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Tesla Stock Goes Low as Musk Gets High

The curious case of Elon Musk continues.

After a string of questionable and ill-advised tweets from the innovative business magnate, Musk, once again, made another questionable decision. At the end of a nearly two and a half hour interview on the Joe Rogan Experience podcast Musk made one decision that seemed to generate concern from business executives all over the country.

During the podcast,  Musk spoke on various topics ranging from artificial intelligence and the future of humanity to his progress on building tunnels under Los Angeles to decongest the infamous LA traffic.

Musk’s big mishap came when he agreed to take a hit from a blunt which Rogan described as a mix of tobacco and marijuana. Although the interview took place in California, where marijuana is recreationally legal, the decision of Musk to take a hit on a live podcast had some repercussions.

A couple of hours after Musk finished smoking on the live podcast, it was confirmed that not only the chief accounting officer of Tesla but also the head of human resources both decided to step down from their positions. However, the consequences of Musk’s actions did not end there. Tesla’s (:TSLA) shares fell 6.3 percent to $263.24, the lowest close since April 2, and have plummeted about 30 percent since the day of his first ill-advised tweet about taking Tesla private.

Several prominent business executives shared their thoughts. “The use of recreational drugs, legal or not, goes against the unspoken rules of being a public CEO,” Gene Munster, a managing partner at venture capital firm Loup Ventures and a longtime Tesla supporter, wrote Friday.

Derek Peterson, CEO of Terra Tech Corp. said, “I’ve been a CEO of our company since 2010 and I can’t think of a single time that I did that, to be frank, just because I put a significant separation in between my work and my social time.” Peterson also went on to add, “Especially in light of what he’s going through right now, from an optics perspective, I think those are the times you need to kind of hunker down and play a little bit of defense and not give any more to the naysayers.”

Despite the fact that marijuana is legal in the state of California, it still remains a federally illegal substance. Even if marijuana were legalized and decriminalized nationally, it seems to be the consensus that CEO’s of major companies should not participate in drug use in public.

How this will further affect Tesla’s stock price, board members, and overall progress is uncertain. All we can do is wait and hope Elon Musk doesn’t do anything else to damage his or his company’s image.

 

 

 

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