Published: Mon, August 20, 2018
Markets | By Otis Pena

The face of White addiction: Elon Musk just cost Tesla $4.6B

The face of White addiction: Elon Musk just cost Tesla $4.6B

The billionaire electric vehicle maker, rocket launcher, tunnel digger and insulter of rescue divers sat down for an emotional interview with The New York Times, laying out recent trials and tribulations that led to a 6 percent stock-price drop on Friday for the auto company Tesla, which he co-founded and serves as CEO. Investors also were anxious about reports that regulators were pressuring Tesla's directors for details about how much information he shared with them.

Elon Musk lost it during an interview as he talked about Ambien use, exhaustion and isolation.

Musk's seemingly fragile psychological state put pressure on Tesla's board to take action, said Erik Gordon, a University of MI business and law professor.

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

The US Securities and Exchange Commission (SEC) has so requested information from all Tesla directors, but is unclear what information the authorities require.

Soon after the tweet that was posted during the middle of the day, Tesla's shares soared, and investors and journalists were taken aback by Musk's plan of taking Tesla private. Members of the Tesla Board of Directors have anxious Elon doesn't sleep after taking Ambien. he tweets, and it has caused the company problems. most recently when he tweeted he wanted to take the company private.

Elon Musk revealed that Tesla once tried to poach Facebook COO Sheryl Sandberg to be his deputy. But he cryptically added, "if you have anyone who can do a better job, please let me know".

He said he did not intend to give up his roles as chairman and CEO but if there was someone who could do the job better, "they can have the reins right now".

Meanwhile, Tesla fell 1.1pc to $332.72 at 10:49am on Frankfurt's Tradegate.

As Tesla struggled to meet production goals for its Model 3 earlier this year, Musk ended up sleeping at the factory. A federal judge could ban Musk from working as an officer of a public company, put an injunction on him limiting his social media activity or fine him.

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'All night, no friends, nothing'.

First there was the obnoxious lecturing of reporters on a Tesla conference call.

Musk has also said on multiple occasions that Tesla would become profitable by the end of this year and would not need to raise additional funds, despite its increased cash-burn rate in recent quarters.

The company said the board formed a special committee to evaluate proposals to take the company private. He wanted to offer a 20 percent premium over the stock price, which came out to $419, so he rounded it up to $420, which confused a lot of people who got the marijuana reference.

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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. But Tesla has operated for years without a COO, and no other executive serves on the nine-member board of directors.

Shares of Tesla dropped 6 percent following reports of a widening SEC probe and amid questions of Musk's ability to run the company.

Unusually for a suit-wearing, boardroom-based executive Musk is an accomplished engineer and is constantly cited by his colleagues as being on the factory floor at both Tesla and SpaceX.

Or he could heed the Tesla board and stop tweeting.

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