Published: Mon, September 10, 2018
Money | By Ralph Mccoy

Tesla Shares Fall After News Chief Accounting Officer Has Resigned

Tesla Shares Fall After News Chief Accounting Officer Has Resigned

The turmoil at Tesla Inc.

Shares of the electric carmaker tumbled more than 6% on Friday to $263.24 (approximately Rs 19,000) after a tumultuous August, during which Musk proposed and then abruptly pulled the plug on taking the company private. "This caused me to reconsider my future".

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.

Shares came under pressure at the opening following the Musk online interview and news that chief accounting officer Dave Morton was leaving only a month on the job, citing the company's frenetic pace.

Tesla stocks tumbled this week after CEO Elon Musk appeared to smoke pot in a podcast, and top executives left the company.

Elon Musk, CEO of Tesla was seen smoking a "blunt", a cigar filled with marijuana, on the Joe Rogan podcast yesterday.

Shortly after smoking, Musk looks at his phone and laughs, telling Rogan he was getting texts from friends asking why he was smoking weed during the interview.

Elon Musk announced some major executive changes at Tesla, shuffling in a new president to oversee automotive operations, a new Gigafactory vice president in charge of ramping up Model 3 production, and a new duo to lead Tesla's human-resources division. The San Francisco office of the Securities and Exchange Commission is investigating not only Musk's unusual tweet about having "funding secured" to take the auto company private, but broader issues surrounding company disclosures about production goals with its latest offering, the Model 3.

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Musk touched on the difficulties of having the kind of brain that has enabled him to build and run multiple high-tech companies at the same time.

Reading into the Sep-18 quarter, Musk's seemingly relaxed attitude implies the business is performing as planned, and results will likely be in line with guidance.

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

Tesla's shares tumbled as much as 10% in mid-day trading Friday, Bloomberg reports-the largest one-day drop since June 2016.

The Boring Co admittedly started out as a joke and a "hobby" but turned into a real company after Musk concluded there was no other way to improve the bad traffic around Los Angeles.

"Assuming that the South African-born businessman would not accept, the podcast host asked: "'You probably can't do this because of stockholders, right?" Friday was also slated to be the last day for Sarah O'Brien, Tesla's vice president of communications, whose departure was announced last month. They say his questionable public persona culminated in his dubious claim on Twitter last month that he had "funding secured" to take Tesla private.

Tesla did not immediately respond to a request for comment.

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