Tesla shares slide as Elon Musk admits to "difficult and painful year"

Open this

Tesla's board has since clarified that it hasn't received a formal proposal from Musk, who's also chairman, nor has it concluded whether going private would be advisable or feasible.

The investors betting against Tesla raked in about $1 billion on Friday, The Times reported, citing data from the analytics firm, S3 Partners.

The interview comes after a very rough couple of weeks for both Musk and his electric vehicle company.

Musk told the Times on Thursday that he has been under enormous pressure from his workload.

Before taking a private jet to Nevada from his home in Los Angeles, Mr Musk tweeted: "Am considering taking Tesla private at $420". The board members are reportedly anxious that the inquiry, which is at an early stage, may turn into a full-blown investigation which could have a significant negative impact on the company's shares.

FILE PHOTO: Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, U.S., July 19, 2017.

Elon Musk is having a rough time of it lately and he has even admitted that his Tesla job is causing him to crack under the pressure.

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. Hours after that tweet, Tesla's shares soared up and closed just above $379, about 11 percent higher that day. A statement given to the Times, attributed to the Tesla board, praised Musk's leadership and commitment.

Tesla Inc's (TSLA.O) shares slumped 8 percent on Friday after Chief Executive Elon Musk told the New York Times his tweet about taking the company private was not reviewed by anybody, and a brokerage raised doubts about the profitability of the electric carmaker's Model 3 sedan.

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

The subpoena signals regulators are investigating if Musk was telling the truth in his tweet about have financing locked up for a deal that analysts have estimated would require $25 billion to $50 billion.

Expressing no regret for the Twitter post, Musk has downplayed rumors of tension with Tesla board members who were not consulted about the public disclosure. "They can have the job", Musk was quoted as saying. "Is there someone who can do the job better?"

He elaborated on Monday that he believed Saudi Arabia's PIF, a new shareholder in Tesla, could provide the necessary funding, although sources close to the sovereign wealth fund have played down that prospect. Musk spent nights at Tesla's Fremont, California, factory working out production problems on its new Model 3 auto that is supposed to take Tesla from niche luxury carmaker to a mass producer that competes with Detroit.

The last time he took as many as seven days off from work was in 2001, he told the Times, when he fell ill with malaria.

Related:

Comments

Latest news

Paul Pogba criticizes Manchester United attitude
Pogba converted his second penalty in as many games after Duffy upended Fellaini, but it was too little, too late for United. It's a great thing for me to come in front of the cameras and say players A, B, C put in fantastic performances.

Salah, Modric & Ronaldo nominated UEFA Men's Player of the Year
The victor of the award will be announced on August 30th during the draw for the Champions League group stages in Monaco. Antoine Griezmann , world champion with France in Russia-2018, was behind Messi in the vote to join the select group.

NVIDIA Just Announced The GeForce RTX 20 Series Featuring New Turing Architecture
We should mention that the NVIDIA Founders Editions of these cards will ship at $1,199, $799 and $599 respectively. Pre-orders for the two higher-end models have already begun, and retail availability is set for September 20.

Manafort judge says he fears for jurors' safety
Judge Ellis , sitting in Alexandria, Virginia, just outside Washington, said he himself was being guarded by a USA marshal. Kevin Downing , Manafort's attorneny, told reporters he sees the continued deliberations as "a great sign for the defense".

Other news