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Tesla stocks plummet after Elon Musk was filmed smoking weed

Vishal Kawadkar

Shocking everyone by smoking marijuana live on air, Elon Musk witnessed Tesla's stocks crashing 10 percent, which is the lowest since 2016. The shares dropped to $252 - company's biggest single-day drop in two years. Later, Elon Musk also announced a major shake-up at a higher level of the electric car company.

The company's stocks crashed after two of its top executives - including chief accounting office Dave Morton announced their exit from the company. Soon after Musk was filmed smoking weed during a podcast with comedian Joe Rogan.

Later, in a blog post Musk announced the management changes that will soon happen after discussing with the Tesla board of directors and staff.

"Jerome Guillen 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.

Kevin Kassekert will take ove as the Vice President of People and Places, and will be responsible for human resources, facilities, construction, and infrastructure development.

"As many of you know, Tesla's Chief People Officer Gaby Toledano 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.

Chris Lister has also been promoted to Vice President, Gagafactory Operations. He joined the firm last year and had been a key to solving production issues.

"In this role, he leads our production and manufacturing engineering at Giga. Before Tesla, Chris ran several ultra-high volume factories at PepsiCo," informed Musk.

"For a while, there 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.

Dave Arnold will also have a new role to play. He is now the senior director of Global communications and will look after Tesla's communications team. Besides, Elon Musk also announced a new product lineup.

"There is the Model Y, the Tesla (pickup) Truck, the Semi and the new Roadster. Then there 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.

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