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September 8, 2018 12:10 am

Tesla Stock Plunges After Senior Execs Leave, Musk Smokes Weed During Interview

Today, we have learned that two executives have left Tesla. According to a filing with the Securities and Exchange Commission, Tesla's newly hired chief accounting officer Dave Morton decided to resign because "the level of public attention placed on the company as well as the pace within the company have exceeded [his] expectations." Tesla's human resources chief Gaby Toledano also announced that should would be leaving the company after taking a leave of absence last month. These departures certainly have had an impact on Tesla's stock, which is down more than six percent to $262, but an interview Elon Musk conducted with Joe Rogan may have caused the most damage. While discussing a wide range of topics including his tweeting behavior, his Boring Company's flamethrowers, and "neuralink" devices, the Tesla CEO openly smoked a mixed tobacco and marijuana cigarette, sending the internet into a frenzy. Ars Technica reports: Morton joined Tesla on August 6, one day before Musk's infamous tweet claiming that he had "funding secured" to take Tesla private. Musk was forced to abandon the plan a couple of weeks later. Not only did Musk not have any kind of written funding deal, many Tesla investors saw little upside in approving a deal that would reduce Tesla's transparency and the liquidity of Tesla stock. Morton didn't explicitly mention last month's buyout saga in his statement explaining his departure. But a lot of the "public attention" Tesla received during Morton's brief tenure was focused on the possibility of Tesla going private. It's safe to assume that members of Tesla's finance team were working overtime on issues related to the proposal during Morton's month at Tesla. Ars commenter "megatrex" argues people are ignoring the context: "Elon tweeted funding was secured at $420. There have been accusations from his gf/friend that it was a weed joke. It's now obvious that everything Elon tweeted that manipulated the market was a lie. Funding was not secured, the price of $420 was not based in reality, and it was not just a vote away from happening. When you're being investigated by the SEC for a weed joke that you used to manipulate the market it's an idiotic idea to make it even more obvious you manipulated the market by smoking weed publicly broadcasted. People are pulling out of the market because Elon lies to manipulate shareholders and cost them billions and that has become even more obvious. Not because 'omg weed is bad.'" It's worth noting that marijuana is legal in California if you are 21 or older, but the federal government still strictly prohibits pot.

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