`Tearful` Musk aims for $ 25000 Tesla vehicle for the masses

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The U.S. Securities and Exchange Commission is reportedly investigating whether Musk's August 7 "Funding secured" tweet violated securities law.

The Tesla CEO provided no details of his funding until Monday, when he said in a blog on Tesla's website that he was in discussions with Saudi Arabia's sovereign wealth fund and other potential backers but that financing was not yet nailed down.

In an interview with the New York Times, Elon Musk said that he typically works 120 hours a week.

The Times report said board members had raised concerns over his "workload but also about his use of Ambien", a sleeping drug.

But a tweet Mr Musk fired off last week reportedly made him and the directors the targets of securities regulators, and may force the board to act.

Tech pioneer Elon Musk has admitted that stress is taking a heavy toll on him personally in what he called an "excruciating" year.


Although Musk and Tesla have been dogged by production issues for months, often requiring him to sleep at his production facility, his problems ratcheted up last week when an ill-advised tweet triggered a federal investigation.

Federal authorities in the United States summoned a Tesla investigation to find out whether Elon Musk told the truth when he wrote on Twitter last week that he had secured the necessary funding to withdraw the electric auto manufacturer from stock market.

Tesla's board has moved to clarify Musk's comments by saying it hasn't received a formal outline of a plan to go private from Musk and hasn't reached a conclusion about whether going private would be achievable for the vehicle maker.

Asked if he regretted it, he said, "Why would I?" Musk discussed his recent tweets claiming that he wanted to take Tesla private once stock prices reached $420 a share.

He says the Public (PIF) Investment Fund expresses interest in helping take the Tesla private.

'Is there someone who can do the job better?


Earlier this week, Musk confirmed that he is closely working with Goldman Sachs and private-equity firm Silver Lake to take the electric carmaker private - a deal that would need almost $70 billion in funding. "We know that the safest thing for Musk right now is a medical leave".

A couple of years ago, Tesla approached Facebook executive Sheryl Sandberg about that job, Mr Musk told the newspaper, but he added that no active search is taking place now "to the best of my knowledge".

"There were times when I didn't leave he factory for three or four days - days when I didn't go outside", he said.

In June, Musk caused outrage when he responded to a tweet from a woman who claimed Musk had used her father's unicorn artwork on Tesla merchandise without compensation or attribution, by telling her: "He can sue for money if he wants, but that's kinda lame". But Tesla has operated for years without a COO, and no other executive serves on the nine-member board of directors. Members of the Tesla Board of Directors have anxious Elon doesn't sleep after taking Ambien. he tweets, and it has caused the company problems. most recently when he tweeted he wanted to take the company private.

In a separate report, The Wall Street Journal said securities regulators have been investigating if Tesla misled investors about production problems for its Model 3 vehicle.

Taken unawares, the firm's board said this week that it has formed a special committee to consider going private.


Aug 15: Tesla is said to have received a subpoena from the SEC.

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