Elon Musk and some of his executives at Tesla were allegedly involved in excessive use of drugs, particularly LSD, ecstasy, and cocaine, spending millions of dollars on trips and private parties. This is revealed in a new episode of an investigation by the Wall Street Journal, which this time highlights a climate of 'subservience' around the world's richest man by managers terrified of losing their billion-dollar compensation. It all stems from a 2017 case involving one of the company's most important managers, venture capitalist Steve Jurvetson, who resigned after a sex and drug scandal.
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The Investigation
According to the prestigious financial daily, Jurvetson had a party companion, Musk, who protected him by first taking a 'leave' from the board and then placing him at the head of SpaceX. Not only that, the Wall Street Journal indicates that there are 'many' executives and heads of the billionaire's companies who have deep personal and financial ties and have made huge profits from that relationship. As evidence of this, the recent ruling of a Delaware court is cited, which annulled a remuneration plan granted by the board in 2018 to CEO Musk, now valued at $56 billion. The judge sided with some shareholders, who had sued arguing that the decision to grant that astronomical package of stock options to the billionaire lacked transparency and motivation and that Musk himself dictated the terms of his compensation to a 'biased' board.
Head-spinning Salaries
Tesla pays its administrators mainly in stock options and the current board of directors, excluding Musk, has collectively earned more than $650 million from the sale of shares. Some executives have agreed to return part of that compensation to Tesla to resolve a lawsuit among shareholders denying any wrongdoing, but the agreement has yet to be approved by a judge. Now, according to WSJ sources, many current and former directors of Tesla and SpaceX are aware of Musk's drug use but have not taken any public action.
Elon Musk took drugs with some Tesla board members, WSJ says https://t.co/RBs5SsJueO
— Toronto Star (@TorontoStar) February 4, 2024
The Parties
And some of them have participated in the parties but for fear of losing billions in compensation, they would never betray their boss. In recent years, the entrepreneur has attended a series of parties with Joe Gebbia, co-founder of Airbnb and member of the Tesla board, during which he took ketamine through a nasal spray bottle. Other managers have attended parties at El Ganzo, a boutique hotel in San José del Cabo, Mexico, known for its art and music scene as well as drug-based events. A mix of private life, transgressions, and business that is becoming out of control and, from a market perspective, is on the edge of illegality.
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