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Elon Musk says cutting back on work hours isn't an option

21 August 2018

The uncertainty that Fream is referencing likely relates to Musk's recent tweets about having funding secured to take Tesla private, since then the SEC has become involved and many believe that Musk may not, in fact, have secured the $70 billion needed to take the company private.

Musk, a 47-year-old investor and engineer, stunned financial markets earlier this month, when he revealed on Twitter he was considering a $420 per share take-private deal for Tesla, an auto manufacturing pioneer that developed the world's first ever premium all-electric sedan vehicle.

Last week, Musk gave some insight into the extremes of his work and personal life, detailing to the New York Times - at times crying and laughing - their tolls on his physical health and relationships.

Tesla shares plunged 8.9% on Friday after the interview with the New York Times in which he described the past 12 months as "the most hard and painful year of my career".

The stock market reacted to the interview with some alarm, wiping out $5 billion in market capitalization late on Friday. In the days following Musk's fateful tweets, the opposite picture began to emerge, painting Musk as being one of a small number of people with general knowledge of such a significant move.

"Going back nearly two years, the Saudi Arabian sovereign wealth fund has approached me multiple times about taking Tesla private", Musk wrote in a blog post explaining the tweets.

He said in a statement that the Saudi sovereign fund had first contacted him "at the beginning of 2017 to express (their) interest because of the important need to diversify away from oil". Sovereign wealth funds often have more patience than public markets and could wait for the technology to be ready for the market, he said.

The question even came up during a Tesla earnings call a year ago, when a Morgan Stanley analyst pointed out to Tesla CEO Elon Musk that Apple has more than enough cash to buy Tesla and could help it achieve its vision.

According to Musk, "two thirds" of Tesla's current stockholders would be interested in continuing to hold the firm's shares once it goes private.

"That meeting took place on July 31", Musk wrote in a blog post. Funding secured, ' on August 7. And an exhausted Musk, who is under pressure to keep increasing production of Tesla's Model 3s, could use the help. The bank predicts that Tesla's stock will slide about 35 percent this year.

I drove the regular, 271-hp, rear-wheel-drive Tesla Model 3 a few months ago and liked it. He told the newspaper that he's overwhelmed by the job, has been working up to 120 hours per week and is exhausted of short-sellers - investors betting against the company. He also cried, The Times said, during the interview. The chief executive officer rebutted a post from digital-media mogul Arianna Huffington, who had urged him to take time off lest he fall short of his ambitions to change the world. "I mean... I don't know what else to say". But even with a small stake in Tesla, Apple could be positioned to put its iOS operating software in Tesla cars.

Elon Musk says cutting back on work hours isn't an option