Elon Musk Tears Up over Tesla Turmoil, 'No Sleep or Ambien'

Sean Reid
August 20, 2018

CEO Musk granted a wide-ranging interview with The New York Times, in which he called 2018 the worst year of his career and got choked up talking about missing family events.

Tesla shares dropped almost 9 percent in value Friday, amid reports of CEO and co-founder Elon Musk meeting with the U.S. Securities and Exchange Commission (SEC).

Currently, the price for Tesla Model 3 starts from $35,000 and Model S from $75,000.

"Devasting New York Times piece filled with new facts", Cramer tweeted Friday. He said he doesn't regret sending it and has no plans to leave Twitter. Articles appear on euronews.com for a limited time.

"As a result, it was clear to me that the right thing to do was announce my intentions publicly. Weed is not helpful for productivity", he told the Times. Hours after that tweet, Tesla's shares soared up and closed just above $379, about 11 percent higher that day.

Musk said on Monday that the manager of Saudi Arabia's sovereign wealth fund had voiced support for the company going private several times, including as recently as two weeks ago, but also said that talks continue with the fund and other investors.

Tesla produced only slightly more than 100,000 vehicles previous year and the company has been struggling to boost production of its Model 3, which is less expensive than its first models and could help expand Tesla's base.

This source said Tesla's independent board members had hired law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP to help handle the SEC inquiry and other fiduciary duties with respect to a potential deal. In a statement to The Associated Press, the directors - excluding Musk himself, who is board chairman - praised Musk's dedication to the company.

By his own admission, this year has been "excruciating" for Elon Musk.

In July, Musk got into a dust-up on Twitter with a British diver who helped rescue a Thailand soccer team and their coach from a cave, referring to him in one tweet as a "pedo guy". Experts said regulators were likely investigating if Mr Musk was truthful in the tweet about having the financing set for the deal.

Efforts are also under way to recruit an executive to take some pressure off Musk, the newspaper said, citing people briefed on the search.

Tesla shares plummeted a day after an interview with CEO Elon Musk painted a picture of an exhausted leader struggling to handle one of the company's most hard periods.

Musk's latest troubles began when he tweeted on August 7 to say: 'Am considering taking Tesla private at $420. "This has really come at the expense of seeing my kids".

A tweet Musk made in June of 2017 mentioned mixing Ambien, a drug that assists with sleep, with red wine, which is considered a unsafe combination according to the American Addiction Center.

Tesla managed to hit its Model 3 production target in June.

The interview puts board members in a hard position because Mr Musk, who entered Tesla as a major investor and built the company into a force that has changed the perception of electric cars, is the company's public identity.

Amazingly, Musk seems to think the worst is still "yet to come" as he battles short-sellers who stand to make money if Tesla fails.

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