Sunday, 21 October, 2018

Tesla's top accountant exits after a month on the job

Tesla's Musk smokes marijuana on comedy podcast Tesla chief Elon Musk smokes marijuana on live web show
Orlando Vargas | 10 September, 2018, 16:57

That followed a twitter storm overnight about Musk smoking marijuana and drinking whisky in a 2-1/2-hour live web show with comedian Joe Rogan.

Tesla shares, down just 1 per cent after Musk's appearance on the Rogan podcast overnight, fell another 7 per cent after Morton's resignation to US$262.54.

Shares of electric auto maker Tesla have fallen more than 6 per cent after company CEO Elon Musk smoked marijuana during a podcast interview and the company's accounting chief left after a month on the job. Musk has admitted that running an electric vehicle and energy company like Tesla is exhausting, and in an interview with the New York Times last month, Musk stated that anyone who could do a better job can take over for him anytime.

However, during an interview for The New York Times, Mr. Musk criticized the use of the drug while denying it had anything to do with attempting to take Tesla private.

Shares of Tesla were down as much as 10 percent in early Friday trade, the biggest percent drop for the company 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 awful traffic around Los Angeles.

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

Several media outlets incorrectly reported that the U.S. Air Force was reviewing Musk's security clearance after the video of him smoking published online, since his company SpaceX provides services to the government, Reuters reported.

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Accounting chief David Morton reportedly resigned just a month after joining the company.

"The team, the skill set that have been phenomenal to create Tesla are not the ones we need for the next stage", said Houchois, who has a US$360 price target on the stock.

Shares of Tesla Inc.

The YouTube interview came as Dave Morton, Tesla's chief accounting officer, stood down and Gabrielle Toledano, the firm's human resources chief, told Bloomberg she also planned to leave Tesla. While Musk deleted the original tweets, BBC News reports Musk appeared to renew the allegation in an August 28 tweet. They have fallen about 18 percent since Musk's tweet on taking the company private on August 7. "As a result, this caused me to reconsider my future", Morton said in the filing.

Mr Morton said he still believes strongly in Tesla's "mission and future prospects" and has "no disagreements with Tesla's leadership or its financial reporting". Since the start of the year, 41 executives have left, according to CNBC.

"Evidence is becoming more clear that Tesla needs to entertain a major change in the C-suite", Albertine wrote in a report. Although he abandoned the idea less than three weeks later, he remained under investigation by the SEC.

"It's time for Tesla and Elon Musk to grow up", Michelle Krebs, executive analyst at Autotrader, said Friday.

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