Elon Musk Opens up About the "Excruciating" Year He's Had

  • Elon Musk Opens up About the

Elon Musk Opens up About the "Excruciating" Year He's Had

The shares were off as much as 8% Friday morning, after Musk's tell-all confessional in the New York Times, well within this wild stock's average volatility.

Musk repeatedly teared up during the Times interview, telling the newspaper that he nearly missed his brother's wedding as he worked 120-hour weeks and referring to an "excruciating" period of trying to meet the company's vehicle production goals.

"There were times when I didn't leave the factory for three or four days - days when I didn't go outside", Mr Musk said.

"You can love the company, you can love Musk and hate having him be the CEO at this point".

Musk's comments suggest the events are taking an enormous physical and psychological toll.

The billionaire entrepreneur dismissed speculation that the Tesla stock price he quoted in the tweet - $420 - was a hint that he was smoking pot.

The SEC reportedly served Tesla with a subpoena this week.

Musk, whose company posted a record US$709.6 million net loss in the first quarter of this year while struggling to manufacture large numbers of its Model 3 mass-market electric vehicle, said he had been working up to 120 hours a week and as a result his health had been "not great" and his friends had been anxious about him.

He is chair and CEO of Tesla, CEO and lead designer at SpaceX and that's to say nothing of his side projects like The Boring Company and Neuralink.

Meanwhile, Tesla has come under even more scrutiny after an employee fired from Tesla's Nevada battery factory filed a whistleblower complaint with the US Securities and Exchange Commission, accusing the company of spying on employees and failing to act after learning that a Mexican cartel may be dealing drugs inside the plant, his attorney said on Thursday.

Most of the company's board members have ties and relationships with Musk, but Elson and Gordon say they also have a fiduciary duty to all the other shareholders.

For now, it looks like Musk is staying in his job, despite speculation earlier this year that he'd be ousted (and, apparently, his own desire to leave): "If you have anyone who can do a better job, please let me know".

Musk is described as alternating "between laughter and tears" in the piece, and he insisted that he's been working 120 hour weeks at the expense of seeing his kids. I've had friends come by who are really concerned'.

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.

In an unusually personal and emotional interview, the electric auto maker's chairman and chief executive said he is exhausted after a year of controversy.

But it's not clear that Tesla will privatize anytime soon, and it won't be easy if it does happen - the sheer uncertainty and SEC investigation are bound to scare off investors. They can have the job.

After the story published, the Times reported that Tesla contacted the editors to correct Musk's statement about the board.

On August 7, Musk surprised the investment world with a Twitter announcement that he was considering taking Tesla private and that the funds needed to do so - which some financial analysts estimate at more than $70 billion - were "secured".

'Is there someone who can do the job better?