Tesla shares sink after key executives exit

Tesla chief Elon Musk smokes marijuana on live web show

Elon Musk sipped whiskey and smoked marijuana during a two-and-a-half-hour podcast with comedian Joe Rogan that touched upon everything from flame throwers and artificial intelligence to the end of the universe.

Some investors were likely concerned with Musk's behavior during the Rogan podcast, which included some smoking and alcohol.

"Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations", Morton said in a statement released by Tesla.

Rogan asked Musk about The Boring Company, which Musk said started as a " joke", mostly borne out of his desperation to fix L.A.'s notoriously bad traffic problem. That beating continued today, in part because of the optics of Musk's late-night, on-camera marijuana use.

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Tesla shares fell as much as 10% on Friday, rebounding slightly to $265 per share in after hours trading. That said, his experience was probably not a good fit for the electric vehicle maker's startup culture, which is characterized by its flat organizational structure and its fast pace.

"I'm not a regular smoker of weed", Musk said.

Dave Arnold became senior director of global communications, taking over from Ms O'Brien, while Mr Morton's position as chief accounting officer, was left unfilled.

Concerned investors drove Tesla's stock price down 5 percent to $265.22 as of 12:12 p.m. on Friday.

Elon Musk smokes weed on Joe Rogan podcast
Marijuana is legal for recreational use in the state of California, although it's still illegal federally. People are nicer than you think".

The turmoil at Tesla Inc.

Shortly after Morton's announcement, Bloomberg reported that Tesla's Chief People Officer, Gabrielle Toledano, would not be returning to the company after a leave of absence. Not only did Musk not have any kind of written funding deal, many Tesla investors saw little upside in approving a deal that would reduce Tesla's transparency and the liquidity of Tesla stock.

His brother Kimbal Musk told the newspaper that the reason Mr Musk "seems to attract drama" is because he is "so transparent, so open, in a way that can come back to bite him". For a Factbox on executive departures, see: Even before Musk's surprise August 7 Twitter disclosure that he had funding "secured" for a go-private deal, Tesla had been under scrutiny from investors, analysts and short-sellers as it works to hit production targets and slow its cash burn. According to CNBC, Morton felt Musk and the other executives didn't care to listen to the financial obstacles involved with taking Musk's tweet seriously. Musk said, as he took a puff. Although he abandoned the idea less than three weeks later, he remained under investigation by the SEC. "This caused me to reconsider my future". They have fallen about 18 percent since Musk's tweet on taking the company private on August 7.

Tesla has long struggled with high turnover involving its senior executives, and its finance team in particular has gone through a period of significant tumult.

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