Elon Musk says changing his way of working is not an option

Ruben Ruiz
August 20, 2018

Elon Musk pushed back against fellow entrepreneur, Arianna Huffington's suggestion that he start implementing a healthier work-life balance, saying with the demands at Tesla, slowing down simply isn't an option.

Saudi Arabia's sovereign wealth fund - the very investor that Musk described as a linchpin of his plan to take Tesla private - was reported by Reuters to consider buying a stake in another USA electric-car company.

Saudi Arabia's sovereign wealth fund could make a $1 billion investment in Lucid Motors, according to sources who asked to remain anonymous.

An interview with the New York Times, in which Musk said he was under major emotional stress in the "most hard year" of his life, on Friday added to investors' concerns over his leadership after a series of social media spats.

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".

While Tesla and Lucid aren't at all on the same level - Lucid has only shown electric-car prototypes, whereas Tesla produces thousands of cars a month - the prospect of controlling Lucid may have appeal to the Saudis. But features some consumers may want in an automobile aren't necessarily sustainable in an automobile executive.

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"Ford & Tesla are the only 2 American auto companies to avoid bankruptcy", he tweeted.

Huffington implored him in her post on Friday, 'You can't simply power through - that's just not how our bodies and our brains work'.

The Public Investment Fund, or Pif as it is often called, had been encouraging Mr Musk to engineer a take-private deal for nearly two years, ...

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". (See more: Tesla Forms Special Committee on Going Private.) Still, investors have sold off the stock, closing down 8.9% or $29.95 to $305.50 a share Friday. Her description accompanying the open letter describes her as a "flat shoe advocate and sleep evangelist".

Based on the edges of Silicon Valley in Newark, California, Lucid Motors was founded in 2007 as Atieva by Bernard Tse, a former Tesla vice president and board member, and Sam Weng, a former exec at Oracle Corp and Redback Networks.

A negative report by JP Morgan is adding pressure on the company's stock.

Other reports by GizPress

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