Tesla shares have plunged after founder Elon Musk revealed to the New York Times he works “120 hour weeks” and takes sedatives.<\/p>\n
In the interview, Mr Musk also said he was not “on weed” when he controversially tweeted about taking the company private.<\/p>\n
After the comments from Mr Musk, shares were down 8.8%.<\/p>\n
The share drop was encouraged by a UBS note predicting Tesla’s Model 3 will lose $6,000 per vehicle, as costs soar.<\/p>\n
The ramping up of production of the electric car company’s mass-market Model 3 was one of the reasons why Mr Musk admitted to being overworked and using the sedative Ambien to help sleep, he said in the interview.<\/p>\n
The New York Times interview also discussed his 7 August tweet when the CEO said he wanted to take Tesla private at $420 a share.<\/p>\n
Mr Musk said the price of $420 seemed like “better karma” than $419.<\/p>\n
“But I was not on weed, to be clear,” he said, as he also confirmed the tweet was not reviewed by anyone at the electric car company.<\/p>\n
4\/20 is an infamous term, more common in the US, that refers to the consumption of cannabis.<\/p>\n
The price of $419 would have represented a 20% premium over Tesla’s share price at the time.<\/p>\n
<\/p>\n
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