Elon Musk sees no other option than to continue working on his current ruthless pace, regardless of the growing concerns of board members and investors about his health and stability, while he is using Tesla Inc. propels towards a possible rebirth as a private company.
Just a few hours before sunrise in California on Sunday, Musk said he had just come home from the electric car factory where he had been struggling for months and often slept to boost the production of model 3 sedans. The chief executive officer refuted a message from Arianna Huffington, power for digital media, who had urged him to take leave, otherwise he would fall short in his ambition to change the world. Sorry, Musk wrote around 5:30 in the morning: "It is not an option.
The exchange underlines Musk's determination to lead Tesla through the turmoil that accelerated after his August 7 tweet, suggesting that he had earned money to get the company private for $ 420 per share. Instead of rising in the direction of that value, the stock has since plunged 20%, while parts of Musk's story are unraveling and the pressure on Tesla's board is increasing because of his approach to the iconic CEO. Nothing will be simplified this week, as he and the Tesla board are on par with their separate sets of legal and financial advisors, all in the midst of questions from US securities regulators.
On Sunday, the photo became slightly more complicated. The sovereign wealth fund of Saudi Arabia – the investor that Musk described as a spearhead of his plan to take Tesla privately – was reported by Reuters to consider buying an interest in another American company for electric cars. The Saudis public investment fund, which recently acquired a 5% stake in Tesla, would be discussing a separate $ 1 billion investment in Lucid Motors Inc., which would give the fund control over that new car manufacturer.
A Lucid spokesman declined to comment and representatives of the Saudi fund could not be reached immediately for comment on the Reuters report, which quoted people who were familiar with the conversations without identifying them.
Although Tesla and Lucid are not at the same level – Lucid has only shown prototypes of electric cars, while Tesla produces thousands of cars per month – the prospect of checking Lucid may be able to call on the Saudi & # 39; s. Part of their goal is to deviate from the oil industry.
Stock & # 39; s Gyrations
Tesla has brought its top models to market with breathtaking acceleration with "Insane" and "Ludicrous" modes. But functions that some consumers want in a car are not necessarily sustainable in a car director.
Tesla shares plummeted the most in two years on Friday, ending at $ 305.50, after the New York Times published an interview in which Musk described the last 12 months as "the most difficult and painful year of my career." References to Ambien use and driving behavior during tweeting call on the board of Tesla to supervise more closely the CEO, the chairman and the largest shareholder.
An open letter from Huffington, a board member at Uber Technologies Inc., to Musk accused him of "demonstrating an enormously outdated, anti-scientific and horribly inefficient way to use human energy." She added in a tweet that the founder of Tesla should change the way he works. In his interview with the Times, Musk said he had sacrificed family milestones in the race to meet the production goals of Tesla.
Nevertheless, the CEO of Tesla has tweeted that Ford Motor Co. and Tesla are the only two American auto companies that have prevented bankruptcy, and rejected the idea that he could reduce his workload.
The already chaotic world of Musk exploded again when he tweeted this month that he had "secured funding" to take Tesla privately.
He later said that he had been confident with Saudi Arabia's Saudi asset fund to announce the news and announced that he was Goldman Sachs Group Inc. and Silver Lake had tapped to support the plan. Last week, the Securities and Exchange Commission sent the company a summons with respect to the statement.
Huffington's attempt to get into action comes at a time when she is campaigning to support the benefits of sleep. Her description at the open letter describes her as a "flat shoe lawyer and sleeping evangelist".
Musk is unlikely to lose much sleep due to concerns about Newark, California, based on Lucid Motors. Although the prototype of the Lucid Air sedan is well received, it is unclear whether the company has the means to get the production going. The Lucid website is making $ 2,500 repayable deposits for the vehicles it plans to sell in the end.