Tesla shares are getting slammed after Elon Musk’s off-kilter interview with the NYT
Shares dropped more than 8 percent after a New York Times piece outlined serious struggles for CEO Elon Musk.
The paper also reported that the board is concerned over Musk’s use of Ambien and recreational drugs, and that Musk and members are set to meet with SEC officials as soon as next week.
Musk tweeted last week that he had “funding secured” to take Tesla private at $420 per share, which could be a violation of SEC rules.
The electric car maker’s stock was on pace for its worst day since March 27, when the stock fell 8.22 percent.
Shares, which were down 7.6 percent late in the morning, lost 12 percent over the last year and have been especially pummeled in the last week. Tesla has fallen more than 15 percent since Musk tweeted last week that he was considering taking Tesla private. The SEC began an investigation after the tweet and has reportedly sent out subpoenas for information.
In an extended story in Friday’s Times, Musk said that the past year has been “excruciating” and “the most difficult and painful” of his career.