Tesla on track to make 8000 Model 3s per week, Evercore says

Elon Musk

Elon Musk's rocket company, SpaceX, could help fund a bid to take electric auto company Tesla Inc (TSLA.O) private, the New York Times reported on Thursday, quoting people familiar with the matter.

The tech entrepreneur told The New York Times in an emotional interview published Thursday night that he has been working up to 120 hours per week and occasionally takes Ambien to get to sleep.

A choked up Elon Musk has described 2018 as the most painful and excruciating year of his career.

Investors must have gotten unnerved.

The interview took place on August 15 but a 17-minute video was uploaded by Brownlee on YouTube on Friday - a week after Musk tweeted about taking Tesla private with "funding secured" that created a storm at the Tesla board and amid market watchers. But the Wall Street Journal said the SEC was also investigating whether Musk downplayed the company's Model 3 production problems. But The New York Times reported on Monday that Musk's "funding secured" tweet surprised the board, which it said had not approved the tweet.

Musk's admissions come at a tumultuous time for Tesla, but the CEO predicted that the pain isn't quite over yet.

Tesla and SpaceX did not respond when Reuters requested comment on the matter. "They can have the reins right now", stated Musk. "I$3 f you have anyone who can do a better job, please let me know", he told the Times. The tweet reportedly has spurred an investigation by securities regulators.

He and other board members are preparing to meet with SEC officials as early as next week, the Times said. "But I was not on weed".

The telephonic interview that lasted over an hour saw Musk choking at times while discussing the story behind the tweet amongst other things that are affecting his physical and mental health.

Floods close airport in Indian tourist hotspot of Kerala
The tourist town of Munnar is virtually inundated after shutters of the Idukki, Mullaperiyar and Mattuppetty dams were opened. The Sabarimala temple has warned pilgrims not to reach the shrine in view of the surging river waters in the vicinity.

He said he flew straight back after the wedding to Tesla's headquarters to make good on his promise to get those Model 3s out - something he eventually achieved on 1 July.

Tesla's board earlier this week formed a special committee to evaluate proposals to take the company private.

Musk revealed in the interview that the latter happened as he was driving himself to the airport and was done without clearance from anyone else on the Tesla team.

Tesla had been in discussions with Saudi Arabia's sovereign wealth fund, which had reportedly expressed interest in financing the take-private deal but had not made a formal commitment.

Tesla shares were down 0.6 percent at US$336.41 in morning trade on the Nasdaq.

Some of Musk's stress comes from critical short-sellers who are betting against the company's success.

But while Tesla is always on the lookout for senior talent, no official search for a COO is now underway, said the person familiar with the board's thinking. But much of it comes from Mr Musk's own pronouncements, such as lofty goals for production of cars or turning a sustained profit starting this quarter, that might be beyond reach.

Musk accurately predicted the pinch from Tesla's shorts isn't over yet.

Related news:

Hot News

isis-killer-beheading-video-story-top IndyCar Driver Suffers Multiple Broken Bones In Sickening Crash
Aug 20, 2018 - 19:27
Two other drivers, Pietro Fittipaldi and James Hinchcliffe , underwent X-rays at the infield care centre following the crash. Hunter-Reay, Hinchcliffe - apparently in pain - Fittipaldi and Sato all emerged from their cars unaided.

isis-killer-beheading-video-story-top Trump Wants Omarosa Arrested Over Her Tell-All New Book 'Unhinged'
Aug 19, 2018 - 21:49
That's according to a person with direct knowledge of what Manigault Newman has described as a multimedia "treasure trove". Since releasing the tape of her firing, Manigault Newman has teased the possibility of making more recordings public.

isis-killer-beheading-video-story-top The Latest On Ohio State’s Urban Meyer Investigation
Aug 19, 2018 - 21:00
Ohio State athletic director Gene Smith also knew about the 2015 allegations, according to Zach Smith . As required by law, public notice of the meeting will be released at least 24 hours in advance.

