Tesla shares fall as Musk says stress takes toll

Carla Harmon
August 17, 2018

Nevertheless, some Tesla board members are anxious that Musk's Ambien use may be prompting his late-night tweeting sessions, the Times reports.

The Securities and Exchange Commission is investigating the company on multiple fronts, including issues related to disclosure about production of the Model 3 sedan. He said that his $420 per share buyout will be used "only for shareholders who preferred that option" and that the rate is a '20% premium over the ~$350 the current share price.' He said that outside directors of Tesla's board had had an initial private meeting to discuss Musk's proposal.

Meanwhile, Tesla Chief Executive Officer Elon Musk last week said he wants to take the company private, creating a whirlwind in the market, drawing lawsuits and attention from US regulators for the unorthodox disclosure of critical company news.

"There were times when I didn't leave the factory for three or four days - days when I didn't go outside", he told the Times.

Tesla has been searching for a number-two executive to help take some pressure off Chairman and CEO Elon Musk, The New York Times reported on Thursday. However, the Times reports, "people familiar with the matter said a search is underway, and one person said it had intensified in the wake of Mr. Musk's tweets".

According unnamed sources cited by the newspaper, some Tesla board members have expressed concern about this, because the sleep medication sometimes leads to "late-night Twitter sessions", rather than sleep, the source said.

Tesla CEO Elon Musk has shared some personal revelations about the turmoil surrounding him and his company.

Musk also came under fire during the rescue of 12 children from a cave in Thailand where officials dismissed his plan to save them with a miniature submarine created by his rocket company SpaceX.

Big funds speaking with Musk "are going to be getting the proverbial keys to the kingdom, and others are on the outside", Ahern said.

Furthermore, the price of $420 a share was the result of a rounding up, and Musk made it clear that "he was not on weed". "This has really come at the expense of seeing my kids".

He admitted in the Times interview that he hadn't cleared his tweet with anyone at Tesla before firing it off midday August 7.

But he told the newspaper that he wrote the tweet inside a Tesla Model S while it he was driving to the airport, and that no one else reviewed it. Despite approaching Facebook's Sheryl Sandberg earlier, Musk denied that Tesla is now trying to fill the position. "Weed is not helpful for productivity", he told the Times.

Hansen also claims that Tesla did not disclose to investors that thieves stole $37 million in copper and other raw materials during the first half of 2018, according to his attorney. Musk spent nights at Tesla's Fremont, California, factory working out production problems on its new Model 3 vehicle that is supposed to take Tesla from niche luxury carmaker to a mass producer that competes with Detroit.

And it's not just the short sellers who Musk has a disdain for.

Musk also denied having smoked weed before sending the tweet, but did mention he sometimes takes Ambien to help him sleep.

Other reports by iNewsToday