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>> Tesla shares taking another hit Monday after CEO Elon Musk abandoned plans to take the electric car company private, throwing his leadership of the company into question. The stock, now down 18% from a peak on August 7th, when Musk tweeted that he had, quote, funding secured for buyout deal.
Confusion surrounding the now infamous tweet and the subsequent stock drop, prompting some analysts to suggest it's time for a change at the top of Tesla, but that won't be easy says Reuters' Tesla watcher Alexandria Sage.>> The whole problem for the board is that Elon Musk is Tesla, Tesla is Elon Musk.
So if you get rid of Elon Musk in some capacity, you have completely deteriorated your brand, and your brand image. He is the voice of the company, he is the driving force.>> The billionaire entrepreneur said in a blog post late Friday that discussions revealed most of Tesla's existing shareholders opposed the shocking deal he proposed on Twitter three weeks ago.
Musk's credibility now in shambles, he's facing shareholder lawsuits, a possible probe by the Securities & Exchange Commission, and a promise to ramp up production on the Model 3, to turn a profit in the third and fourth quarters.>> Certainly, that would not be sustainable, because you still have underlying issues in the business.
You don't have enough cars being produced consistently. You have big spending project, big capital spending needs.>> Wall Street's solution, bring in a chief operating officer to run day to day operations, leaving Musk to focus on the bigger picture. That idea may be dead on arrival. A Tesla spokesman says, it is not conducting an active search for a COO.