Elon Musk's rocket company, SpaceX, could help fund a bid to take electric vehicle company Tesla Inc (TSLA.O) private, the New York Times reported on Thursday, quoting people familiar with the matter.
In an hour-long interview with The New York Times, he choked up multiple times, noting that he almost missed his brother's wedding this summer and spent his birthday holed up in Tesla's offices as the company raced to meet elusive production targets on a crucial new model. His recent tweet about taking Tesla private and an interview with NY Times outlining the struggles he is going through as a CEO has only made the situation more intense for Musk and his firms.
Investors must have gotten unnerved.
Musk's tweet caused a financial firestorm with Tesla shares immediately skyrocketing by nearly 11 per cent, although in the coming days they lost a good part of what they had gained and tanked further after Musk's interview with the NYT.
The company is the subject of a widening probe by the Securities and Exchange Commission.
Musk claims he has secured funding to take Tesla private.
One funding possibility being considered for the potential privatisation is for Mr Musk's rocket company SpaceX to help bankroll the deal and take a stake in Tesla, the New York Times said, citing people familiar with the matter.
Furthermore, the price of $420 a share was the result of a rounding up, and Musk made it clear that "he was not on weed". And despite the furor of the past two weeks, efforts to attract additional talent have not changed or intensified since the tweet, the person said.
Manchester United vs Brighton
But the damage had already been done as Brighton sat comfortably on their lead until virtually the last kick of the match. Manchester United fans were definitely disappointed by the weak performance that was put in by the players vs Brighton.
Musk said there were no plans for him to relinquish his dual roles as chairman and chief executive.
"It ultimately comes down to if you can afford to be private and if you can get funding, and what the cost of that funding is", said Craig Birk, chief investment officer for Personal Capital Advisors Corp, a Tesla shareholder which owned about 97,000 shares as of June 30.
Tesla is searching for a COO or other No. 2 to take some duties and stress off of Musk, the NYT said. "There's a reason for the word 'stoned.' You just sit there like a stone on weed". "I've had friends come by who are really concerned".
Musk said that they are planning to double the layers of battery cells which will be inside a single battery pack enclosure.
Expressing no regret for the Twitter post, Musk has downplayed rumors of tension with Tesla board members who were not consulted about the public disclosure.
Musk has reportedly begun using the sleep-aid drug Ambien in order to rest: "It is often a choice of no sleep or Ambien", stated Musk. A famous short seller has said that he avoids shorting companies the world would miss if they disappeared.
Mr Musk said: "If you have anyone who can do a better job, please let me know".
Musk told the Times he didn't recall communications from the board and that he "definitely did not get calls from irate directors" after his August 7 tweet that he had "funding secured" to go private.
A Tesla spokesman did not immediately respond to a request for comment.