SEC says Tesla’s Elon Musk chose $420 price as pot reference

Beck Diefenbach | Reuters

Elon Musk, CEO of Tesla. 

According to Lindland, it’s unlikely that Musk would choose to step down from the top role. She added that she also does not see Tesla’s board asking for his removal.

Shares fell sharply in after-hours trading Thursday.

A large part of Tesla’s $52.4 billion market cap, has to do with Musk’s presence at the company, D. R. Barton, chief technical analyst at Moneymorning.com, told CNBC’s “Street Signs” on Friday.

“A lot of that market cap is based on the fact that Musk is such a force of personality,” he said. “I have millennial friends in Silicon Valley that would love to work for Elon Musk. So, without him, it’s just a really well-engineered car with a company with too much debt and burning too much cash.”

— CNBC’s Sara Salinas contributed to this report.