Tesla Shares Tumble After Musk Interview Sparks Fresh Fears

Tesla shares took a pounding Friday amid fresh fears about the future of the electric carmaker after a wide-ranging interview with chief executive Elon Musk in which he revealed his struggles with exhaustion and a lengthy but unsuccessful effort to find a number two executive

Washington, (UrduPoint / Pakistan Point News - 18th Aug, 2018 ) :Tesla shares took a pounding Friday amid fresh fears about the future of the electric carmaker after a wide-ranging interview with chief executive Elon Musk in which he revealed his struggles with exhaustion and a lengthy but unsuccessful effort to find a number two executive.

In closing trade, Tesla shares skidded 8.9 percent to $305.50 following the publication of the interview with The New York Times.

Musk opened up to the newspaper about the personal toll he says he has endured, working marathon hours trying to ensure that deadlines are met, with Tesla ramping up production of its crucial Model 3 sedan.

"There were times when I didn't leave the factory for three or four days -- days when I didn't go outside," Musk said.

"This past year has been the most difficult and painful year of my career. It was excruciating.

" Musk also revealed he needed to take prescription medication to sleep during the latest ordeals, and disclosed he had approached Facebook's chief operating officer Sheryl Sandberg about becoming his number two at Tesla.

The brash South African-born entrepreneur also sought to explain his tweet earlier this month about taking Tesla private, which has drawn scrutiny from regulators.

He explained that the August 7 tweet claiming assurance that funding for going private was secured was an attempt to be transparent, even though it provoked questions from analysts about whether it violated stock market regulations.

He and other board members are preparing to meet with Securities and Exchange Commission officials as early as next week, the Times said.

Musk acknowledged that no one read his Twitter post before he sent it, but insisted he did not regret it.