Tesla's stock falls sharply after Elon Musk's tearful interview

18 August, 2018, 18:53 | Author: Lora Ball
  • Elon Musk in Chicago

Isolating exactly which issue at Tesla is making shareholders the most nervous is hard, but the New York Times interview with Musk, published on Friday, doesn't seem to have done much in the way of softening the electric vehicle company's PR problems.

In the interview, Mr Musk revealed he had sacrificed family milestones in the race to meet Tesla production targets, almost missing his brother's wedding where he was best man.

The 47-year-old said he sometimes did not leave the Tesla factory for three or four days straight and he had not taken off more than a week at a time since he was sick with malaria in 2001.

The problem is, unlike Papa John's who will afforded the chance to improve their brand without their hapless founder, Tesla needs Musk at his best to compete at the World stage.

Tesla shares plummeted a day after an interview with CEO Elon Musk painted a picture of an exhausted leader struggling to handle one of the company's most hard periods.

The billionaire was forced to apologise to a British diver who helped to rescue the boys after Musk labelled him "pedo guy". He just wanted to offer a 20 per cent premium on Tesla's price at the time, which would have been $US419 ($576). As we reported yesterday, Tesla's legal team has determined that the fallout from Musk's tweets could cost the company millions in legal fees and potentially billions in damages from investor lawsuits. So he tweeted $420 because it was "better karma".

Tesla's board is said to be concerned about Musk's erratic behaviour - prompting executives to launch a search for a number-two who can take pressure off him. But I was not on weed, to be clear'.

In an unusually personal and emotional interview, the electric auto maker's chairman and chief executive said he is exhausted after a year of controversy.

Musk said he did not regret sending the "Funding secured" tweet and had no plans to relinquish his dual roles as chairman and CEO.

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He said: "I thought the worst of it was over - I thought it was".

Tech pioneer Elon Musk has admitted that stress is taking a heavy toll on him personally in what he called an "excruciating" year.

Tesla and its CEO Elon Musk has been under a whole lot of under pressure lately, with production roadblocks, workplace issues, and a much-criticized tweet about taking the company private.

On Twitter, Musk has frequently complained about short sellers and taunted them.

Tesla shares closed at $305.50, their lowest level since August 1, as analysts and business professors questioned whether the company's board should grant Musk a leave or even replace him with a more seasoned CEO. The CEO told The Times he expects "at least a few months of extreme torture from the short-sellers", who he believes are intent on seeing Tesla fail.

Aug 13: Tesla publishes a second blog post by Mr Musk describing the Saudi fund's interest and cites this as justification for going public. He acknowledged using Ambien, saying, "It is often a choice of no sleep or Ambien".

Tesla executives have tried for some time to recruit a Chief Operating Officer, a second in command that could hopefully keep Musk under control, but so far have failed to find anyone.

He explained that the Aug 7 tweet claiming assurance that funding for going private was secured was an attempt to be transparent, even though it provoked questions from analysts about whether it violated stock market regulations.



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