SpaceX could fund bid to take Tesla private

17 August, 2018, 23:13 | Author: Heather Diaz
  • Tesla Model X 100d 2

Tesla CEO who caused quite a commotion with his "taking Tesla private" tweet recently, has opened up in an interview with the New York Times where he discussed his recent tweets and how the pressure is taking a toll on him.

In the interview, Musk said short-sellers are the source of some of his anguish.

Musk has also found himself in hot water this year from comments he has made through social media.

Tesla Inc is on its way to make 8,000 Model 3 cars per week even as it burns more cash, Evercore analysts wrote in a note on Thursday, following their visit to the electric-car maker's California facility. The Times also reported that the board is concerned about the CEO's use of Ambien and other recreational drugs, which sources said could be fueling his controversial tweets.

Questions about the entrepreneur's personal health sent shares plummeting during Friday's trading session. His tweet reportedly has also ruffled feathers among Tesla board members, who were unaware of his plans to explore taking the electric carmaker private and are searching to find a chief operating officer or other No. 2 executive to help ease the burden.

But he said: 'If you have anyone who can do a better job, please let me know. "They can have the reins right now", stated Musk.

Musk talked about his grueling work schedule, the struggle to crank out his company's first mass-market electric vehicle - the Tesla Model 3 - and the fallout over his public declarations about taking Tesla private.

On Monday, lawyers said Musk's statement indicated he had good reason to believe he had funding but seemed to have overstated its status by saying it was secured.

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The firm's board said this week that it has formed a special committee to consider going private.

Federal regulators are pressuring Tesla's directors for details on how much information Musk had shared with them before the tweet went public, according to the Wall Street Journal.

But much of it comes from Musk's own statements issuing lofty goals for production of cars or turning a sustained profit starting this quarter.

Musk, in a company-wide email, accused an unnamed Telsa employee of "quite extensive and damaging sabotage to our operations".

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". "It seems unusual that Mr. Hansen would claim that he is concerned about something happening within the company, but then refuse to engage with the company to discuss the information that he believes he has".

The board has stood behind Musk despite some weird behavior including a tweet labeling a diver who aided in the cave rescue of Thai soccer players as a pedophile.

While Musk has described himself as "half Democrat, half Republican" in the past, critics said it was hypocritical of a green energy CEO to donate almost $40,000 to the GOP.

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