Tesla Accounting Chief Quit After Elon Musk Ignored Pitfalls of Going Private

By Joshua Caplan

Dave Morton, Tesla’s now-former Chief Accounting Officer, resigned over concerns that executives were uninterested in addressing problems associated with taking the embattled electric automotive company private.

In a statement released Friday, Morton, who quit Tesla on September 4, said his departure was prompted by increased levels of public scrutiny surrounding the car company. “Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations,” Morton said in a statement. “As a result, this caused me to reconsider my future. I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla’s leadership or its financial reporting.

Following Musk’s “funding secured,” tweet on August 7, Morton walked the erratic billionaire through the pitfalls of taking Tesla. “He brought up specific details such as equity change of control provisions and potential step-ups in the value of Tesla’s debt associated with a new controlling shareholder,’ CNBC’s Alex Sherman writes. “When Morton offered advice about capitalizing the company through other means rather than going private, he was ignored, said the people.”

Read the rest of the story on Breitbart News

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