Elon Musk, CEO of Tesla, SpaceX, and Neurolink, tweeted last week about looking into making his publicly traded stock private. He stated that he had secured funding, which he later changed his statement that he was referring to an investment with Saudi Arabia’s government investment fund. His tweet created a trading frenzy, and his stock went up 11% by the end of the day. His unforeseen tweet angered some of the board members, and it now may have the SEC investigating him for fraud.
So Why did Elon Musk Make the Announcement Now?
Earlier this week Elon did an interview with New York Times where he was sometimes happy and laughing and then had to keep himself from crying. He admitted in the interview that, “This past year has been the most difficult and painful year of my career”. “It was excruciating.” During the interview, he mentioned how the pressure of his executive responsibilities is making him frayed. He spends up to 120 hours a week working for his companies and has to take Ambien to help him get to sleep. Trying to meet his deadlines is taking a toll on him personally.
On his 47th birthday which was June 28th, he spent all 24hours at work. “All night — no friends, nothing,” he said, appearing emotionally distraught. He almost missed his brother’s wedding because he was working at the Tesla plant in the Tesla 3 production. He got on the plane from the factory and flew to Spain. Then shortly after the wedding ceremony, he left back on the plane to get back to work.
Someone familiar with the matter said Tesla’s executives have been working on finding a COO to assume some of Elon’s day-to-day responsibilities. The search has been going on for a couple of years.
Elon stated in the interview, “if you have anyone who can do a better job, please let me know. They can have the job. Is there someone who can do the job better? They can have the reins right now.”