Turmoil at Tesla as executives leave and shares tumble

Bizarre – Tesla founder Elon Musk has added to speculation over his behaviour by smoking a joint during a live interview More
Bizarre – Tesla founder Elon Musk has added to speculation over his behaviour by smoking a joint during a live interview More
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08 September, 2018

During the podcast, Mr Rogan offered Mr Musk a joint, which he said contained a mix of tobacco and marijuana - dried leaves and flowering parts of the female cannabis plant. Rogan asked Musk, as he offered him the joint. At one point, Musk inhaled, exhaled, and shrugged the experience off before picking up a glass of whiskey and observing that alcohol is a drug that's "been grandfathered in".

Tesla (TSLA)'s now former chief accounting officer, Dave Morton, quit the company after concluding CEO Elon Musk wasn't interested in accounting details around a potential take-private transaction, according to people familiar with the matter.

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 previous year, the billionaire's tweet has sparked debate over the electric auto maker's future.

Even before the announcement of Morton's departure, the company's shares were already seeing a slight decline in Friday's pre-market trading as reports of Elon Musk's behavior in a podcast with comedian Joe Rogan emerged.

Shortly after smoking, Musk looks at his phone and laughs, telling Rogan he was getting texts from friends asking why he was smoking weed during the interview. "I don't actually notice any effect.I don't find that it is very good for productivity".

Musk announced later in August that the company would remain public.

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4, according to a company filing released on Friday.

"We have been calling for a co-CEO or COO to assist to codifying the leadership structure and in so doing, the culture at Tesla", said James Albertine, analyst at brokerage Consumer Edge. The stock has plunged 31 percent since Musk floated the idea of taking the vehicle maker off the public market, lopping billions of dollars off the company's market value.

"As a result, this caused me to reconsider my future".

"I want to be clear that I believe strongly in Tesla, its mission and its future prospects, and I have no disagreements with Tesla's leadership or its financial reporting", Morton wrote in his statement today.

Moody's Investor Service downgraded Tesla's debt into junk territory back in March, warning that Tesla won't have cash to cover $3.7 billion for normal operations, capital expenses and debt that comes due early next year.

Morton joined the company as chief accounting officer with the expectation he would eventually take over for Deepak Ahuja as CFO, the person said. Morton's resignation is effective immediately.


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