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Tesla stocks hit lowest level since 2016 after Elon Musk smokes weed on air

On Friday, Tesla shares dropped to nearly $252 -- their biggest single-day drop in two years after Elon Musk was seen smoking weed on the show

IANS  |  San Francisco 

Elon Musk
Screenshot of Joe Rogan podcast's video where Elon Musk smoked marijuana

Creating a storm by smoking marijuana during a live podcast that led to Tesla stocks crashing 10 per cent to hit the lowest level since 2016, Chairman and on Saturday announced a major shake-up in the top echelons of the company.

Tesla's shares tanked on Friday after its two top executives --including chief accounting -- announced they would quit after Musk was filmed smoking marijuana during a podcast hosted by

In a new blog post, Musk announced a number of top management changes after discussing with the Tesla board of directors and executive staff.

"has been promoted to President, Automotive, reporting directly to me. In his new role, Jerome will oversee all automotive operations and programme management, as well as coordinate our extensive automotive supply chain," said Musk.

has been promoted as Vice of People and Places, with responsibility for human resources, facilities, construction and infrastructure development.

"As many of you know, Tesla's has been on leave for a few months to spend more time with her family and has decided to continue doing so for personal reasons," Musk added.

who joined Tesla last year and was key to solving production problems at the Gigafactory in and ramping 3 production has been promoted to Vice President,

"In this role, he leads our production and at Before Tesla, Chris ran several ultra-high volume factories at PepsiCo," Musk informed, adding that Laurie Shelby, Tesla's VP, Environmental, Health and Safety (EHS) will also report directly to him.

"We are about to have the most amazing quarter in our history, building and delivering more than twice as many cars as we did last quarter.

"For a while, will be a lot of fuss and noise in the media. Just ignore them. Results are what matter and we are creating the most mind-blowing growth in the history of the automotive industry," Musk wrote.

has been promoted to Senior Director, Global Communications, overseeing Tesla's

Musk also announced a new product lineup.

"is the Y, the Tesla (pickup) Truck, the Semi and the new Roadster. Then is the Solar Roof, which is spooling up in production, and continued advancements in Powerwall and Powerpack. And that's just what people know about," he said.

On Friday, Tesla shares dropped to nearly $252 -- their biggest single-day drop in two years after Musk was seen smoking weed on the show.


First Published: Sat, September 08 2018. 14:26 IST