Tesla Stock Falls as CEO Appears to Smoke Marijuana on Video

Tesla Stock Falls as CEO Appears to Smoke Marijuana on Video

Lindsey Duncan
September 8, 2018

The Tesla's chief accounting officer, Dave Morton, resigned Tuesday after only a month on the job.

After Morton's departure was announced, Tesla's head of HR, Gabrielle Toledano, told Bloomberg that she is not coming back from her leave of absence.

Tesla CEO Elon Musk appeared to smoke marijuana briefly on camera during a podcast appearance, fueling critics who say that his behavior is becoming increasingly concerning and erratic.

"A lot of people don't like humanity and think it is a blight, but I don't", he said.

The departures came after CEO Elon Musk gave a wide-ranging, almost three-hour interview to podcast host Joe Rogan and addressed topics ranging from his job at Tesla to the the end of the world. It said Morton had no disagreements with Tesla's leadership or financial reporting.

"I'm not a regular smoker of weed", Musk said on the podcast, which is streamed live.

As for the podcast, alcohol was already flowing early in the conversation - Rogan pulled out whiskey.

Elon Musk
Joe Rogan Experience YouTube

Tesla shares fell as much as 10 percent, the steepest intraday drop since June 2016, and were down 4.9 percent to $267.28 as of 11:10 a.m.in NY.

Tesla is under extreme pressure to turn a sustained net profit starting this quarter, as promised by Mr Musk, but in the second quarter it burned through $739.5 million (€648m) in cash and lost a quarterly record $717.5 million (€620m).

They also discussed Musk's public persona and social media activity. His first day, August 6, was two days before CEO Elon Musk's now-infamous tweet about taking Tesla private that has ended in lawsuits and investigations by federal regulators.

Elon Musk took a drag on a joint during his interview with former UFC commentator Joe Rogan. Musk may have even violated Tesla company policy, according to CNBC.

The appearance was the latest unorthodox move by Musk, who has often surprised investors with brash and unpredictable behavior as Tesla has sought to live up to lofty manufacturing targets for its Model 3 electric auto.

"Evidence is becoming more clear that Tesla needs to entertain a major change in the C-suite", Albertine wrote in a report.

"Defendant Musk artificially manipulated the price of Tesla securities with objectively false tweets in order to "burn" the company's short-sellers", Left said, stressing that Musk's actions violated federal securities laws.

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