More trouble for Tesla after executives resign

More trouble for Tesla after executives resign

Tesla's Elon Musk provoked another twitter storm on Friday by briefly smoking marijuana on a live web show with comedian Joe Rogan.

CEO Elon Musk appeared on "The Joe Rogan Experience" overnight.

Tesla shares have fallen sharply after two senior executives abruptly left the electric auto firm headed by Elon Musk.

Tesla will stay public, Musk said on August 24, ending more than two weeks of speculation and calculation about how much a go-private deal would cost and who could be involved in it. Recreational marijuana is legal in California.

Shares of Tesla were down as much as 10 percent in early Friday trade, the biggest percent drop for the company since June 2016.

Now, as the smoke clears, Musk's electric vehicle company finds itself facing dire straits. "Yeah, I think I tried one once", he said, when it was confirmed that it was indeed a cigarette containing marijuana and Rogan asked if he had ever used before.

Shortly after smoking, Musk - dressed in a black T-shirt that says "Occupy Mars" - looks at his phone and laughs, telling Rogan he is getting texts from friends asking why he's smoking weed during the interview.

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Regarding Tesla's chief accounting officer's departure, the executive released a statement in a filing with the Securities and Exchange Commission on Friday. Tesla's stock is down more than six percent to $262, the lowest level since April.

After Tesla's stock plunged, it declined further after Gabrielle Toledano, the head of human resources who's been on a leave of absence, told Bloomberg News that she won't rejoin the company. "This caused me to reconsider my future". Before the podcast came to a close, Musk told Rogan that he had already received inquiries about the controversial toke.

A lawsuit filed Thursday accused Musk of trying to burn short-sellers (those betting that Tesla's share price would decrease) in the market.

The hiring of the accounting chief, Dave Morton, had been announced days before Musk abruptly took to Twitter last month and declared that he was planning to take Tesla private and had "funding secured".

Chris Lister who joined Tesla past year and was key to solving production problems at the Gigafactory in Nevada and ramping Model 3 production has been promoted to Vice President, Gigafactory Operations. In an Instagram post from the August weekend spent at Musk's residence, Banks claimed the Tesla CEO had taken LSD.

Dartmouth College professor of corporate communication Paul Argenti said the latest controversy involving Mr Musk was not surprising. He added that he still believed in Tesla, that "I have no disagreements with Tesla's leadership or its financial reporting". U.S. regulator the Securities and Exchange Commission (SEC) is investigating whether the tweets may have violated U.S. securities law, according to a report in August by Fox Business Network, citing sources.

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