Musk meltdown
Bizarre tweets, 120-hour weeks, popping pills... no wonder his friends worry
BILLIONAIRE Elon Musk admitted he has been left exhausted after the most ‘excruciating’ year of his career.
The tearful Tesla boss revealed he had been working 120-hour weeks and relied on the sleeping pill Ambien following months of intense pressure at his company.
And he said he still faced ‘months of extreme torture’, claiming: ‘The worst it yet to come.’
In an extraordinary interview, Mr Musk told the New York Times he spent his 47th birthday in June holed up in his office all night and two days later nearly missed his brother’s wedding, where he was best man.
The inventor’s erratic behaviour – including several bizarre outbursts on Twitter, many made late at night after taking Ambien – has sparked concerns among friends and Tesla’s board.
He was recently criticised after he called British diver Vernon Unsworth, who helped save a group of Thai boys trapped in a flooded cave, a ‘pedo’. It came after a mini-submarine he had built to save the boys was dismissed by Mr Unsworth as a publicity stunt.
And earlier this month a tweet about Tesla’s future led to the US financial watchdog opening a probe.
Father-of-six Mr Musk, who is dating singer Grimes, said: ‘This past year has been the most difficult and painful year of my career. It was excruciating.’
When asked if exhaustion was taking its toll on his health, Mr Musk said: ‘It’s not been great, actually. I’ve had friends come by who are really concerned.
‘There were times when I didn’t leave the factory for three or four days – days when I didn’t go outside.’
Tesla shares fell 9 per cent yesterday after the interview was published.
Mr Musk is one of Silicon Valley’s most eccentric and revered entrepreneurs, known for championing out- landish and hugely successful concepts. He has amassed more than £15billion thanks to Tesla, his rocket company SpaceX and by selling on other tech firms he helped found.
But Tesla, of which he is chief executive and chairman, is battling to prove it can produce a mass-market electric car and become profitable.
For the past year it has struggled to ramp up production of its Model 3 sedan and clashed with regulators, with critics wagering billions its shares are poised to plunge in value.
Mr Musk says he has not taken a week off since 2001 and sleeps under his desk. Yet he said the ‘worst is yet to come.’ He blames so-called short-sellers – investors who are betting Tesla’s share price will fall – for much of his stress and accuses them of ‘desperately pushing a narrative that will possibly result in Tesla’s destruction.’
Mr Musk claimed he often faced a choice of ‘no sleep or Ambien’.
But the pills have supposedly contributed to him lashing out at sceptics and industry figures in several bizarre Twitter outbursts. In May, actress Roseanne Barr blamed Ambien for a series of racist tweets that saw her sitcom being cancelled.
Tesla executives are said to have been riled after he tweeted his proposal to take the company private without consulting them.
His comments caused Tesla’s shares to temporarily shoot up. It led to a probe being opened, and two investors filing lawsuits accusing him and Tesla of violating federal securities laws.
Some observers have also questioned if Mr Musk has used cannabis after he suggested paying $420 – a number associated with the drug – for each Tesla share. He denied this.’
Mr Musk said he would stop being Tesla’s boss ‘right now’ if someone ‘who can do the job better’ came along. Last night Tesla said: ‘We would like to make clear that Elon’s commitment and dedication to Tesla is obvious.’
‘I still face months of torture’
TESLA shares tumbled last night as Elon Musk’s handling of the company came under fire – taking losses to nearly £10bn in less than a fortnight.
in an emotional interview that raised questions over the billionaire’s health, Musk insisted he was ‘not on weed’ when he tweeted plans to take the company private.
The 47-year-old went on to attack his detractors while at the same time complaining of being overworked, describing the past year as ‘excruciating’ and the worst of his career.
As analysts cast doubt over the profitability the Model 3 electric car, shares plunged 9pc. The slump took losses in the last eight trading sessions to nearly 20pc or £10bn.
Crispin Odey, one of the UK’s most respected fund managers who has long been betting against Tesla, suggested the company could be on its last legs.
he told investors: ‘Tesla feels like it is entering the final stage of its life.’
Musk’s decision to tweet his plans for taking the company private while on the way to the airport has resulted in an investigation by the securities and Exchange Commission.
but in an interview with the New York Times, he said he did not regret his tweet. ‘Why would i?’ he said.
The father- of- six also rejected suggestions he had been smoking marijuana, adding: ‘i was not on weed, to be clear. Weed is not helpful for productivity. There’s a reason for the word “stoned.” You just sit there like a stone on weed.’
he launched a fresh attack short-sellers betting Tesla shares will fall, saying they were to blame for his stress and he expected even more months of ‘extreme torture’.
‘They’re not dumb guys, but they’re not super smart,’ he said. ‘They’re OK. They’re smartish.’
he revealed he was working 120-hour weeks and relying on medication to sleep.
Musk said: ‘This past year has been the most difficult and painful year of my career.
‘it’s not been great. i’ve had friends come by who are really concerned.’
Tesla’s board is said to be concerned about Musk’s erratic behaviour – prompting executives to launch a search for a number-two who can take pressure off him. sheryl sandberg, Facebook’s operating chief, was approached about the role a few years ago but did not take it up, Musk said.
he said he remained committed to his roles of chairman and chief executive but also claimed he would step aside if a good candidate emerged, adding: ‘is there someone who can do the job better? They can have the reins right now.’
hamish Chamberlayne of Global sustainable Equity, a Tesla investor, said it would be difficult to imagine the company without Musk running things, but backed the hiring of an operations chief.
he told the Financial Times: ‘he has made a superhuman contribution to the company and we regard him as an incredible leader. he is human, however, and it is becoming increasingly apparent he is overstretched.’
Ross Gerber, another vocal supporter of Musk, called on Tesla’s board to protect Musk. he tweeted: ‘Makes no sense to let Elon burn out.’
however, in a fresh blow, it was claimed an investigation into Tesla by the securities and Exchange Commission was wider than previously thought.
The regulator is already looking into Musk’s tweet saying his plan for privatisation had ‘funding secured’, amid concerns he misled investors. he stunned markets by revealing he was considering taking Tesla private for $420 per share. but the Wall street Journal said the SEC was also investigating whether Musk downplayed the company’s Model 3 production problems.
it is said to have issued writs to a parts supplier as part of its enquiries.
Critics point out Tesla is burning through cash as it tries to ramp up Model 3 production after a series of delays.
Analysts at ubs, however, questioned the profitability of the Model 3 yesterday. They said that Tesla could lose $ 6,000 (£4,700) on every base model. And its premium Model 3 sedan will also not produce better profit margins than a conventional BMW, they added.