Tesla shares sink on report Elon Musk sued by SEC
Shares of electric carmaker Tesla Inc (NASDAQ:TSLA) plunged in after-hours trade on Thursday after a report that CEO Elon Musk was sued by the US Securities and Exchange Commission over his now-abandoned plan to take the company private, a report by CNBC said.
The controversy was caused by a tweet by Musk last month he will take the company private and that funding had been “secured.”
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
Shares of Tesla sank almost 7.25% to trade at $285.25 in afterhours trade. The stock closed at $307.52, down 0.67% on the day.
The plan to go private was later dropped by Musk and investors have since filed a lawsuit over claims he misled investors.
READ: Tesla faces criminal probe by US over Elon Musk’s statements on aborted go-private plan – Bloomberg
The Justice Department is also supposed to be investigating Musk over the issue.
Tesla is the world’s biggest electric carmaker.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205917/tesla-shares-sink-on-report-elon-musk-sued-by-sec-205917.html
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