Elon Musk's SpaceX may help take Tesla private

Gladys Abbott
August 20, 2018

On Aug. 7, Musk tweeted he was considering a proposal to take Tesla private at $420 a share, adding funding for the deal had been secured.

He went on to say he's constantly exhausted because of his workload and it's compromised his health.

The YouTube interview came a day after Musk spoke to NYT about "excruciating" times at Tesla, noting that he "nearly missed his brother's wedding this summer and spent his birthday holed up in Tesla's offices as the company raced to meet elusive production targets on a crucial new model".

Since the interview Tesla's board had shown no sign of taking any action.

Tesla and its CEO Elon Musk has been under a whole lot of under pressure lately, with production roadblocks, workplace issues, and a much-criticized tweet about taking the company private.

The brokerage said the carmaker's premium Model 3 sedan will also not produce better profit margins than a conventional BMW BMWG.DE . "But from a personal pain standpoint, the worst is yet to come", Musk told The New York Times.

Musk's erratic behavior has drawn attention in other ways of late. Is there someone who can do the job better? "They can have the reins right now", he said.

He admitted he relied on mediation to help him sleep, saying: 'It is often a choice of no sleep or Ambien'.

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The NYT also reported that some board members are connecting Musk's use of the sedative Ambien to his impulsive tweeting habit.

Efforts are also under way to recruit an executive to take some pressure off Musk, the newspaper said, citing people briefed on the search. "This has really come at the expense of seeing my kids. You just sit there like a stone on weed".

According to The Verge, Musk said in the YouTube interview that he hoped to scale production at Tesla and lower their design and technology costs enough to be able to offer a truly mass-market electric vehicle.

Kimbal officially married Christiana, the daughter of billionaire Sam Wyly, on April 7, but celebrated the event with around 300 guests at Greco-Roman ruins near Girona.

Interested in Elon Musk?

Musk told the Times no one reviewed the tweet before he published it and said he was attempting to be transparent. Commentators pointed out that 420 is used as code for marijuana. Shortly after that Tesla stock surged almost 11 percent from $342 to $379 per share. "If it's not fully secure, that's potentially a very material misrepresentation, and a very straightforward violation of Rule 10b-5" of the securities law - in short, securities fraud.

A former member of Tesla's internal investigations team, Karl Hansen, filed a tips, complaints and referrals form to the SEC about the Gigafactory on August 9, Mr Hansen's attorney Stuart Meissner said in a news release. Because of Musk's visionary work and hands-on approach even his company SpaceX would be affected if he stepped down.

His social media antics have raised eyebrows as he berated analysts and falsely accused a cave diver of being a pedophile after the man was sceptical about a mini-submarine Musk sent to possibly help rescue young football players from a flooded cave in Thailand.

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