Musk Under Stress, Sent Out His ‘420’ Tweet While Driving on 7 August
- The going-private ‘420’ Tweet has set off a firestorm, causing Tesla’s stock spike
Tesla’s (NASDAQ:TSLA) CEO Elon Musk said no one saw or reviewed his ‘420’ Tweet about the plan to take Tesla private before he posted it according to the NY-T’s citing an interview in which Mr. Musk teared up and discussed the personal strain of leading the EV maker.
Mr. Musk, Tesla’s COB/CEO typed the tweet as he drove himself to the airport on 7 August the newspaper reported.
The Tweet said: “Am considering taking Tesla private at ‘420. Funding secured.”
In a sit-down with the NY-T, Elon Musk detailed his frequent use of the sleep-aid Ambien, a drug he has discussed using before, and whose well-known side effects include sleepwalking. “It is often a choice of no sleep or Ambien,” he told the paper.
Rather than put him to sleep, the drug has sometimes led Mr. Musk to spend his nights on Twitter, worrying some board members, the spaper said.
The going-private ‘420’ Tweet has set off a firestorm, causing the stock to spike, and prompting mounting scrutiny, including a Securities and Exchange Commission (SEC)investigation.
Almost a week later, Mr. Musk said the basis for that statement were conversations with Saudi Arabia’s Public Investment Fund (PIF), which 1st expressed interest in helping take the company private in early Y 2017.
Tesla’s board has since clarified that it has not received a formal proposal from Mr. Musk, nor has it concluded whether going private would be advisable or feasible. This week, Mr. Musk received a subpoena for more information from the SEC.
One funding possibility being considered for the potential privatization is for Mr. Musk’s rocket company SpaceX to help bankroll the deal and take a stake in Tesla
Efforts are also under way to recruit an executive to take some pressure off Mr. Musk. A couple of years ago, Tesla approached Facebook Inc. (NASDAQ:FB) executive Sheryl Sandberg about the job, Mr. Musk told the paper, however, no active search is taking place currently “to the best of my knowledge.”
Have a terrific weekend