Tesla Stock Is Tanking After Elon Musk Lost a Top Executive

Florence Fletcher
September 8, 2018

"Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations", Morton said.

Morton left Seagate Technology(STX) - where, according to company filings, he made some $5 million in 2017 salary and other compensation - to join Tesla.

During his appearance on the Joe Rogan Experience Podcast, which drew a lot of attention because Musk was sipping whisky and smoking marijuana in his first live interview since he tweeted that he was taking Tesla private, Musk and Rogan discussed artificial intelligence, flamethrowers, Tesla, smart homes, and solar energy.

Along with his electric auto company, Musk heads up space exploration firm Space X, tunnel construction firm The Boring Company, and Neuralink, which works on augmenting human brains with artificial intelligence.

Elon Musk announced a major shakeup in Tesla's executive ranks on Friday, just hours after a freaky interview left some investors rattled.

Separately, human resources chief Gabrielle Toledano told Bloomberg she planned to exit the company, rather than return from a leave of absence.

Tesla did not immediately respond to a request for comment.

He went on to say that running Tesla was the "hardest" job he has: "It's very difficult to keep a vehicle company alive".

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Musk, 47, took one drag (see a brief clip at the end of this post) from what Rogan described as a joint containing tobacco mixed with marijuana, which is legal in California.

His brother Kimbal Musk told the newspaper that the reason Mr Musk "seems to attract drama" is because he is "so transparent, so open, in a way that can come back to bite him".

"This caused me to reconsider my future", Morton said.

That said, Musk did reveal that his company Neuralink, which now explores how machines can connect humans and computers through electrodes, has "something interesting" to announce in a few months. Later Musk says he doesn't notice any effect from the joint, which he claims he rarely smokes.

Even before Musk's surprise August 7 tweet that he had funding "secured" for a go-private deal, Tesla had been under scrutiny from investors, analysts and short-sellers as it works to hit production targets and slow its cash burn. He added that he still believed in Tesla, that "I have no disagreements with Tesla's leadership or its financial reporting". "We think this is further evidence that the time is now for management and the Board to address these issues", Albertine said.

Musk has admitted that running an electric auto and energy company like Tesla is exhausting, and in an interview with the New York Times last month, Musk stated that anyone who could do a better job can take over for him anytime. Although he abandoned the idea less than three weeks later, he remained under investigation by the SEC. The stock was down close to 1% in pre-market trade.

As of writing, Tesla stock is down 6.64% at $263.13 per share.

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