Tesla shares plunged Friday, capping its worst week since 2016, after Elon Musk told the New York Times that no one saw or reviewed his tweet about the plan to take the company private before he posted it.
Musk, Tesla’s chief executive and chairman, told the newspaper that he typed the take-private tweet as he drove himself to the airport on August 7. The tweet said: “Am considering taking Tesla private at $420. Funding secured.” The billionaire frequently teared up in an interview and discussed the personal strain of leading the electric-car maker, the newspaper said.
The stock was nowhere near that price on Friday as it tumbled 8.9 per cent, the most in two years, to close at $305.50. The fourth straight day of declines has wiped out Tesla’s year-to-date gains and pushed the shares down 14 percent this week -- their most dire one since February 2016.
In an hour long interview with the newspaper, Mr Musk also detailed his frequent use of the sleep-aid Ambien -- a drug he’s discussed using before, and whose well-known side effects include sleepwalking. “It is often a choice of no sleep or Ambien,” he told the newspaper.
Rather than put him to sleep, the drug has sometimes led Mr Musk to spend his nights on Twitter, worrying some board members, the newspaper said, citing a person familiar with the board’s thinking.
The going-private tweet has set off a firestorm, causing the stock to jump but also prompting mounting scrutiny, including a Securities and Exchange Commission investigation.
Almost a week later, the CEO said the basis for that statement were conversations with Saudi Arabia’s Public Investment Fund, which first expressed interest in helping take the company private in early 2017. Tesla’s board has since clarified that it hasn’t received a formal proposal from Mr Musk, nor has it concluded whether going private would be advisable or feasible. This week, Mr Musk was said to have received a subpoena for more information, according to a person familiar with the matter.
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Read more
Tesla chief Elon Musk reveals physical and emotional toll in the past year
Two big Tesla shareholders cut stakes before Musk tweeted private plan
Editorial: It takes audacity and ambition to change the world
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One funding possibility being considered for the potential privatisation is for Mr Musk’s rocket company SpaceX to help bankroll the deal and take a stake in Tesla, the New York Times said, citing people familiar with the matter.
Efforts are also under way to recruit an executive to take some pressure off Mr Musk, the newspaper said, citing people briefed on the search. A couple of years ago, Tesla approached Facebook executive Sheryl Sandberg about the job, Musk told the newspaper, but added that no active search is taking place currently “to the best of my knowledge.”
“If you have anyone who can do a better job, please let me know,” Mr Musk told the Times. “They can have the job.”
Despite the frenzy over Tesla’s future, production of the pivotal Model 3 sedan -- which has frequently kept Mr Musk at the Fremont factory overnight -- is defying the odds and going well, according to Evercore ISI analysts. Output is well on track for weekly production goals, and set for a significant boost, the analysts wrote Thursday after touring the plant. Bloomberg’s Model 3 Tracker also shows significant improvement this month.
Mr Musk told the newspaper that he didn’t recall communications from the board at all and that he “definitely did not get calls from irate directors.” He later amended the comment through a spokeswoman, saying lead independent director Antonio Gracias had contacted him about the August 7 tweet. Musk agreed not to tweet again on the possible privatisation without discussing it with the board, the spokeswoman said.
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
DIVINE%20INTERVENTOIN
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PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
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UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
A%20QUIET%20PLACE
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Coal Black Mornings
Brett Anderson
Little Brown Book Group