Tesla Stock Takes A Hit - After Elon Musk Does The Same
08 September, 2018, 22:10 | Author: Kristen Mcgee
Elon Musk found himself in the middle of another controversy on Friday, after he smoked weed and sipped whiskey during a rather odd Thursday night podcast hosted by comedian Joe Rogan - with some suggesting the eccentric billionaire had acted irresponsibly.
Granted, this isn't the only factor that played into Tesla's poor stocks today; Friday morning, the company announced a couple of C-suite executive resignations, as well as the Tuesday resignation of the company's chief accounting officer, Dave Morton, after only a one-month stint at the company.
Tesla's 2025 bonds dropped on Friday to an all-time low of 82.03 cents on the dollar, down from 93 cents on the dollar on August 7 - the day Musk announced he had secured funding to take Tesla private. "It's very hard to keep a vehicle company alive", Musk said. He launched a line of flamethrowers, he shot a Tesla auto into space, and he began dating musician Grimes.
Morton left Seagate Technology(STX) - where, according to company filings, he made some $5 million in 2017 salary and other compensation - to join Tesla.
Twitter user Andrew Geddis summed up his reaction to the distasteful end to the heart-warming rescue story this way: "Got to say, Elon Musk is doing a great job of making me never want to buy a Tesla".
Late on Thursday, Musk was filmed drinking whiskey, briefly smoking marijuana and wielding a Samurai sword during a 2-1/2-hour live Web show with comedian Joe Rogan that swiftly spread across social media.
At the same time that a video of Musk's wacky weed affair was going viral, reports surfaced that two top execs at the embattled electric-car maker abruptly departed. I don't find that it's very good for productivity.
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It was the latest in a string of unconventional behavior by the billionaire South African native who is also CEO of rocket startup SpaceX.
James Albertine, an analyst at Consumer Edge, said it had previously called for a co-chief executive or chief operating officer to help balance the leadership structure. "We think this is further evidence that the time is now for management and the Board to address these issues", Albertine said.
Tesla shares fell as much as 10% to $252.25 as of 9.46am in NY, the steepest intra-day drop since June 2016.
The Tesla 2025 bonds represent $1.8 billion of Tesla's debt load. Tesla's stock is down more than six percent to $262, the lowest level since April.
Elon Musk announced some major executive changes at Tesla, shuffling in a new president to oversee automotive operations, a new Gigafactory vice president in charge of ramping up Model 3 production, and a new duo to lead Tesla's human-resources division. "Tesla 1st, 2nd & 3rd in August sales", Musk tweeted.
A man walks near a logo of Tesla outside its China headquarters at China Central Mall in Beijing, China July 11, 2018.
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