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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.


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