Tesla shares reel as execs quit and CEO smokes pot on webcast

08 September, 2018, 07:38 | Author: Leah Owens
  • Credit You Tube  PowerfulJRE

Tesla Inc's shares dropped the most in two years on Friday, rocked by the departure of its accounting chief after just a month and mounting investor concerns about Chief Executive Elon Musk's behavior after he smoked marijuana on a live webcast.

"I've thought about this quite a lot, quite a lot", Musk said of the electric jet design, according to The Verge. "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".

After Morton's departure was announced, Tesla's head of HR, Gabrielle Toledano, told Bloomberg that she is not coming back from her leave of absence.

Morton, a former chief financial officer for computer-drive maker Seagate Technology Plc, joined Tesla one day before Musk tweeted that he was considering buying out some investors at US$420 a share and taking the company private.

During the podcast, Mr Rogan offered Mr Musk a joint, which he said contained a mix of tobacco and marijuana - dried leaves and flowering parts of the female cannabis plant. Tesla's stock is down more than six percent to $262, the lowest level since April.

Almost 90 000 people tuned into the podcast Rogan live-streamed with Musk at YouTube.

The yield on the company's 2025 bonds has blown past 8.5 per cent to a new peak; it was less than 7 per cent only a month ago.

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Musk has said the company is producing more than 5,000 Model 3 electric cars per week, and cash generated from the sales will bring sustained quarterly profits.

In a report by BuzzFeed, Musk responded to a request for comment on the Unsworth controversy with the following email: "I suggest that you call people you know in Thailand, find out what's actually going on and stop defending child rapists, you f**king a**hole".

The ill-fated effort has prompted a United States securities investigation and a class-action lawsuit alleging Musk was trying to punish investors who bet against the company.

"At times, Musk appears to be working against himself", analyst Munster wrote.

Shockingly this was nearly a complete blindside to the board of directors at Tesla and just two weeks after that tweet Musk recanted and did his best to explain why he had claimed he had funding "secured". The San Francisco office of the SEC has sent subpoenas to Tesla regarding its privatization plans to determine whether Musk intentionally misled investors.

As Musk took a puff, and sipped on whiskey, the two discussed the relaxing effect of alcohol and weed.

He told the newspaper that he is no fan of the drug.

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