As Musk admits to job stress, Tesla’s board may have to act

A Tesla dealership

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Musk admitted to the Times that the past year has been the most "difficult and painful" of his career.

In the interview, Mr Musk revealed he had sacrificed family milestones in the race to meet Tesla production targets, almost missing his brother's wedding where he was best man.

'Is there someone who can do the job better?

During the interview with The New York Times, Musk discussed his long hours, claiming to work up to 120 hours per week and has not taken more than a week off since 2001.

Musk's social media antics have raised eyebrows as he berated analysts and falsely accused a cave diver of being a pedophile after the man was skeptical about a mini-submarine that Musk sent to possibly help rescue young soccer players from a flooded cave in Thailand.

But the one that's caused a recent firestorm among investors - about taking Tesla private, was posted in the middle of the day. As we reported yesterday, Tesla's legal team has determined that the fallout from Musk's tweets could cost the company millions in legal fees and potentially billions in damages from investor lawsuits.

"It seemed like better karma at 420 dollars than at 419 dollars", he said.

'This has really come at the expense of seeing my kids. People familiar with board members claim that the board is also aware that Musk has previously used recreational drugs.

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".

Critics point out Tesla is burning through cash as it tries to ramp up Model 3 production after a series of delays.

Musk tweeted that he had "funding secured" to take Tesla private and avoid the quarterly earnings pressures from Wall Street.

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But in an interview with the New York Times, he said he did not regret his tweet.

Musk's seemingly fragile psychological state put pressure on Tesla's board to take action, said Erik Gordon, a University of MI business and law professor.

Hamish Chamberlayne of Global Sustainable Equity, a Tesla investor, said it would be hard to imagine the company without Musk running things, but backed the hiring of an operations chief.

But even if Tesla's board wanted to remove Musk as CEO, it would be risky to do it abruptly given how much faith investors have in Musk, said David Whiston, equity strategist at Morningstar.

Aug 13: Tesla publishes a second blog post by Mr Musk describing the Saudi fund's interest and cites this as justification for going public. "They can have the reins right now", he told the paper.

Although Musk and Tesla have been dogged by production issues for months, often requiring him to sleep at his production facility, his problems ratcheted up last week when an ill-advised tweet triggered a federal investigation.

The SEC could fine Tesla millions, even billions, for Elon Musk's August 7 tweet he had "secured funding" to take the electric vehicle maker private. In his interview on Thursday, the CEO blamed short-sellers for this personal strife.

Musk, in his interview with The Times, pointed again to the challenges surrounding his heavy workload and lack of sleep. Independent directors did, in fact, contact Musk immediately after his tweets to question the decision.

Musk, 47, has a reputation for being an eccentric visionary.

Some of Musk's stress comes from critical stock short-sellers who are betting against the company's success.

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