Tesla is getting crushed after two executives jump ship and CEO Elon Musk smokes weed

Tesla is getting crushed after two executives jump ship and CEO Elon Musk smokes weed

Tesla‘s stock was down over 7% on Friday after news that two executives were leaving and after CEO Elon Musk was filmed smoking a spliff — weed mixed with tobacco — during a live interview on Thursday.

Tesla’s chief accountant, Dave Morton, resigned Tuesday after just a month at the company, the automaker disclosed on Friday in a filing with the Securities and Exchange Commission.

Morton cited the intense pace of work at Tesla — plus the constant scrutiny — as the reason for his quick departure, but he also stressed in comments included in the filing that he had “no disagreements with Tesla’s leadership or its financial reporting.”a

“Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations,” Morton said in the filing.

Also on Friday, Bloomberg reported that Tesla’s human-resources chief, Gaby Toledano, would not return from a leave of absence that began in August.

The string of bad news wiped more than $3 billion off Tesla’s market cap.

In a Business Insider report published this week, employees inside the company described 70-hour workweeks, an “intense” environment, and a cult-like atmosphere that reveres both workaholism and Musk himself. Musk works so many hours that employees have found him sleeping under tables at Tesla’s facilities, they say.

Musk smoking on “The Joe Rogan Experience.”
Joe Rogan Experience/YouTube

On Thursday, Musk was filmed taking a drag on a spliff and drinking whiskey while being interviewed for the “Joe Rogan Experience” podcast. Musk spent more than 2 1/2 hours talking to Rogan, a comic and martial-arts color commentator.

Musk also told Rogan it was “wrong” and “dangerous” for people to buy the flamethrowers he sold earlier this year, and he said that The Boring Company, his tunnel-construction firm, “started out as a joke.”

In Tesla’s financial news, with Musk’s short-lived plan to take the company private now dead, the focus has turned to Tesla’s $920 million of convertible bonds.

These give holders the option to convert them to Tesla stock at $360 per share on March 1, Business Insider’s Graham Rapier reported. If the stock is trading below that $360 when the options mature, Tesla may have to repay that $920 million.

Shareholders told Rapier that some core investors were losing confidence in Musk.

With word of these executive departures, the stock dipped as much as 10% on Friday, though it rebounded a couple of points and was trading at about $263 later in the day.

Markets Insider

Here’s a rundown of all the news on Tesla this week:

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