WASHINGTON: Tesla shares fell hard Friday after chief executive Elon Musk's comments about his struggles with exhaustion as he works to ramp up production for the electric automaker and an unsuccessful effort to find a number two executive. "There were times when I didn't leave the factory for three or four days -- days when I didn't go outside," Musk told the newspaper.In the interview Musk opened up about the personal toll he says he has endured, working marathon hours trying to meet production deadlines. Musk also revealed he needed to take prescription medication to sleep during the latest ordeals, and disclosed he had approached Facebook's chief operating officer about becoming a number two executive at Tesla. He explained that the August 7 tweet claiming assurance that funding for going private was secured was an attempt to be transparent, even though it surprised his own board and provoked questions from analysts about whether it violated stock market regulations.
Tesla Inc. shares (tsla) sank 8% on Friday, as investors digested the news of a widening Securities and Exchange Commission probe of Chief Executive Elon Musk's handling of a tweet disclosing his wish to take the company private. Musk told the New York Times that he had no regrets about saying "funding secured" in a tweet that said he was considering a going-private deal at $420 a share. In a wide-ranging interview with the paper published late Thursday, Musk said he has had a very difficult year spent in a constant state of exhaustion leading up to the tweet, which is understood to have angered some members of the board.
Tesla shares sink after analysts warn on Model 3 margins, Musk interview. (Reuters) - 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. The company's stock was also under pressure after UBS analysts said in a research note that the carmaker's premium Model 3 sedan will not produce better profit margins than a conventional BMW (BMWG.DE). UBS analyst Colin Langan said Tesla could actually lose $6,000 on every base model due to higher costs for the powertrain, in the note titled "Is Tesla Revolutionary or Evolutionary?"
Tesla (TSLA) may be looking for a top executive to take some day-to-day work off Elon Musk, according to an article published Thursday by the New York Times. In the story, which included an interview with the Barron’s Next 50 company’s CEO, Musk said he was unaware of an “active search.” But the Times cited others, unnamed but “familiar with the matter,” who said a search is under way. Tesla did not immediately respond to a Friday morning email asking for information on an executive search.
Shares of Tesla tumbled 6 percent in early trading Friday after a report that CEO Elon Musk will meet with Securities and Exchange Commission officials next week. The electric carmaker's stock is down 10 percent over the last 12 months and has been especially pummeled in the last week, down 11 percent after a tweet by Musk that he was considering taking Tesla private. The SEC began an investigation after the tweet and has reportedly sent out subpoenas for information. The Times also reported that the board is concerned about the CEO's use of Ambien and other recreational drugs, which sources said could be fueling his controversial tweets.
Musk tells newspaper he's cracking under stress of Tesla job. Associated Press17 August 2018, 13:53 GMT. What do you do when your CEO confesses that he's cracking under the stress of his job? The newspaper reported that during an hour-long telephone interview on Thursday, Musk alternated between laughter and tears, acknowledging that he was working up to 120 hours a week and sometimes takes Ambien to get to sleep. "If the board does not get him out of this slot at a minimum on a leave of absence basis, I think the board is going to be seen by a lot of people who love the company as being derelict in their duties," Gordon said Friday. The New York Times said that in response to questions for its article on the interview, Tesla issued a statement from its board, excluding Musk, that stated: "We would like to make it clear that Elon's commitment and dedication to Tesla is obvious." Some of Musk's stress comes from critical stock short-sellers who are betting against the company's success. But much of it comes from Musk's own statements issuing lofty goals for production of cars or turning a sustained profit starting this quarter.
In a first, internet search giant Google, part of Alphabet Inc. ( GOOGL), is planning a two-level store in Chicago’s Fulton Market district, according to the Chicago Tribune. Google will lease the former spaces of longtime area restaurants Jaipur and Perez. Beyond its online offerings, Google’s physical product list now includes smartphones, tablets, Chromecast smart dongles, thermostats, home security systems and the speaker-based virtual assistant systems called Google Home.
The Latest: Tesla shares fall as Musk says stress takes toll. Tesla shares are falling as investors deal with another surprising development surrounding CEO Elon Musk. The company has been under pressure to increase production of its Model 3 sedan, and Musk said that he was working up to 120 hours a week and sometimes takes Ambien to get to sleep. Electric car maker Tesla's CEO Elon Musk has admitted in a wide-ranging interview with The New York Times that stress is taking a heavy toll in what he calls an "excruciating year."
Musk said in the interview he now needs Ambien to sleep, but board members are concerned that the drug isn't having the intended effect for Musk, the New York Times reported citing an unnamed source. The report also says board members are aware that Musk has used unspecified "recreational drugs." Ambien maker Sanofi warns against taking the sleeping aid unless you intend to stay in bed for a full seven to eight hours. The Aug. 7 tweet sent Tesla shares seesawing and company directors scrambling to do damage control — and at the same time spurred jokes and questions about whether Musk's proposed $420 price tag was inspired by drug use.