Tesla’s value plunges by $4.6BILLION after tearful CEO Elon Musk pleads for someone to take his job and admits to relying on Ambien as friends fear for his health – but says he wasn’t ‘on weed’ when he sent privatization tweet

Friday, August 17, 2018
By Paul Martin

Musk said he was suffering the ‘most difficult and most painful year of my career’
He admitted he uses Ambien and had not taken more than a week off since 2001
His outburst spooked investors, with shares plunging eight percent early on
Facebook’s Sheryl Sandberg was reportedly approached to help Musk at Tesla
Musk tweeted on August 7 that he was considering taking Tesla private at $420
He acknowledged the significance of the number but said he was ‘not on weed’
Federal securities authorities are investigating if Musk’s tweet misled investors

17 August 2018

Tesla’s share price plummeted today after embattled CEO Elon Musk gave an extraordinary interview during which he burst out in tears, asked for someone to take his job and admitted he relies on Ambien to sleep.

The 47-year-old is facing mounting pressure and an SEC investigation over a tweet sent last week claiming to have ‘secured funding’ to take Tesla private.

Today’s interview with the New York Times is likely to increase that pressure after he admitted to a raft of personal problems, exhaustion and says his friends are concerned for his health.

Tesla shares opened down eight per cent to $308 in early trading after a series of falls in the wake of the tweet and ensuing controversy, wiping around $4bn off the value of the company.

Musk described the past year as ‘excruciating’ and the ‘most difficult and most painful year of his career’.

The interview also raises concerns about Musk’s drug use. It claims the board is aware that he has occasionally used ‘recreational drugs’ and Musk himself admits to frequently relying on Ambien to sleep.

The paper also claims that Tesla’s board is concerned about his posts on Twitter while under the influence of Ambien and have urged him to quit social media.

Additionally Musk denied he was ‘on weed’ or ‘stoned’ when he sent the tweet claiming to be taking Tesla private for a $420 share, although he acknowledged the value could be taken as a reference to marijuana. He said: ‘It seemed like better karma at $420 than at $419. But I was not on weed, to be clear.’

The Rest…HERE

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