Not looking for any No 2 at Tesla says Musk

Not looking for any No 2 at Tesla says Musk

In the hour-long interview, where Musk choked up multiple times, he said: "This past year has been the most hard and painful year of my career". "The worst is over from a Tesla operational standpoint", he said, "but from a personal pain point of view, the worst is yet to come".

Investors must have gotten unnerved.

The stock closed down 9% on Friday, and it's down 21% since the day Musk tweeted he had secured funding for a private takeover of Tesla.

In the interview, Musk stood by his August 7 tweet saying he had secured funding to take Tesla private in a deal that could be worth more than $20 billion. The SEC is reportedly investigating Musk's tweet and had already been looking into Tesla's Model 3 production troubles.

In an emotional interview with The New York Times, Musk also revealed that the pressures of work had caused him to spend his birthday stuck in the Tesla factory and nearly miss his brother's wedding. But Tesla isn't quite normal, with the identity and success of the company tied directly to Musk's intelligence and personality. "They can have the reins right now", he said.

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But he said: 'If you have anyone who can do a better job, please let me know.

However, in a fresh blow, it was claimed an investigation into Tesla by the Securities and Exchange Commission was wider than previously thought.

But the paper said he later told them through a spokesperson that Antonio Gracias, Tesla's lead independent director, had in fact contacted him to discuss the Twitter post.

The father-of-six also rejected suggestions he had been smoking marijuana, adding: 'I was not on weed, to be clear. It claims the board is aware that he uses "recreational drugs" and Musk himself admits to frequently relying on Ambien to sleep.

To reach those goals, Musk told the NYT he'd recently been working up to 120 hours a week, and the report noted he "alternated between tears and laughter", in the interview. "Why would I?" he said, when journalists asked if he rued tweeting his intentions. Tesla's board has since clarified that it hasn't received a formal proposal from Musk, who's also chairman, nor has it concluded whether going private would be advisable or feasible.

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Tesla's board showed no sign of taking any action Friday.

Musk has argued that taking Tesla private would relieve the company of the "enormous pressure" of Wall Street's expectations. The company, which makes electric cars as well as batteries and solar panels, has been hit by questions about the production ramp-up for its Tesla Model 3 vehicle and its workplace practices. Tesla later disclosed that Musk had talked with the Saudi Arabia government investment fund about a deal.

Two weeks prior to Musk's tweet it was revealed Tesla had burned through US$739.5 million in cash on its way to a record US$717.5m net loss in the second quarter, as it cranked out more electric cars.

Tesla has been public since 2010, but Musk has previously said he would like to take Tesla private.

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