Tesla stock takes a knock after Elon Musk's New York Times interview

Joann Johnston
August 18, 2018

However, the electric vehicle maker's stock slumped almost 9% today following Musk's interview with the New York Times in which he said that his tweet last week was not reviewed by anybody (via Reuters).

The newspaper reported that Musk had "alternated between laughter and tears" in the interview and said he had not taken more than a week off work since 2001.

In the interview, Musk, alternating between laughter and tears, told the New York Times the struggle over the past year to get production of the Model 3 going at full speed was "excruciating".

Tesla's stock tumbled after CEO Elon Musk said he's working himself to the bone and relies on Ambien to sleep.

Investors must have gotten unnerved.

The news sent Tesla shares soaring so much that trading was suspended in NY. The Securities and Exchange Commission is investigating the company on multiple fronts, including issues related to disclosure about production of the Model 3 sedan.

Elon Musk said no one saw or reviewed his tweet about the plan to take the electric-car maker private before he posted it.

The New York Times cited people familiar with the situation as saying the board had been trying to find a No. 2 executive to help relieve some of the pressure on Mr Musk. He spent his entire 47th birthday in June at work.

Tesla was also hit with reports alleging that the company was sending workers from GA3 home early despite not meeting the day's production goal.

He also told the Times that the worst is over "from a Tesla operational standpoint" but added, "from a personal pain standpoint, the worst is yet to come". I've had friends come by who are really concerned'.

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"Weed is not helpful for productivity". 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.

The NYT recap of its interview notes that some board members are anxious about the Ambien use, thinking that it just doesn't work and "instead contributes to late-night Twitter sessions ..."

"I thought the worst of it was over - thought it was", he said. The statement also revealed Saudi Arabia is providing the funding to allow him to do so. The exception was lead independent director Antonio Gracias contacted Musk about the tweet and Musk agreed not to tweet again about the privatization discussion unless he cleared it through the board first.

In the wake of those and some other recent high-profile gaffes he's made in recent weeks, the Tesla chairman and CEO chose to sit for an hour-long interview with The New York Times.

Mr Musk, who is dating Canadian singer Grimes, 30, last week caused havoc in the markets after tweeting, in the middle of the night, that he hoped to take the publicly traded company private.

Musk blamed short-sellers, or investors that expected Tesla to lose value, as a large source of his stress.

He and other board members are preparing to meet with SEC officials as early as next week, the Times said.

Sheryl Sandberg, Facebook's operating chief, was approached about the role a few years ago but did not take it up, Musk said.

He flew directly from the Gigafactory to his brother Kimbal's wedding in Catalonia, where was to be best man, arriving two hours before the ceremony, and returned immediately to Tesla headquarters afterward.

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