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Sleeping pills and sacrifice - Musk reveals 'excruciating pain' running Tesla brings

20 August, 2018, 20:14 | Author: Kristi Dunn
  • Elon Musk

The independent directors reportedly hired Paul, Weiss, Rifkind, Wharton & Garrison to aid in dealing with a Securities and Exchange Commission inquiry related to Musk's posts.

He admitted he relied on mediation to help him sleep, saying: 'It is often a choice of no sleep or Ambien'.

The Times later reported that some board members had hired lawyers to protect themselves from the potential legal fallout of Musk's statements and urged Musk to stop using Twitter.

The Times asked Musk if his health was suffering due to stress to which Musk replied: "It's not been great, actually".

"If your plan is to take this company private, out of the public eye and the regulatory eye of the SEC, then people who have a fiduciary responsibility to their investors have to feel comfortable about the situation, and the New York Times article makes that harder", said Mike O'Rourke, chief market strategist at JonesTrading. Musk has been known to post drug-related content on Twitter, so many speculated the tweet that announced the $420 per share stock price could have referenced marijuana.

The company did not comment on that report, but it did say it was forming a special committee to evaluate proposals to take the company private. His tweet reportedly has also ruffled feathers among Tesla board members, who were unaware of his plans to explore taking the electric carmaker private and are searching to find a chief operating officer or other No. 2 executive to help ease the burden.

That funding was supposed to come from a Saudi Arabian sovereign wealth fund, but Reuters revealed that the funding was anything but secure - the Saudis have "shown no interest so far in financing Tesla Inc", despite acquiring a 5 percent stake earlier this year.

"I wish we could be private with Tesla", Musk said in an interview with Rolling Stone published in November.

"They can have the job".

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Meanwhile, Tesla fell 1.1pc to $332.72 at 10:49am on Frankfurt's Tradegate.

The sub went unused and Musk went on to visit China for business, but still.

Output is well on track for weekly production goals, and set for a significant boost, according to Evercore ISI analysts who toured the plant. He revealed, for instance, that he's barely seen his family and almost missed his brother's wedding. "All night - no friends, nothing.", he added.

First there was the obnoxious lecturing of reporters on a Tesla conference call.

"This past year has been the most hard and painful year of my career", he told the newspaper.

Tesla's board showed no sign of taking action on Friday. "It seemed like better karma at $420 than $419", said Musk, not exactly dispelling the idea.

July 31 2018: Mr Musk met PIF MD after the fund buys near 5pc stake.

That's one of the reasons the stock has fallen so much after soaring 11% on the day of his tweet.

Questions have arisen about Chief Executive Officer Elon Musk's well being, judgment and ability to juggle multiple companies in the wake of his August 7 tweet that he was "considering taking the company private at $420 a share".



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