Tesla shares SINK after Elon Musk details ‘EXCRUCIATING year’ in emotional interview

The billionaire business magnate surprised the markets earlier this month when tweeted he was considering taking the electric car manufacturer off the public markets.

His impromptu tweet briefly sent Tesla shares skyrocketing and sparked an investigation by Wall Street’s financial watchdog which is probing whether Mr Musk deliberately misled investors.

And while the 47-year-old said he has no regrets over the statement, he did reveal he has spent much of the past year in a state of mental and physical exhaustion.

Tesla stock dived by more than 8.9 percent in trading today, putting the firm on course for its worst day week since February 2016 when shares slid by 15 percent.

Speaking to The New York Times, Elon Musk revealed the task of running Tesla had placed an immense strain on his personal life and physical health.

In an hour-long interview, he said the past 12 months have been “excruciating” and “the most difficult and painful” of his career.

He said he had been working 120-hour weeks which had resulted in him nearly missing his brother’s wedding – where he was best man – and spending his entire birthday in his office.

He said: “I thought the worst of it was over — I thought it was. The worst is over from a Tesla operational standpoint.

“But from a personal pain standpoint, the worst is yet to come.”

Tesla’s board are also concerned about Mr Musk’s use of the sleep aid Ambien, according to The New York Times.

The drug can cause a series of side effects including a strange combination of sleep walking and amnesia and some board members believe this could contribute to Mr Musk’s late-night Twitter seasons, according to The Times.

But he insisted he would carry on tweeting and said he did not regret a tweet on August 7 which sparked an investigation by the Securities and Exchange Commission (SEC).

Before taking a private jet to Nevada from his home in Los Angeles, Mr Musk tweeted: “Am considering taking Tesla private at $ 420. Funding secured.”

Tesla is a public company, but taking it private would involve the firm buying back shares owned by investors.

The tweet drove up the stock price by 11 percent to $ 379 per share.

Mr Musk told the New York Times he was planning to offer shareholders a 20 percent premium over what the stock had been trading at, and rounded up to $ 420 per share.

The SEC has now issued Tesla with subpoenas in a bid to determine what – if anything – the company’s board knew about Mr Musk’s tweet before it was sent out, according to financial information site MarketWatch.

Daily Express :: City and Business Feed

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