isis-killer-beheading-video-story-top Girls Allegedly Killed by Dad May Have Been Strangled
Aug 19, 2018 - 19:52
Watts said: "When I got home yesterday, it was like a ghost town". "I just want everybody to come home". "She wasn't here. The body of Shanann Watts was found in a shallow grave Thursday, according to court documents revealed Saturday.

isis-killer-beheading-video-story-top Emery keeps faith with Cech for Chelsea clash
Aug 19, 2018 - 15:34
Arsenal boss Unai Emery insists there are reasons to be positive about his side despite their 3-2 defeat to Chelsea on Sunday. The Blues dropped points at home eight times in 19 Premier League games last season under Antonio Conte .

isis-killer-beheading-video-story-top Scholes: Pogba Should Have Been Captain From The Off
Aug 19, 2018 - 13:01
Mourinho added that he expected another good display from Pogba against Brighton but stressed that a player he sees as future club captain "has the right to a bad match".

isis-killer-beheading-video-story-top Pic Talk: Its Official PeeCee Engaged To Nick Jonas
Aug 18, 2018 - 23:47
The gorgeous couple are celebrating their recent engagement in style as they wined and dined in Mumbai with family and friends. One of the few times the pair have addressed their romance, which began earlier in 2018, was in a June Instagram story snap.

isis-killer-beheading-video-story-top SEC reportedly began Tesla probe past year
Aug 17, 2018 - 22:11
Musk, in a company-wide email, accused an unnamed Telsa employee of "quite extensive and damaging sabotage to our operations". Furthermore, the price of $420 a share was the result of a rounding up, and Musk made it clear that "he was not on weed".

isis-killer-beheading-video-story-top Aretha Franklin's funeral will be four-day event in Detroit
Aug 17, 2018 - 21:54
Her recording success continued across the 70s, with 1972's Young, Gifted and Black and 1976's Sparkle both achieving Gold stats. The death certificate also says Aretha will be entombed at Woodlawn Cemetery in Detroit, the same place Rosa Parks is buried.

isis-killer-beheading-video-story-top 'Monster Hunter' on hold as China hits pause on new video games
Aug 17, 2018 - 21:47
Games approved before the end of March can be released, but not necessarily in all formats or monetizable versions. This news has affected the Chinese based multinational giant Tencent and even the fledgling developers.

isis-killer-beheading-video-story-top Turkish lira steady despite new threats from Trump
Aug 17, 2018 - 17:56
Brunson's lawyer told CBS News that a higher court was still considering the appeal and could overrule that decision. The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 5.90 at 2058 GMT.

isis-killer-beheading-video-story-top Cech or Leno? Emery picks starter against Chelsea
Aug 17, 2018 - 17:43
He explained: "First, we want to build a competitive team". If he starts bad, I believe in him also". I want a consistency in our way.

isis-killer-beheading-video-story-top Two Koreas to hold 3rd summit in September
Aug 16, 2018 - 12:20
High-ranking officials of North and South Korea are meeting to discuss the schedule of the next bilateral summit and other topics. It will be only the third time that a South Korean leader has traveled to the North Korean capital for such a meeting.

isis-killer-beheading-video-story-top Police say London attack outside parliament was deliberate
Aug 16, 2018 - 11:12
Forensics officers work on the vehicle that crashed into security barriers outside the Houses of Parliament to the right of a bus. Sky News UK and other media outlets report there is a heavy armed police presence outside the building after the vehicle crash.

isis-killer-beheading-video-story-top Twitter CEO Jack Dorsey explains what got Alex Jones suspended
Aug 16, 2018 - 07:14
Twitter has suspended the U.S. conspiracy theorist Alex Jones for a week for breaking its rules against abusive behaviour. Much like Facebook , Twitter's policy calls for temporary suspension after an account repeatedly violates company rules.