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ETFs with Heavy Tesla Weightings Down After Top Execs Resign

This article was originally published on ETFTrends.com.

Shares of Tesla took a deep dive as the stock plummeted roughly 7% when its top executives headed for the exits after viewing founder and CEO Elon Musk smoking marijuana and sipping whiskey on the podcast "The Joe Rogan Experience."

ETFs with heavy weightings in Tesla stock were mostly down, such as the VanEck Vectors Global Alt Energy ETF (GEX) --down 0.94%, ARK Industrial Innovation ETF (ARKQ) --down 0.22% and the First Trust NASDAQ Cln Edge GrnEngyETF (QCLN) --down 0.61% as of 11:00 a.m. ET.

Musk's behavior on the podcast is a culmination of what has been tumultuous times for the electric carmaker founder, which started when he first sent a tweet that he was considering taking the company private at a price of $420 a share, citing that it was "the best path forward." The decision to privatize Tesla halted trading of the company's shares for 92 minutes, leaving Tesla investors in a panic.

Related: Elon Musk: Tesla Going Private is ‘Best Path Forward’

Not long thereafter, Musk reneged on the decision after reports surfaced that a Saudi Arabian sovereign wealth fund and tech giant Apple were potential suitors to purchase Tesla. Late Thursday, Musk's behavior on Rogan's podcast sparked rumors that his recreational drug might be out of control.

Today, the company reported that its chief accounting officer, Dave Morton, submitted his resignation as of Tuesday as a result of the public scrutiny the company faced in the past month.

“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 the statement. “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.”

In addition to Morton, Tesla's human resources chief Gaby Toledano, is not returning from a leave of absence after the company was racked with possible SEC probes after Musk's tweet to go private. Vice president of communications Sarah O'Brien is also leaving as part of a planned departure.

Shares of Tesla have plunged over 20% within the past month as the company is struggling to secure alternate sources of funding as it continues to burn through cash.

For more news and strategy, visit our current affairs category.

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