INSUBCONTINENT EXCLUSIVE:
Elon Musk, the embattled chief executive of electric automaker and sustainable energy company Tesla, tried to &set the record straight&
about his recent behavior in an hour-long exclusive interview with The New York Times
Instead, it only served to further underscore how out-of-touch the billionaire chief executive seems from the ongoing operations at his
The fallout has already begun, with shares falling in early trading.
His erratic behavior could cost investors billions and potentially
destroy a company that has, in fact, revolutionized the automotive industry in America.
In the wide-ranging interview, Musk acknowledged the
personal and physical toll running Tesla was taking on him and tried to explain away his recent behavior.
The latest drama began with a
simple midday tweet last week indicating that Musk had secured funding to take Tesla private at a price of $420 per share.
Am considering
taking Tesla private at $420
Funding secured.
mdash; Elon Musk (@elonmusk) August 7, 2018
The number (which is both within the range of a 20 percent premium of Tesla
shares at the time, and a code with special significance for people who smoke marijuana), the timing of the announcement and the medium on
which it was issued all raised eyebrows.
just spent the past fifteen minutes delivering a rudimentary explanation of financial markets to
someone just so i could help them appreciate my &elon musk absolutely did a weed twete today& theory
mdash; ಠ_ಠ (@MikeIsaac)
August 8, 2018
From there, it has pretty much been all downhill for Musk and Tesla as the company executive bounced from one public
relations blunder to another.
There are the allegations of illegal drug use, which Musk feebly addresses in his interview, saying:
I was
not on weed, to be clear,& he said.
Weed is not helpful for productivity
There a reason for the word ‘stoned.& You just sit there like a stone on weed.
Reporting from the Times also contradicts another
assertion that Musk made in the interview — which is that Tesla board is not seeking someone to take the reins as a chief operating
Something which would indubitably help take off of Musk shoulders some of the pressures of running the business.
The chief executive
acknowledged the physical toll that managing Tesla has taken on him, but said that he does not regret any of his recent actions.
Given that
the Securities and Exchange Commission is investigating the circumstances around the tweet, that may be another position that is subject to
revision.
The SEC wants Tesla to explain Elon 420 tweet
It been a long, hot summer for Tesla operations, and Musk has only exacerbated
problems for the company with his very public complaints about short sellers, whistle-blowers, reporters, analysts and others who have
openly questioned the company viability.
There are very real concerns about production of the company newest model, alongside claims from
whistleblowers that the pressures of meeting deadlines for the new car have led to cutting corners on safety.
Ex-Tesla worker makes it
official and blows the whistle to SEC
Throughout all of it, Tesla board has remained firmly committed to protecting Musk and preserving his
role as chief executive officer.
As the board said in a statement it released to theTimes:
There have been many false and irresponsible
rumors in the press about the discussions of the Tesla board
We would like to make clear that Elon commitment and dedication to Tesla is obvious
Over the past 15 years, Elon leadership of the Tesla team has caused Tesla to grow from a small start-up to having hundreds of thousands of
cars on the road that customers love, employing tens of thousands of people around the world, and creating significant shareholder value in
the process.
Perhaps the best thing the company caretakers can do now is ensure that Musk gets some help (in the C-suite — and potentially
outside of it).
It seems from the interview that Musk is asking for the same thing.
[If] you have anyone who can do a better job, please let
Is there someone who can do the job better They can have the reins right now,& Musk told theTimes.
