“Tesla Inc’s shares slumped as much as 9 percent on Friday after Chief Executive Elon Musk told The New York Times that his tweet last week about taking the company private was not reviewed by anybody,” Reuters reports.
“The electric car maker’s stock was set for its worst day in nearly five months as Musk’s comments come at a time when federal regulators are pressuring Tesla’s directors for details on how much information he shared with them,” Reuters reports. “The paper also reported that efforts were underway to find a No. 2 executive to help take some of the pressure off Musk, who has been dealing with production issues for its key Model 3 sedan and criticized for his erratic behavior on Twitter.”
“In the hour-long interview, where Musk choked up multiple times, he said: ‘This past year has been the most difficult and painful year of my career. It was excruciating.’ Musk stunned markets last week with a tweet that he was considering taking Tesla private for $420 per share and that he had secured funding,” Reuters reports. “The money-losing company has been burning through cash as it aggressively ramps up Model 3 production and come out of what Musk has called a “production hell”.”
Read more in the full article here.
MacDailyNews Take: Elon Musk sounds more and more like the Van Gogh of Moonshots with each passing day.