Board members are angered over the constant unexpected Tweets made by Elon Musk
Musk had made a sudden announcement of plans in taking Tesla private. Earlier there were ugly comments about cave divers and about analysts. With such escalating tweeting problems, the board is worried about the behavior of the CEO.
Elon Musk is now looking for a Chief Operating Officer to take care of the routine operations of his company. He is said to have approached Sheryl Sandberg of Facebook for the post, a couple of years back. However, he says that he is not actively searching for a COO now.
Musk is spending most of his time at Tesla and the spiraling workload is mounting on him. The board is worried about his tireless work and his use of Ambien. This mounting workload may have triggered him to seek a new hand to help him, feels the board.
Musk has also acknowledged that he is working for long hours; at times he is working 120 hours per week. He says that he remains entirely at the factory for the most part of the week and does not leave the factory for 3 to 4 days in succession.
“It is either take Ambien or have no sleep”, says Musk, when questioned. However, the board feels that he is fuelling late-night tweets.
His tweet on ‘taking Tesla private’ and ‘funding secured’ had made the shares go up by 7 percent, gaining overall with an increase of 11 percent. But reports say that the funds are not as secure as made out by Musk. The security to be provided by the Saudi Arabian Investment Fund does not consist of a hard commitment.
Musk is also said to use SpaceX, another of his company to fund this privatization.
SEC investigations are on about the Tweet made on Twitter without informing the legal authorities first.