Tesla stock sinks after Musk gives tearful NYT interview
Noel Randewich, Nivedita Balu (Reuters) – Tesla Inc’s (TSLA.O) shares slumped 9 percent on Friday after Chief Executive Officer Elon Musk told the New York Times he was under major emotional stress and was preparing for “extreme torture” from short sellers.Tesla stock was on track for its biggest daily slump in two years as Wall Street questioned Musk’s ability to lead the electric car maker.
Investors also were worried about reports that regulators were pressuring Tesla’s directors for details about how much information he shared with them.
Musk stunned markets last week with a tweet that he was considering taking Tesla private for $420 per share and that he had secured funding. The SEC has opened an inquiry related to his tweets, according to a person with direct knowledge of the matter.
The Times reported that efforts were underway to find a No. 2 executive to take pressure off Musk, who has struggled with production issues for Tesla’s key Model 3 sedan and has been criticized for behaving erratically on Twitter.“
This past year has been the most difficult and painful year of my career. It was excruciating,” Musk said in the hour-long interview, in which he reportedly choked up more than once…