Daily Trends Now
Daily Trends Now

Tesla shares plummet after Musk pours heart out to NYT

Tesla shares plummet after Musk pours heart out to NYT

In a recent interview with the New York Times, Tesla CEO Elon Musk discussed the issues surrounding his electric auto company in recent months.

In a wide-ranging and emotional interview with the New York Times published late on Thursday, Musk, Tesla's chief executive, described the difficulties over the a year ago for him as the company has tried to overcome manufacturing issues with the Model 3 sedan.

The Times described Musk as "struggling to maintain his composure" when he stated: "This past year has been the most hard and painful year of my career".

Describing the past year as "excruciating" and "most painful year of career", Musk said that the things are a bit shaky since the tweet.

Investors must have gotten unnerved.

Tesla shares fell as much as 8% in Friday trading.

Tesla shares climbed in the wake of the posting and Musk's comment that he had funding secured for taking Tesla private is now drawing intense scrutiny from USA regulators.

Regulators have also sent subpoenas to Tesla's directors in a bid to find out what they knew about Musk's plan to take the company private, per the Journal.

Yet there may be hope for this billionaire still: Tesla board members are reportedly searching for a No. 2 executive to help take some of the weight off Musk's shoulders, the Times reported.

Musk told The Times that no one else saw the tweet before he posted it while en route from his house to the airport.

However, in a fresh blow, it was claimed an investigation into Tesla by the Securities and Exchange Commission was wider than previously thought. "Weed is not helpful for productivity", he told the Times. He sometimes relies on Ambien to sleep after long sessions of work, he said.

In an interview with The New York Times, the 47-year-old entrepreneur said he spent his entire birthday at work and almost missed his brother's wedding.

Three new vehicles are in development at Tesla, the Model Y compact SUV, a new $200,000 Roadster and an electric heavy-duty truck that Musk unveiled last November, with production start dates in 2019 and 2020.

Musk added he had agreed not to tweet again about taking the firm private unless he had discussed it with the board. They can have the job.

Tesla has always been the most-shorted stock in the U.S., according to data from the financial analytics from S3 partners, and that persistence has agitated Musk for some time.

The interview offered rare insights into Musk's personal life and thinking.

He launched a fresh attack short-sellers betting Tesla shares will fall, saying they were to blame for his stress and he expected even more months of "extreme torture". "I$3 f you have anyone who can do a better job, please let me know", he told the Times. "Is there someone who can do the job better?"

Elson said most of the company's directors have relationships with Musk, who owns about 20 percent of the company.


editors' picks

August 20, 2018
Mueller’s Russian Federation probe makes ‘Joseph McCarthy look like a baby!’
McGahn cooperated in a way that could hurt Donald Trump in order to protect himself and because he doesn't trust the President. However, McGahn ultimately told investigators that he never saw Trump "go beyond his legal authorities".

August 19, 2018
Federer wins, Serena loses in Cincy tourney
You know, there is only so much you can do before you have to, you know, I guess, get surgery or something like that. Pouille had lost his previous three matches to Murray, the last at Dubai in 2017. "I just began.

August 18, 2018
Former Indian prime minister Vajpayee passes away at 93
From there it would be taken to the BJP headquarters tomorrow, where people would be able to pay their last respects. The Vajpayee-led coalition government had secured 269 votes while the opposition got 270.

August 18, 2018
Motorola P30 looks like an iPhone X and Huawei P20 Pro mashup
The base model of the Motorola P30, with 6 GB of RAM and 64 GB of storage costs 1999 yuan, which is about $290 Dollars . OPPO F9 sports a 16MP + 2MP AI dual-camera setup at the rear with both the sensors coupled with f/1.85 aperture lenses.

August 17, 2018
We’re not enemies of the people
Since taking office previous year , Trump has repeatedly criticised the press, often referring to certain outlets as "fake news". He's also called media " the enemy of the American people". "Correcting them is core to our job", it said .

August 15, 2018
Trump, Citing TV Producer, Says Racial Slur Tape Doesn't Exist
A different president would have ignored such a book, refusing to give Manigault Newman the publicity she craves. She claimed that a tape captured Trump making racial slurs during the run of " The Apprentice ".

August 11, 2018
Wake Forest assistant coach charged with assault in man's death
Jones was on Will Wade's staff during the 2015-2016 season before leaving for an assistant coaching job at Central Florida. The coach's next court appearance is scheduled for October 2, the Queens district attorney's office said.

August 08, 2018
Sarri wants to keep Hazard at Chelsea and improve him
He spoke of his disinterest in the transfer market and said he would be content to coach the players already at his disposal. Courtois will be out of contract next summer and Chelsea are keen on selling him sooner than later, according to the report.

August 07, 2018
Charlotte Rae dies at 92
Rae was a survivor - after losing her mother and her sister to pancreatic cancer, she opted to be screened early and beat cancer. Garrett on "The Facts of Life " and " Diff'rent Strokes " - died Sunday at her home in Los Angeles, according to her publicist.

August 05, 2018
Pep Guardiola says fear of failure drives him on at Man City
Both managers have the utmost respect for each-other and neither side will be going hell for leather for victory. He is with us and he is our goalie but I don't know what his future will be.