Technology

Tesla shares sink after key executives exit

Tesla shares sink after key executives exit

CEO Elon Musk now says that most of Tesla's shareholders believe it's better off in private hands Elon Musk said investors have convinced him not to make Tesla a private company (Brian Lawless/PA) Tesla CEO and Chairman Elon Musk unveiling the Roadster 2 during a presentation in Hawthorne, California a year ago, the billionaire's tweet has sparked debate over the electric vehicle maker's future.

On the same day, Tesla announced that chief accounting officer Dave Morton had resigned after a month, citing public attention and the fast pace of the post. Meanwhile Musk somehow can't stop accusing one of the cave divers who rescued those trapped children in Thailand of being a pedophile.

Bloomberg News also reported that Tesla's chief people officer, Gaby Toledano, is not returning to the company after taking a leave.

Rogan described it as marijuana inside tobacco, and asked if Musk had ever tried it.

Later on in the show, Musk declared, "I'm getting text messages from friends saying, 'What the hell are you doing smoking weed?'..."

Shares fell over 10% in early United States trade.

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".

The exodus continues amid ongoing criticism over Musk's leadership, concern over the automaker's general prospects, and fresh legal issues over market manipulation. The entry of additional competitors and Tesla's failure to meet its goals are "certainly enough to cause investors to second-guess the company", he said.

After rising as high as $387, shares of Tesla have now fallen 32% to $261.

Has Elon Musk taken Tesla as far as he can? Musk has defended the pressure-cooker atmosphere as necessary to preserve the company. And now that the technology that underpins Tesla's products has matured, is it time for a more traditional CEO to step in and help the company level-off into a stable and profitable enterprise? Not only did Musk not have any kind of written funding deal, many Tesla investors saw little upside in approving a deal that would reduce Tesla's transparency and the liquidity of Tesla stock. CEO Elon Musk devised and then quickly canceled a plan to take the company private. In the first quarter of this year, the company lost Morton's predecessor, Eric Branderiz, and Susan Repo, who was treasurer and vice-president of finance.


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