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Elon Musk Admits Exhaustion As Tweet Storm Deepens

20 August, 2018, 20:14 | Author: Shawna Walton
  • Elon Musk opens up about the personal toll Tesla is taking on him

Tesla CEO Elon Musk says this year has been "the most hard and painful" of his career as he fends off controversy over a tweet about a plan to take the company private.

In an interview with the New York Times, Musk said he typically works as many as 120 hours a week, and that it's been almost 20 years since he took a week-long vacation.

Last week, Elon Musk published a tweet that said he would push to make Tesla a private company in a deal that would be worth billions of dollars.

Investors must have gotten unnerved. Investors pushed Tesla's shares up 11 percent in a day, boosting its value by $6 billion.

Freaked out by Elon Musk's exuberant tweets Tesla board is lawyering up Three board members of electric carmaker Tesla are reportedly hiring attorneys to tackle potential impact from repeated claims issued by CEO Elon Musk on possible privatization of the struggling company. Musk discussed his recent tweets claiming that he wanted to take Tesla private once stock prices reached $420 a share.

Musk's admissions come at a tumultuous time for Tesla, but the CEO predicted that the pain isn't quite over yet. He flew directly from the Gigafactory to his brother Kimbal's wedding in Catalonia, where was to be best man, arriving two hours before the ceremony, and returned immediately to Tesla headquarters afterward. "They can have the reins right now", he told the paper. "If you have anyone who can do a better job, please let me know", Musk told the Times, adding: "They can have the job".

As for the infamous going private Tweet, Musk said he typed the message while on route to the airport as an attempt to be transparent.

"That's a clear factual statement", said John C. Coffee Jr., a professor at Columbia Law School who specialises in corporate law and securities fraud. Tesla board members are also reportedly aware that Musk has used recreational drugs on occasion.

The board also said it hasn't even fully explored whether to go private. In the interview, Musk described his use of the sleep-aid to ease his stress levels.

But while Tesla is always on the lookout for senior talent, no official search for a COO is now underway, said the person familiar with the board's thinking.

Tesla produced only slightly more than 100,000 vehicles a year ago and the company has been struggling to boost production of its Model 3, which is less expensive than its first models and could help expand Tesla's base.

Aug 15: Tesla is said to have received a subpoena from the SEC.

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

On Monday, Mr Musk explained in a blog post that his much-scrutinised statements about financing were based on his conversations with Saudi Arabia's sovereign wealth fund and other investors.

Still, Musk told the Times that he has no plans to give up his dual role as Tesla's chairman and CEO. Tesla bulls are counting on Musk to exponentially raise production, leading to long-term profits.

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