Musk’s behavior, turnover at Tesla worry investors
Tesla CEO Elon Musk appeared to smoke marijuana briefly on camera during a podcast appearance, fueling concern among critics who say his behavior is becoming increasingly concerning and erratic.
Separately, Tesla revealed that its chief accounting officer has resigned after less than a month on the job, raising further concerns about the company’s leadership stability.
Concerned investors drove Tesla’s stock price down 6.3 percent to $263.24 by the market’s close Friday.
In a wide-ranging interview with comedian
Joe Rogan that was livestreamed, Musk took a puff from what the popular podcast host described as “marijuana inside of a tobacco.”
“You ever had that?” Rogan asked in the podcast late Thursday in the Pacific time zone.
“Yeah, I think I tried one once,” Musk replied.
Rogan found Musk’s response dubious. “You probably can’t because of stockholders, right?”
“I mean, it’s legal right?” Musk said. Recreational marijuana use is legal under California law, but federal law still considers it a crime.
“Totally legal,” Rogan responded, handing Musk the joint. “How does that work? Do people get upset at you if you do certain things?”
Musk said nothing but puffed. The exchange, which came near the end of an interview that lasted more than 21⁄2 hours, illustrates Musk’s generally carefree approach.
Critics say that his behavior has become reckless and that Musk should focus on running Tesla, which is facing intense pressure to speed up production of electric vehicles. They say his questionable public persona culminated in his dubious claim on Twitter last month that he had “funding secured” to take Tesla private. The U.S. Securities and Exchange Commission is now investigating that assertion, and Musk quickly backtracked on the plan.
Tesla Chief Accounting Officer Dave Morton resigned Tuesday, according to a Tesla public filing released Friday morning.
“Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations,” Morton said in a statement released by Tesla. “As a result, this caused me to reconsider my future. I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla’s leadership or its financial reporting.”
Tesla has long faced frequent executive turnover as the company faces intense pressure to succeed. Musk has defended the pressure-cooker atmosphere as necessary to preserve the company.
Supporters say Musk is a brilliant innovator and leader who has succeeded specifically because of his willingness to buck convention in an industry that’s stuck in its ways.
Tesla representatives were not immediately available for comment Friday morning.
Shares of Tesla shares have declined more than $100 after the go-private dalliance.