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Chaos Erupts At Tesla: Stocks Crash, Bonds Implode After Heads Of Accounting Quit
| "Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations," Dave Morton, former CFO for hard-drive maker Seagate Technology said in a Tesla regulatory filing.
"This caused me to reconsider my future. I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla’s leadership or its financial reporting."
| Morton's departure comes just months after the last Chief Accounting Officer, Eric Branderiz, resigned from Tesla back in March of this year. The company spent a couple of months looking to fill the position, which they finally did in August of this year with Morton.
But wait, there's more because not long after we reported that Gabrielle Toledano, the company’s chief people officer, said she was taking a leave of absence,
| she told Bloomberg News that she won’t be rejoining the company.
The stock plunged as much as 8.5% to $256 in pre-market trading, just shy of the 2018 lows of $252 hit in early April.
UPDATE: TESLA SHARES EXTEND LOSSES TO FALL 10%; BIGGEST LOSS IN 2 YEARS
As a reminder, Tesla has long struggled with high turnover among its senior executive ranks, and its finance team in particular has gone through significant tumult lately. In the first quarter of this year,
| the company lost Morton’s predecessor, Eric Branderiz, and Susan Repo, who was treasurer and vice president of finance. CFO Deepak Ahuja retired in 2015, only to return in 2017 after his successor, Jason Weeler, quit after just 15 months.
Maybe doing midnight joints on live TV was not such a good idea.
https://archive.fo/b58wv
| He didn't even inhale. He smoked like he never even touched a cigarette in his whole life.
I don't think the stocks are due to this action. It's probably more due to him openly talking about the companys hardships and that it's primary purpose is not to make money for investors.
| >>402004
That seems pretty likely in this day and age, considering how pot isn't demonized like it once was.
| Elon Musk is bad news. I'm not sure what his deal is, but he's hardly the savior people worship him as.
| Also why even bring up the marijuana? Is it somehow related to the other stuff?
| I miss when Elon Musk seemed like he would be a good guy. But nope. Money corrupts absolutely.
| >>402536 I think he's made it clear he's only pursuing his own interests, but for some reason people think he's going to revolutionize the automtive industry, or bring space flight to new heights, or some other way of changing the world for the better, when it seems like he's actually just bored and interested in making some cash while entertaining himself.
Basically, people seem to think he's intersted in saving others, but he's just a business man mad scientist combo.
| >>402548 Of course he's going to try to make a profit. How else would he sustain his company? And he *has* revolutionized the space and auto industry. Are reusable rockets not a thing? What about those massive batteries they've producing? They've even decided to open-source their autonomous automobile AI.
Say what you will how he's just another businessman, but point for me someone else who's taken as many risks as he has. Even if it's in the name of profit, he is the ony one.
| >>402567 To Musk Tesla isn't a company in the typical sense, it's a project. Profitability & sustainability of its operations is, imo, a means to an end for him. He wants to improve society & the world has the notion that a company is a useful vehicle. If it barely ever breaks even, but continues to distribute environmentally friendly cars & encourage others to do so, it'll have met its objective.
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| TESLA SHARES EXTEND LOSSES TO FALL 10%; BIGGEST LOSS IN 2 YEARS
Just hours after Elon Musk appeared on a comedy podcast, where he smoked pot, demonstrated his flamethrower and mused philosophically, Tesla's chief accounting officer unexpectedly gave notice he’s resigning just one month into the job, citing the level of scrutiny on the electric-car maker.