Tesla shares sink after key executives exit

Tesla shares sink after key executives exit

Tesla shares sink after key executives exit

"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 in his resignation letter.

Watch the full, two and a half hour interview below.

He continued, "As a result, this caused me to reconsider my future". Over the past year, the company burned through roughly $2.4 billion of cash, with interest expense totaling $577 million, according to the research firm CreditSights. Morton, who joined Tesla on August 6, was quoted in a company filing on Friday saying he believes "strongly" in Tesla and that he had no disagreements with the company's leadership or its financial reporting.

Elon Musk has never been a conventional CEO, but his behavior has seemed increasingly erratic in recent weeks.

The stock dropped as much as 8.5 percent to $257 before the start of regular trading.

"I mean it's legal, right?" said Musk, before taking a puff.

Describing his own use of his only remaining social media profile, Twitter, where he has created his own troubles, Musk described his experience with the platform as, "on balance, more good than bad".

The executive changes capped a chaotic week for Tesla in which Musk lost his chief accounting officer after less than a month on the job, then smoked marijuana during a late-night taping of a podcast hosted by a California comedian. The tweets pushed the electric vehicle and solar panel maker's stock price up 11 per cent that day.

The executive has had a few tough months in the news, culminating in a failed attempt to take Tesla public that led to a Securities and Exchange Commission investigation.

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In addition, Bloomberg News reported that Tesla's head of human resources, Gaby Toledano, would not be returning from a leave of absence. But it subsequently fell when Musk revealed that funding wasn't locked down.

Another of Tesla's top executives Sarah O'Brien, VP of Communications, spent her last day at the Tesla HQ offices today in a planned departure.

As soon as Musk noticed the smoke, he asked Rogan if he was lighting a joint or a cigar.

At one point, Musk and Rogan shared a spliff, though Musk said doesn't make a habit of smoking weed, which he called "a cup of coffee in reverse".

The circumstances surrounding the go-private, no-go-private episode have reportedly drawn heightened scrutiny from SEC investigators. Rogan told Musk it was a mix of tobacco and marijuana.

"Am considering taking Tesla private at $420".

Musk's Twitter followers went into a frenzy following the podcast, with user @jkmcnk writing:"Elon getting high on weed and whiskey is the first reason to go long on $TSLA in a while".

Some analysts and investors have called on the board to replace Musk as CEO but keep him as chief product officer, or hiring a chief operating officer to handle daily operations.

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