Monday, 15 July, 2019

After Elon Musk’s reefer madness, investors question Tesla CEO’s stability

After Elon Musk’s reefer madness, investors question Tesla CEO’s stability After Elon Musk’s reefer madness, investors question Tesla CEO’s stability
Emmett Howard | 08 September, 2018, 07:43

Tesla Inc Chief Executive Elon Musk was filmed smoking marijuana and wielding a sword on a webcast, just hours before the automaker said its recently-appointed accounting chief would leave, the latest in a string of unusual behavior and executive departures that have stunned investors.

"I don't think you would necessarily want to be me - you wouldn't like it that much", Musk told Rogan during the live-streamed podcast. Gaby Toledano, Tesla's head of human resources since May 2017, announced she too was leaving the company.

Tesla sank more than 7% in early trading Friday, to $260 per share, after the electric-car maker revealed that its chief accountant, Dave Morton, resigned on September 4. An episode of Joe Rogan's popular podcast released today seemed to show Musk smoking marijuana-something that's legal under California law but remains illegal under the federal Controlled Substances Act.

Nonetheless, Tesla shareholders were not amused to see yet another impulsive act from the CEO, and shares dropped by 9% before closing down 6%.

When Rogan - a comedian, MMA commentator, prolific podcaster and member of the so-called intellectual dark web - asked how often he smoked the drug, Mr Musk replied: "Almost never".

Rogan described it as marijuana inside tobacco, and asked if Musk had ever tried it.

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Musk, seemingly referencing former president Bill Clinton, went to Twitter to say that to say, "remember, I did not inhale". Morton worked for the company for only a month.

Musk in recent days also renewed a feud with a British cave diver, Vernon Unsworth, who was involved in the rescue of 12 boys trapped in an underwater cave in Thailand this summer, according to the BBC.

In August he told the New York Times that he worked "120-hour weeks" and took sedatives.

What's your take on Elon Musk's podcast appearance?

Especially freaky moments involving the Tesla chief of late include disparaging remarks about Vernon Unsworth, a Briton who helped save boys trapped in a Thai cave and the abrupt shutdown of Wall Street analyst's questions during a contentious earnings conference call. The about-face attracted attention from the U.S. Securities and Exchange Commission, which reportedly launched an investigation into Tesla for possible stock manipulation. After rising as high as $387, shares of Tesla have now fallen 32% to $261. So it wasn't a huge surprise - to JRE fans, at least - that this type of casual drug-consumption would happen.

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