Turmoil at Tesla as executives leave and shares tumble

Credit You Tube  PowerfulJRE
Credit You Tube PowerfulJRE
Author

08 September, 2018

Elon Musk, the billionaire chief executive of Tesla, risked provoking fresh concern from investors on Friday after smoking marijuana on a live web show with USA comedian Joe Rogan. Gabrielle Toledano, vice president of human resources, announced that she would not be returning after her leave of absence.

That followed a twitter storm overnight about Musk smoking marijuana and drinking whisky in a 2-1/2-hour live web show with comedian Joe Rogan.

But there were other factors at work: Tesla reported that its chief accounting officer, Dave Morton, was leaving the company after just a month on the job. While he said he was "not a regular smoker of weed", he took a drag from what Rogan described as a joint containing tobacco mixed with marijuana, which is legal in California.

"Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was 'please don't do this, '" Musk wrote in a Tesla blog post.

Rogan asked Musk about The Boring Company, which Musk said started as a " joke", mostly borne out of his desperation to fix L.A.'s notoriously bad traffic problem.

Shares fell over 10% in early USA trade.

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The latest round of executive departures comes after Elon Musk opted to walk away from his initiative to take the company private last month.

Almost 90 000 people tuned into the podcast Rogan live-streamed with Musk at YouTube. And now that the technology that underpins Tesla's products has matured, is it time for a more traditional CEO to step in and help the company level-off into a stable and profitable enterprise? He then backed off from his plan saying Tesla was better off as a public company.

The bonds are on pace for their second-biggest one-day decline on record, behind a March 28 fall prompted by a credit-rating downgrade from Moody's Investors Service and increased scrutiny of Tesla's semiautonomous driving system following a fatal crash involving one of its vehicles.

Shares of Tesla fell 1.3% in trading before the bell.

His brother Kimbal Musk told the newspaper that the reason Mr Musk "seems to attract drama" is because he is "so transparent, so open, in a way that can come back to bite him".

"Evidence is becoming more clear that Tesla needs to a entertain a major change in the C-suite", Albertine wrote in a report. Morton claimed he couldn't keep up with the company's jarring path.


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