Sunday, 18 November, 2018

Tesla's stock is hit after Musk is filmed smoking and executives leave

Credit You Tube  PowerfulJRE Credit You Tube PowerfulJRE
Wayne Curry | 08 September, 2018, 22:10

Morton left Seagate Technology(STX) - where, according to company filings, he made some $5 million in 2017 salary and other compensation - to join Tesla.

Late on Thursday, Musk was filmed drinking whiskey, briefly smoking marijuana and wielding a Samurai sword during a 2-1/2-hour live Web show with comedian Joe Rogan that swiftly spread across social media.

Tesla's stock and bond prices dropped on Wednesday - linked to the row over Musk's comments about Mr Unsworth but also following an unveiling by Mercedes that presents a challenge to the electric auto maker.

Tesla shares, down just one percent after Musk's appearance on the Rogan podcast, fell another seven percent in the half hour after Morton's resignation.

Shareholders have sued Tesla, claiming that Musk's tweet constituted illegal market manipulation.

Gaby Toledano, Tesla's head of human resources, also said she was leaving the company on Friday.

The promotions follow what have been a tumultuous few weeks for Musk, an increasingly mercurial chief executive who got himself into some hot water last month with a proposal to take Tesla private.

Musk added: "I'm not a regular smoker of weed - nearly never".

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Musk, 47, took one drag (see a brief clip at the end of this post) from what Rogan described as a joint containing tobacco mixed with marijuana, which is legal in California.

In August, Musk told The New York Times he was exhausted from too much work and difficulty sleeping in an interview that sharpened questions about his mental stability.

"I think the future in where we are a space-faring civilization out there among the stars, that is very exciting", Musk said.

Soon after, Musk changed his mind and said he decided the company would remain public.

"I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla's leadership or its financial reporting", he added.

Tesla Inc. (TSLA) shares dropped down to their lowest point in almost six months today amid a lawsuit made by a short-seller who is suing the vehicle company over claims that they lied to investors about taking TSLA private.

The announcement sent Tesla stock surging by more than 10 percent.

Tesla's newly hired chief accounting officer abruptly resigned on Tuesday, the company has disclosed in a filing with the Securities and Exchange Commission. The SEC is investigating the circumstances surrounding the tweet; no evidence that funding had been secured was ever put forth by Musk or Tesla. While Musk stopped short of naming a chief operating officer - investor and analyst calls for such a position have increased in light of the CEO's controversial behaviour - he's putting a significant responsibility on the plate of a veteran manager who's helped the company pull off a potential production breakthrough with its all-important Model 3 sedan.

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