Elon Musk, the chairman and chief executive of the electric-car maker Tesla, tweeted his intention to take his company private at $420 a share. The message has drawn the attention of Tesla’s stakeholders.
His tweet started a chain reaction with the involvement of investors, Tesla board members and the stock market.
The New York Times had an hour-long interview with Mr. Musk, answering questions relevant to his Twitter post. Mr. Musk said that he had been working 120 hours a week lately, and had not taken more than a week of since 2001. “There were times when I didn’t leave the factory for three or four days — days when I didn’t go outside,” he said. “This has really come at the expense of seeing my kids. And seeing friends.” His restless pace of work was taking a toll on his mental as well as physical health. In the interview, he also blamed the short-sellers and analysts who he said put pressure on him, by promoting a narrative about Tesla’s loss after the Model 3 mass-market declaration. He occasionally had to take Ambien, a hypnotic primarily used for the short-term treatment of sleeping problems.
Worried about him, Tesla executives have attempted to find a chief operating officer or other No. 2 executive to share the burden with Mr. Musk. But Mr. Musk stated that there was no active search at the moment, and he had no intention of relinquishing his role as chairman, saying his commitment to his company remains strong.