Tesla Stock Is Tanking After Elon Musk Lost a Top Executive

Tesla Stock Is Tanking After Elon Musk Lost a Top Executive

Tesla Stock Is Tanking After Elon Musk Lost a Top Executive

News of the resignation of Tesla's Chief Accounting Officer Dave Morton came Friday, according to a securities filing.

Supporters say Musk is a brilliant innovator and leader who has succeeded specifically because of his willingness to buck convention in an industry that's stuck in its ways. "This caused me to reconsider my future".

Tesla shares plummeted Friday after two executives announced their departures from the company and a video of Elon Musk smoking weed and drinking whiskey on a popular podcast began to circulate on social media. Employees at both its Fremont, California, vehicle factory and Reno, Nevada, battery Gigafactory, have been living through what Musk has called "production hell", working to ramp up production of the company's critical Model 3 sedan. Morton had taken over for the company's previous account head, Eric Branderiz, who resigned on March 7 citing "personal reasons".

Tesla stock (NASDAQ:TSLA) is down 6% in Friday's intraday amid reports that the company lost two more executives, with Chief Accounting Officer David H. Morton, Jr. leaving his post after just two months and Chief People Officer Gabrielle Toledano confirming that she would not be coming back from a leave. The chairman and CEO of both Tesla and Space Exploration Technologies Corp., among other companies, recently gave an emotional interview to The New York Times in which he said friends were anxious about exhaustion.

The fallout comes as the firm is under renewed scrutiny due to the erratic behaviour of Mr Musk. Morton's term of service happened to be a particularly unfortunate month, beginning just the day before Musk announced the stock privatization plan that fizzled out. While Musk said he was "not a regular smoker of weed", he took a drag from what Rogan said was as a joint containing tobacco mixed with marijuana, which is legal in California.

"I've thought about this quite a lot", Musk said of his electric aircraft idea. But I don't think it's very good for productivity. That beating continued today, in part because of the optics of Musk's late-night, on-camera marijuana use.

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Shares shot up after Musk's buyout tweets.

Shares of Tesla shares have declined more than $100 after the go-private dalliance.

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.

Tesla has now named a new president of automotive operations, promoting eight-year Tesla employee and former Daimler truck executive Jerome Guillen into the role overseeing all automotive operations and reporting to Musk.

Elon also indulged in certain recreational drugs during the podcast.

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