Tesla: Is the Company Looking for Help for Elon Musk?

Brenda Watkins
August 17, 2018

Someone on Urban Dictionary, a website dedicated to explaining modern slang, has taken a jab at Tesla CEO Musk's tweet, in which he declared "funding secured" in regards to his plans to take Tesla private.

Elon Musk's rocket company, SpaceX, could help fund a bid to take electric auto company Tesla private, the New York Times reported on Thursday, quoting people familiar with the matter.

'Is there someone who can do the job better? A statement given to the Times, attributed to the Tesla board, praised Musk's leadership and commitment. And some board members have expressed concern not only about Mr. Musk's workload but also about his use of Ambien, two people familiar with the board said.

The Times described Musk as "struggling to maintain his composure" when he stated: "This past year has been the most hard and painful year of my career".

Musk said while he's committed to being Tesla's chairman and CEO, he asked the interviewers if they have anyone that could do a better job to "please let me know". Facebook did not immediately respond to an emailed question about that statement. "They can have the reins right now", he said.

The paper also claims that Tesla's board is concerned about his posts on Twitter while under the influence of Ambien and have urged him to quit social media. He said that his $420 per share buyout will be used "only for shareholders who preferred that option" and that the rate is a '20% premium over the ~$350 the current share price.' He said that outside directors of Tesla's board had had an initial private meeting to discuss Musk's proposal.

Musk's latest troubles began when he tweeted on August 7 to say: 'Am considering taking Tesla private at $420. He said that he typed the fateful tweet en route to the airport with an aim to inspire transparency with it. But I was not on weed, to be clear.' He admitted no one had seen the post in advance. The outburst led his company to be accused of fraudulently misleading investors in order to drive up its share price and punish the short-sellers circling the stock.

Storm Ernesto is heading our way with torrential rain this weekend
However, the south of England is not now set to be impacted by the storm. It's on course to reach Ireland by Saturday night.

Musk said he saw last week's tweet - which included an assurance that funding for going private was secured - as an attempt to be transparent.

An employee fired from Tesla's Nevada battery factory filed a whistleblower complaint with the US Securities and Exchange Commission, accusing the company of spying on employees and failing to act after learning that a Mexican cartel may be dealing drugs inside the plant, his attorney said on Thursday.

The company could face sanctions if regulators find it did not accurately portray production delays to investors.

Art Hogan, chief market strategist for B. Riley FBR, said the interview "did not improve the image of the company or the CEO", while adding to uncertainty about Tesla's future.

The billionaire apologised after coming under scrutiny for calling one of the divers involved in rescuing a Thai soccer team from a flooded cave, a "pedo".

A month earlier, in May this year, it emerged that Musk had launched an extraordinary outburst during a quarterly earnings conference call.

The interview follows a pattern of freakish behavior from the billionaire.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER