O) intensified further in the aftermath of an interview in which Chief Executive Officer Elon Musk discussed his use of the sleep-aid Ambien and the personal toll of leading the company.
"But from a personal pain standpoint, the worst is yet to come".
The regulator is already looking into Musk's tweet saying his plan for privatisation had "funding secured", amid concerns he misled investors. Experts say regulators likely are investigating if Musk was truthful in the tweet about having the financing set for the deal.
Musk is the CEO and controlling shareholder of the rocket company. "Why would I?" he said, when journalists asked if he rued tweeting his intentions.
Known for being extremely ambitious with his ideas, the South African has been one of Silicon Valley's most influential entrepreneurs for two decades.
But he has appeared to fray under the pressure in recent months.
It is said to have issued writs to a parts supplier as part of its enquiries.
"He is one guy and he has multiple companies. But he needs to get that person in place pretty quick". But he cryptically added, "if you have anyone who can do a better job, please let me know". "But I was not on weed".
Musk admitted that this past year has been the most hard and painful year of his career, that it was excruciating.
"I thought the worst of it was over - I thought it was", said Musk.
'This has really come at the expense of seeing my kids.
Musk, who turned 47 in June, said he spent the entire day and night of his birthday at work.
Musk said on Monday that the manager of Saudi Arabia's sovereign wealth fund had voiced support for the company going private several times, including as recently as two weeks ago, but also said that talks continue with the fund and other investors.
If delisted, Tesla could operate without requirements for financial reports and other pressures of a publicly traded firm. However, it could also lose visibility and limit its ability to raise capital. The Timesreported that some Tesla board members are concerned about his use of sleeping pills.
"There have been many false and irresponsible rumors in the press about the discussions of the Tesla Board", Teslasaid in a statement.
Musk's revealing interview, and the subsequent reports about Tesla, gave the internet a lot of material for jokes and reactions.
The tycoon has caused controversy by turning to his Twitter following of more than 22 million to vent frustrations in recent months.
His social media antics have raised eyebrows as he berated analysts and falsely accused a cave diver of being a pedophile after the man was sceptical about a mini-submarine Musk sent to possibly help rescue young football players from a flooded cave in Thailand.
Earlier this week, Watts' told reporters he had no idea where his family could be, and he pleaded for their safe return. Shanann's friend, Amanda Thayer, said she left everything, including her phone, wallet and handbag, inside the house.
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Putin's meeting with Merkel late Saturday takes place at the German government's guesthouse in Meseberg , north of Berlin . Merkel said that even after the launch of the Nord Stream 2 , Ukraine " should play its part in gas transit to Europe ".
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