ibusinesslines.com September 21, 2018

Yet again, Tesla shares burned by barrage of awkward headlines

10 September 2018, 02:31 | Kelvin Horton

CREDIT PowerfulJRE YouTube

Elon Musk Smoke His First Blunt on The Joe Rogan Experience

In a Friday morning SEC filing, Tesla revealed that Chief Accounting Officer Dave Morton is resigning less than a month after taking the job, citing the company's fast pace and "the level of public attention" on the company. "As a result, this caused me to reconsider my future", Morton was quoted as saying in a company filing. He was the latest in a long list of executive to have left the carmaker over the past two years as it strives to expand output, deal with production snags and generate profit.

Morton clarified that he believes strongly in Tesla, its mission, and its future prospects, adding that he has no disagreements with Tesla's leadership or its financial reporting.

The US Air Force seems to be unsure how to react to SpaceX CEO's marijuana smoking, and whether to review the security clearance of Elon Musk, whose company provides satellite launch services to the US government.

Elon Musk smoked cannabis on a YouTube show "I'm not a regular smoker of weed".

Many of Musk's Twitter followers questioned if smoking marijuana was against the company's policy, while others mocked the CEO's initial $420 bid, a number that has become code for marijuana.

An ex-Tesla employee who says she was sacked for testing positive for THC, the ingredient found in marijuana, called CEO Elon Musk's decision to smoke marijuana during an interview a "slap in the face".

Tesla's stock has plummeted by roughly 25 percent since Musk's August 7 tweet. Tesla's HR chief told Bloomberg News she was quitting.

Musk has also acknowledged that his intense workload of 120-hour weeks was taking a toll on his physical health, according to an emotional interview with the New York Times last month.

Musk added: I'm not a regular smoker of weed - nearly never...

He may have been referring to the ongoing spat with Unsworth, which may culminate in a lawsuit or even the Federal Securities and Exchange Commission investigation he triggered when he suggested on Twitter that Tesla might go private.

"Is that a joint or is that a cigar?" asked Musk, as Rogan explained it was a mix of marijuana and tobacco.

Nonetheless, Tesla shareholders were not amused to see yet another impulsive act from the CEO, and shares dropped by 9% before closing down 6%. "I don't find that it is very good for productivity".

Morton's brief tenure with the company coincided with the aborted go-private push.

With Musk's questionable behavior persisting, an analysis from Consumer Edge states that Tesla "needs to entertain a major change in the C-Suite" in order to regain stability, MarketWatch reports.

The billionaire's behaviour has raised concerns about his leadership, and several Wall Street analysts have called for the company to appoint a strong No. 2 to prop up Tesla's operations and standing with investors.

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