Monday, 19 November, 2018

Elon Musk says cutting back on work hours isn't an option

Still shot from Electrify America's Jetstones TV Still shot from Electrify America's Jetstones TV
Lora Ball | 20 August, 2018, 18:31

The bank's analyst Ryan Brinkman slashed his target by more than 35% to $195 a share, citing the fact that funding was not actually secured when Musk indicated it had been.

Also weighing on Tesla's stock price in early trading Monday was a price-target cut from JPMorgan.

Wall Street now has an average target of $331 for Tesla, according to Bloomberg, 26% below Musk's $420 target for taking the company private.

Saudi Arabia's wealth fund already owns a five-percent stake in Tesla.

He said he had most recently met with the Saudis on July 31 and left that meeting "with no question that a deal with the. fund could be closed, and that it was just a matter of getting the process moving".

"The revelation that the Saudi fund is subsequently asking Tesla for details of how the company would be taken private suggests to us that any deal is potentially far from even being formally proposed, which is different from our understanding on August 8 which was based on Mr. Musk's statement on Twitter", Brinkman added. The stock spiked as high as $387.46 - and then plunged. "It was excruciating", Musk said in the hour-long interview, in which he reportedly choked up a couple of times.

Follow Tesla's stock price in real-time here.

The YouTube interview came a day after Musk spoke to NYT about "excruciating" times at Tesla, noting that he "nearly missed his brother's wedding this summer and spent his birthday holed up in Tesla's offices as the company raced to meet elusive production targets on a crucial new model".

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"Investors are likely most concerned about Musk's overall mindset and burn out in addition to the use of Ambien and possibly other drugs", analyst Gene Munster wrote to clients on Friday.

Arianna Huffington is calling on Elon Musk to adopt a healthier work-life balance, but the Tesla CEO says that's not an option. Musk responded - in a 2:30 a.m. PT tweet - by saying slowing down is not an option.

In a tweet early Sunday after arriving home from a late night at a Tesla factory, Musk told the Huffington Post founder that his electric auto company and Ford are the only two American automakers that have avoided bankruptcy.

In his interview with the Times last week, he said of his push to finish production of the mass-market Model 3, 'I thought the worst of it was over, I thought it was.

Tesla has repeatedly proved its doubters wrong.

According to Musk, "two thirds" of Tesla's current stockholders would be interested in continuing to hold the firm's shares once it goes private. While the company has struggled to turn a profit, its share price has skyrocketed. The sell-off has been a windfall for Tesla short-sellers, who have made more than $1.3 billion.

But Tesla's goal of rapidly building affordable cars for mass markets has proven hard.

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