Review_Week1 - What Was Elon Musk Thinking?

What Was Elon Musk Thinking?

By James B. Stewart

There’s no question that Elon Musk is one of the great entrepreneurs of this era. He may even be in “a class of one,” as he recently described Tesla, the revolutionary electric car company he founded.

But Musk’s tweet last week — expressing his intent to take Tesla private and declaring that he had “funding secured” for the multibillion-dollar transaction — was so impulsive, potentially inaccurate, poorly worded and thought out, and with such potentially dire consequences for himself, Tesla and its shareholders, that the board now must ask a sensitive but vital question: What was Musk’s state of mind when he wrote it?

“What does this say about the judgment of the person who set all this in motion?” said Charles M. Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. “That’s what the board has to find out.”
“这些所作所为到底说明了什么?”, 特拉华州大学的温伯格公司管理中心的主管Charles M. Elson这么说道,“这也正是董事会想要知道的。”

Musk, in subsequent blog posts, has stressed that he was only trying to be as transparent with the public as he was about to be with a few major investors.

That is a laudable goal. But there are plenty of effective, conventional methods for achieving them, which include keeping his board fully informed, consulting lawyers, and following Securities and Exchange Commission procedures before tweeting about what could be a transformative, hugely expensive corporate buyout.

Little if any of this appears to have happened. While Tesla directors have said they discussed with Musk the possibility of taking Tesla private in general terms, they were blindsided by the tweet and have been scrambling ever since to get the situation under control.

The explanation for the tweet may be more psychological than strategic. In a Twitter exchange from last summer, Musk said he experienced “great highs, terrible lows and unrelenting stress.”

Asked if he might be bipolar, he replied, “Yeah.” Then he added, “Maybe not medically tho. Dunno. Bad feelings correlate to bad events, so maybe real problem is getting carried away in what I sign up for,” which he later described as a “ticket to hell.”

“Entrepreneurs often have a temperament and a constellation of traits that can create enormous value but are also associated with significant risks,” said Michael A. Freeman, a clinical professor of psychiatry at the University of California, San Francisco, whose research and practice focuses on entrepreneurs.
“企业家总是有一些喜怒无常和一个星座的特质,这些东西可以创造巨大的价值,但是也伴随着巨大的危险”。旧金山加州大学的精神病学临床教授Michael A. Freeman如此说道。他的研究的对象是一些企业家。

While Freeman said he couldn’t comment on Musk, whom he’s never treated, he said that his research and experience with clients show that entrepreneurs generally “have mental health profiles that are associated with higher levels of creativity, higher levels of energy, higher levels of risk tolerance and higher levels of impulsivity. Another way to look at impulsivity is a need for speed, a sense of urgency, higher motivation, and greater restlessness.”

All of that would seem consistent with Musk’s Twitter habits.

Scott Shane, a professor of entrepreneurial studies at Case Western Reserve University, put it more simply: “These people are just wired differently,” he said. “They’re quicker to spot and act on opportunities, but that same tendency can get them into trouble in other situations.”
凯斯西储大学的创业研究教授Scott Shane说的更简单:“这些人只是精力不一样,他们会更快地发现并采取行动,但同样的趋势会让他们在其他情况下陷入麻烦。”

These qualities may also be exacerbated by lack of sleep. Musk has said he’s been sleeping on the factory floor, skipping showers, and working extremely long hours while Tesla ramps up production of its Model 3.
这些品质可能因为缺乏睡眠而加重。马斯卡曾提及在特斯拉增加Model 3的产量期间,他睡在工厂的地板上,没时间洗澡,长时间的工作。

“There are a number of behavioral destabilizers in the world of entrepreneurship,” Freeman said, “and sleep deficiency is high on the list. The consequences can be impaired functioning, higher irritability, and judgment can be adversely affected.”
“在创业的世界里有很多行为不稳定的人”, Freeman 说道,“睡眠不足很常见。直接导致的后果是身体功能受损、易怒、判断可能受到不利影响。”

During Tesla’s most recent earnings conference call, Musk apologized to Wall Street analysts he had insulted during a previous call for asking “boring, bonehead questions.”

“There are reasons for it. I’ve gotten no sleep and been working sort of 110-hour, 120-hour weeks,” he said.

It’s also a common trait of entrepreneurs that they feel rules don’t apply to them. From their perspective, many rules “get in the way of getting things done,” Freeman said.
创业者普遍有一个特质,他们认为规则并不适用。“从他们的角度来说,一些规则总是阻碍把事情搞定。” Freeman说道。

Whatever the exact circumstances of his tweet, Musk would benefit from what Freeman calls “personal boards of directors,” something he often recommends for his entrepreneurial clients. “There are some simple strategies for dealing with impulsivity, like sleep on something overnight and get a second opinion,” he said. “If you’re hard-wired to go full speed ahead at all times, you need to create a filter for yourself to decrease those risk factors.”

Tesla’s board should play an important role. “Balancing corporate responsibilities, and the constraints they can impose, against the creativity that made the corporation great in the first place is much more of an art than a science,” said Charles Whitehead, who leads the law, technology and entrepreneurship program at Cornell Law School. “Directors and lawyers need to credibly manage that balance, but as importantly, founders need to be willing to consult with them, recognizing that the advice — even if it slows things down — may simply reflect the realities of the day.”
特斯拉的董事会需要扮演一个重要的角色,“相对创造力使得企业领先来说,平衡企业责任,以及他们可以施加的约束更像是一门艺术而非科学”,在康奈尔法学院领导法律、技术和创业项目的Charles Whitehead说道。“董事和律师需要可靠地管理这种平衡, 但更重要的是,创始人意向去和他们咨询、认可简单地反映当今的现实的建议, 尽管它们可能会减缓事情发展的速度”。

Freeman agreed. The Tesla board and others close to Musk “need to find ways to make all the positive aspects of those strengths work for him and for us while minimizing the downside.”

And Musk may want to curb his use of Twitter. “One good rule of thumb: never make important, and in Tesla’s case, complex announcements through Twitter,” Whitehead said.

That may be easier said than done. Tesla’s board members have been urging Musk to stop tweeting, so far without success.

“It’s not easy for anyone to control the behavior of a grand visionary,” Shane said. “These people don’t like to be controlled.”

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