Elon Musk Opens Up About 'Excruciating' Year

20 August, 2018, 20:15 | Author: Teresa Adams
  • In an interview with The New York Times Tesla CEO Elon Musk said 2018 has been

In a statement to The Associated Press, the directors - excluding Musk himself, who is board chairman - praised Musk's dedication to the company.

Tesla is forming a special committee to evaluate proposals to take the company private one week after CEO Elon Musk said he was considering it.

On the physical toll his job is taking, Mr Musk said: "It's not been great, actually".

The board has stood behind Mr Musk despite some freaky behaviour.

Shares of Tesla Inc. tumbled about 9 percent, closing Friday at $305.50, their lowest level since August 1.

The Securities and Exchange Commission has been investigating Tesla for misleading statements about its Model 3 for months, unnamed sources in the know told the Wall Street Journal, long before CEO Elon Musk attracted the watchdog's attention with his tweet about taking Tesla private.

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Even if his Tesla was on autopilot mode, last I checked the driver is still supposed to be alert and probably not tweeting things that will quickly become the subject of a federal investigation.

In June, Musk caused outrage when he responded to a tweet from a woman who claimed Musk had used her father's unicorn artwork on Tesla merchandise without compensation or attribution, by telling her: "He can sue for money if he wants, but that's kinda lame". Shares of Tesla closed down almost 9% on the day, and dropped close to 1% lower in after hours trading, landing at $303.05.

Asked if he regretted it, he said, "Why would I?"

Analysts at UBS this week questioned the profitability the Model 3, in a report that said Tesla could lose $6,000 on every base model.

The company could face sanctions if regulators find it misled investors about production delays.

Musk said he has found 2018 "excruciating". "But from a personal standpoint, the worst is yet to come".

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Instances of Musk's drug-related jokes on Twitter date back a couple of years at least.

Musk said he wasn't aware that the search for such an executive was now active, but the Times quoted other sources as saying such a search was indeed underway.

Gordon said the board has to act now or be open to shareholder lawsuits.

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.

Tesla presents plenty of challenges for the top executive: It routinely loses money and is burning through cash as it ramps up development of its Model 3 sedan, a less-expensive electric vehicle it hopes appeals to the mass market. "There were times when I didn't leave the factory for three or four days - days when I didn't go outside", he said. Instead, he or she would form a team to work overnight and solve problems.

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. He may have been referring to short-sellers, investors betting against Tesla whom he has openly wrangled with in the past.

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Tesla has been public since 2010, but Musk has previously said he would like to take Tesla private.

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