Tesla shares SINK after Elon Musk details ‘EXCRUCIATING year’ in emotional interview

Alicia Cross
August 21, 2018

Shares of Tesla had their worst day in two years Friday after a New York Times feature outlined some serious struggles for CEO Elon Musk.

In a wide-ranging conversation in which the Times reported Musk choked up multiple times, the Tesla Motors and SpaceX spoke of working 120 hour weeks, spending his entire birthday in the Tesla Factory and almost missing his brother's wedding.

"This past year has been the most hard and painful year of my career", Musk told the Times. While the worst may be behind Tesla operationally, Musk said he worries that pressure from Tesla bears will continue as long as his company is public.

Investors must have gotten unnerved.

Tesla shares fell 3.6 percent to $323 in early trading. He stood by his tweet last week saying he might take Tesla private and that he had secured the funding to do so.

Musk also said that no one reviewed his infamous August 7 tweet in which he said: "considering taking Tesla private at $420".

Musk's tweeting has reportedly met strong disapproval among his fellow board members, who urged the eccentric CEO to curb his enthusiasm over a go-private deal and stop tweeting on the issue, New York Times reported on Tuesday, citing sources close to the matter. Taking Tesla private would finally put an end to short-sellers - you can't freely sell and buy private company stock - and allow Musk to finally get some much needed sleep. The tweet reportedly has spurred an investigation by securities regulators. Weed is not helpful for productivity.

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Musk said that he hasn't taken a week-long vacation in close to 20 years.

Musk has yet to tweet about the Times interview.

Securities regulators have reportedly been investigating since previous year whether Tesla led investors astray about its Model 3 vehicle production problems, according to a Wall Street Journal article, citing people familiar with the matter.

Mr Musk tweets: "Am considering taking Tesla private at $420". But in the interview, he demonstrated an extraordinary level of self-reflection and vulnerability, acknowledging that his myriad responsibilities are taking a steep personal toll.

Musk told the newspaper that sometimes he did not leave the Tesla factory for three or four days straight, and that he had not taken off more than a week at a time since he was sick with malaria in 2001.

At a normal company, Musk would have been replaced already, Elson said. "Is there someone who can do the job better?" He may have been referring to short-sellers, investors betting against Tesla whom he has openly wrangled with in the past. "I$3 f you have anyone who can do a better job, please let me know", he told the Times. Tesla burnt through $3.4 billion of cash last year and has said it expects to invest another $2.5 billion this year.

These recollections were particularly emotional for Musk, reports the Times, noting that the Tesla CEO choked up during multiple points throughout the interview.

Other reports by Free-Prsite

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