Elon Musk to skip Burning Man this year as Tesla share price plunges after his ‘erratic’ tweets
- Tesla CEO Elon Musk is reportedly not expected to attend this years Burning Man
- Musk has attended the annual desert art and music festival for the past 9 years
- This year SEC is reportedly investigating Tesla after Musk’s recent erratic tweets
Tesla CEO Elon Musk is not expected to attend Burning Man, Nevada’s famed annual desert art and music festival which kicks off this week.
The eccentric and sometimes erratic CEO has previously joined the tens of thousands of revelers in the Nevada desert for the past nine years.
But in the face of public and investor scrutiny, Musk is reportedly giving the festival a miss in favour of staying at the helm of his company amid reports the SEC is investigating Telsa after a series of erratic tweets led to plummeting share prices.
Tesla CEO Elon Musk (pictured) is not expected to attend Burning Man, Nevada’s famed annual desert art and music festival
Held deep in the Nevada desert at the end of the summer, Burning Man consists of a vast, purpose-built, ‘city’ which hosts a mind-bending array of art, music and performances
The impulsive genius and architect of cutting-edge car, rocket and solar panel companies built nearly from scratch has had a tough year.
He admitted to taking Ambien to help him sleep and on August 7 he made an unexpected tweet that funding was secured and Tesla may go private,.
He then released a statement that the money wasn’t locked down after all.
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Musk has been an enthusiastic supporter of the Burning Man festival, sharing his thoughts over Twitter in 2014.
‘If you haven’t been, you just don’t get it. You could take the craziest LA party and multiply it by a thousand, and it doesn’t even get f – – king close,’ he wrote.
Musk has been an enthusiastic supporter of the Burning Man festival, sharing his thoughts over Twitter: ‘You could take the craziest LA party and multiply it by a thousand, and it doesn’t even get f – – king close’
But after his series of erratic tweets, experts say it all could wind up with Tesla exposed to a fine for misleading investors and may erode his credibility with stakeholders who have endured multiple broken promises and years of losses as a public company.
‘Am considering taking Tesla private at $420. Funding secured,’ he tweeted earlier in the month.
But on Friday Musk announced that Tesla would remain public, passing up a $72billion private deal.
‘Earlier this month, I announced that I was considering taking Tesla private. As part of the process, it was important to understand whether our current investors believed this would be a good strategic move and whether they would want to participate in a private Tesla,’ Musk wrote.
‘Based on all the discussions that have taken place over the last couple of weeks and a thorough consideration of what is best for the company, a few things are clear to me: Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company.’
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