The Latest: Tesla shares drop 9 percent after Musk interview
Electric car maker Tesla's CEO Elon Musk tells New York Times that stress is taking a heavy toll, and the company's shares drop 9 percent
FILE - In this March 9, 2013, file photo, Electric car maker Tesla’s CEO Elon Musk gives the opening keynote at the SXSW Interactive Festival in Austin, Texas. Musk has admitted in a wide-ranging interview with The New York Times that stress is taking a heavy toll in what he calls an “excruciating year.” In the newspaper’s account of the interview, published Friday, Musk said he was working up to 120 hours a week and sometimes takes Ambien to get to sleep. (AP Photo/Jack Plunkett, File)
NEW YORK (AP) -- The Latest on Tesla CEO Elon Musk (all times local):
4:00 p.m.
Tesla shares are closing with a loss of $29.95, about 9 percent, at $305.50 after CEO Elon Musk told the New York Times that the stress of the job is getting to him.
The company lost $5.5 billion in market value Friday.
Musk admitted in an interview with the Times that the stress of running Tesla has affected his health. Musk is the public face of, and driving force behind Tesla and investors have stuck with the eccentric billionaire despite a number of controversies.
Musk told the Times that he was working up to 120 hours a week and sometimes takes Ambien to sleep.
Musk raised a ruckus last week when he tweeted that he might take Tesla private. The tweet reportedly has spurred an investigation by securities regulators.
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9:35 a.m.
Tesla shares are falling as investors deal with another surprising development surrounding CEO Elon Musk.
Musk admitted in an interview with The New York Times that stress is taking a heavy toll on him. The company has been under pressure to increase production of its Model 3 sedan, and Musk said that he was working up to 120 hours a week and sometimes takes Ambien to get to sleep.
Musk raised a ruckus last week when he tweeted that he might take Tesla private. The tweet reportedly has spurred an investigation by securities regulators.
Tesla shares fell 3.6 percent to $323 in early trading.
Musk is known for odd behavior and controversial statements, but investors have stuck with him and driven Tesla to a higher market value than General Motors.
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4:00 a.m.
Electric car maker Tesla's CEO Elon Musk has admitted in a wide-ranging interview with The New York Times that stress is taking a heavy toll in what he calls an "excruciating year."
In the newspaper's account of the interview, published Friday, Musk said he was working up to 120 hours a week and sometimes takes Ambien to get to sleep.
Musk stood by his tweet last week saying he might take Tesla private.
Reports say government regulators have subpoenaed Tesla as they dig deeper into his disclosure of the potential buyout.
The subpoena signals regulators are investigating if Musk was telling the truth in his tweet about have financing locked up for a deal that analysts have estimated would require $25 billion to $50 billion.
