Published: Sat, September 08, 2018
IT | By Emmett Cole

Tesla's stock is hit after Musk is filmed smoking and executives leave

Tesla's stock is hit after Musk is filmed smoking and executives leave

Tesla shares sank 6.3 to close at $263.24 after the latest events that heightened concerns over Musk's erratic management style at the electric carmaker.

Speaking of the what lies ahead, Musk said being forever constrained to Earth "would not be a good future".

Shares shot up after Musk's buyout tweets. More recently, Musk wrote, Guillen took on responsibility for all vehicle engineering and worldwide sales and service.

"It's the bondholders who matter, not the stockholders, and the bonds keep going down", CNBC's Jim Cramer said on "Squawk on the Street".

On Friday morning, Tesla announced that Dave Morton, its chief accounting officer, had tendered his resignation on Tuesday - less than a month after he had joined the company.

Toledano, who has been on leave of absence from the company, said she would not be returning to the company. Last month, when he floated the idea of taking Tesla private at a premium price of $420 a share, many noted that "420" served as longstanding code for marijuana use.

The ill-fated effort has prompted a U.S. securities investigation and a class-action lawsuit alleging Musk was trying to punish investors who bet against the company.

He said his decision to quit was due to the higher-than-expected "level of public attention placed on the company, as well as the pace within the company".

"I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla's leadership or its financial reporting", the company quoted Morton as saying in a filing.

Musk, 47, who has repeatedly accused a British diver of being a paedophile, spent two-and-half hours on the streamed podcast late on Thursday discussing everything from artificial intelligence and its impact on humankind to flame throwers and social media.

Just six months ago, the gushing - largely accurate - descriptors often used for Elon Musk were nearly embarrassing in their grandeur: magnate, mogul, inventor, tycoon, engineer, genius, visionary, space pioneer, revolutionary.

"It turns out Jerome was pulling some pretty incredible rabbits out of the hat", Musk said last month on Tesla's quarterly earnings call after the company hit its target to produce 5,000 of the cars in the last week of June.

Long a polarizing figure because of his swashbuckling style, Musk is seen by his champions as an entrepreneurial genius with the potential to remake the transportation system, while his detractors see him as an egotistical blowhard whose outsized promises have driven unjustified gains in the company's values.

In so many words, Musk's design for an electric plane has some speedbumps to becoming a reality.

And some, in true Twitter fashion, used the occasion for sarcasm. In May, two executives, a VP and a product director departed Tesla's energy unit.

Tesla's stock took a dive on Friday after news broke that two executives were leaving.

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