Elon Musk Opens Up About 'Excruciating' Year


In an emotional interview with The New York Times, Tesla (NASDAQ:TSLA) chief Elon Musk describes "the most hard and painful year of my career".

Now, the combative Musk granted a remarkable interview to The New York Times in which he reportedly choked up several times, acknowledged he was working as many as 120 hours a week, said he's using Ambien to help him sleep and called the past year "the most hard and painful year of my career".

"This past year has been the most hard and painful year of my career", Musk told the New York Times in an interview Thursday.

As he explained in the interview, Musk was en route to an airport when he announced on Twitter that he was considering making Tesla a private company once more.

Musk tweeted on August 7 that he had "funding secured" to take Tesla private at $420 per share.

Musk shocked investors last week with a tweet that he was considering taking Tesla private at a price of $420 a share and that funding was "secured".

Musk tweeted that he had "funding secured" to take Tesla private and avoid the quarterly earnings pressures from Wall Street.

Musk claimed he wanted to offer a 20 percent premium over what the Tesla stock had previously been worth, according to an interview he had with The New York Times.

The day's drop in Tesla's stock shaved $5 billion off its market capitalization, but still left it about $1 billion above General Motors' GM.N $51 billion stock market value.

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Lawyers have warned that his tweet may have broken 14e-8 of the Securities Exchange Act of 1934, which prohibits publicly traded companies from announcing plans to buy or sell securities if executives don't intend to complete, don't have the means to complete, or are trying to manipulate the stock price. "Weed is not helpful for productivity", he told the Times.

The interview and other actions, Gordon said, are signs that Musk no longer can handle the CEO job.

In a tweet on Friday, CNBC news anchor Jim Cramer called the latest interview "devastating" and said "the safest thing for Musk right now is a medical leave".

Securities regulators have reportedly been investigating since previous year whether Tesla led investors astray about its Model 3 vehicle production problems, according to a Wall Street Journal article, citing people familiar with the matter.

Crispin Odey, one of the UK's most respected fund managers who has always been betting against Tesla, suggested the company could be on its last legs. They can have the job.

The last time he took as many as seven days off from work was in 2001, he told the Times, when he fell ill with malaria.

Musk is known for odd behavior and controversial statements, but investors have stuck with him and driven Tesla to a higher market value than General Motors. It appears that Musk is still dating 30-year-old musician Grimes, but he didn't mention her in the interview, or the drama with the couple and Azealia Banks over the weekend. "Is there someone who can do the job better?"

Federal authorities in the United States summoned a Tesla investigation to find out whether Elon Musk told the truth when he wrote on Twitter last week that he had secured the necessary funding to withdraw the electric auto manufacturer from stock market. He may have been referring to short-sellers, investors betting against Tesla whom he has openly wrangled with in the past.