Tesla Shares Fall After News Chief Accounting Officer Has Resigned

Tesla Shares Fall After News Chief Accounting Officer Has Resigned

Tesla Shares Fall After News Chief Accounting Officer Has Resigned

Late on Thursday, Musk was filmed smoking marijuana and drinking whiskey in a 2-1/2-hour live Web show with comedian Joe Rogan that swiftly spread across Instagram and other social media.

San Francisco - The turmoil at Tesla reached a fever pitch on Friday as news emerged that two senior executives will leave Elon Musk's electric-vehicle (EV) maker, a matter of hours after he smoked marijuana during an hours-long interview with a comedian. Tesla said Chief Accounting Officer Dave Morton resigned because of discomfort with the public attention and pace of work.

In a statement released Friday, Morton, who quit Tesla on September 4, said his departure was prompted by increased levels of public scrutiny surrounding the auto company. Musk, the billionaire owner of two companies, explained it's like a "never-ending explosion" inside his head.

Shortly after smoking in the video, Mr Musk looks at his phone and laughs, telling Rogan he is getting texts from friends asking why he is smoking weed during the interview.

Morton is a veteran in the tech sector, serving as the Executive Vice President and Chief Financial Officer of Seagate before starting his employment at Tesla. His firm, Gerber Kawasaki, owns about $10.5 million in Tesla stock.

As of writing, Tesla stock is down 6.64% at $263.13 per share.

After Musk announced August 7 that he meant to take Tesla private at $420 a share, there was speculation that the billionaire was referring to marijuana when he tweeted because "420" is a coded reference for marijuana.

Bloomberg also reported Tesla's Chief People Officer Gaby Toledano would not return from a holiday just over a year after joining.

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In a new blog post, Musk announced a number of top management changes after discussing with the Tesla board of directors and executive staff.

Musk stunned investors last month with tweets saying he had funding to take the company private for $420 (£323) a share. "As a result, this caused me to reconsider my future", Morton said in the filing.

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".

Almost a dozen top executives have left Tesla this year. He added that he still believed in Tesla, that "I have no disagreements with Tesla's leadership or its financial reporting".

Some Wall Street analysts are again calling for Tesla to appoint another senior leader for the company to take the pressure off Elon Musk, or rein in his control.

On Aug. 24 Musk put out a statement saying the go-private deal was off, drawing scrutiny from the Securities and Exchange Commission.

"We decided to make it real and dig a tunnel under LA and then other people asked us to build tunnels, so we said yes", he said.

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