Categories LATEST

Tesla shares bleed as Musk abandons plan to take company private

Tesla (TSLA) shares in the Frankfort Stock Exchange saw a 5% dip as trading commenced on Monday following CEO Elon Musk’s U-turn on his plans to take the company private. The ripples of the sell-off were visible on Nasdaq Stock Exchange as well, where shares were trading down as much as 4.74% during the premarket hours.

Tesla shares fall as privacy talks fail
Image courtesy: Tesla

Late on Friday, Musk had announced through a blog post that it is not possible to take the luxury electric car maker private as a majority of its shareholders were against the idea. The CEO had sent shockwaves three weeks back when he tweeted his intention of taking the company private at a share price of $420, adding that funding was secured.

The tweet had also invited an investigation by the US Securities and Exchange Commission and multiple lawsuits from investors.

Also see: Tesla rival might bag Saudi investment

Tesla shares are currently trading down 10% from the levels seen before the tweet, and down 8% in the last six months.

Adding to the woes of the cash-strapped firm, Reuters had reported last week that the Saudi wealth firm, which Musk expected would help him take the company private, was also in talks with its potential competitor Lucid Motors for a $1 billion funding.

Tesla has been burnings cash to ramp up the production of its Model 3, which is necessary to achieve profitability in the second half of the year as promised. Though many analysts had predicted that it would require Tesla to raise more cash, CEO Musk had claimed that the company was well-off.

Also see: Look out Tesla, Volkswagen gets a massive EV order

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Comments

  1. Pingback: Leandro Farland
  2. Pingback: fue
  3. Pingback: Dental Hospital
  4. Pingback: fue
  5. Pingback: Accounting degree
  6. Pingback: Ovens
  7. Pingback: creativity
  8. Pingback: Faculty Handbook
  9. Pingback: fue
  10. Pingback: Pharmacy's PHD
  11. Pingback: pull ups
  12. Pingback: Fiverr Earn
  13. Pingback: Fiverr Earn
  14. Pingback: fiverrearn.com
  15. Pingback: fiverrearn.com
  16. Pingback: fiverrearn.com
  17. Pingback: Freight Broker
  18. Pingback: shipping broker
  19. Pingback: TMS System
  20. Pingback: fabricante de ropa
  21. Pingback: fiverrearn.com
  22. Pingback: fiverrearn.com
  23. Pingback: aussiedoodle
  24. Pingback: sorority jewelry
  25. Pingback: sorority necklaces
  26. Pingback: future university
  27. Pingback: future university
  28. Pingback: bulldogs puppy
  29. Pingback: FiverrEarn
  30. Pingback: Warranty
  31. Pingback: Piano tuning
  32. Pingback: FUE
  33. Pingback: Interstate moving
  34. Pingback: Reliable movers
  35. Pingback: Classic Books 500
  36. Pingback: FiverrEarn
  37. Pingback: FiverrEarn
  38. Pingback: Fiverr
  39. Pingback: FiverrEarn
  40. Pingback: FiverrEarn
  41. Pingback: pupuk anorganik
  42. Pingback: partners
  43. Pingback: Economics
  44. Pingback: Predictions
  45. Pingback: FiverrEarn
  46. Pingback: live sex cams
  47. Pingback: FiverrEarn
  48. Pingback: FiverrEarn
  49. Pingback: FiverrEarn
  50. Pingback: FiverrEarn
  51. Pingback: FiverrEarn
  52. Pingback: FiverrEarn
  53. Pingback: FiverrEarn
  54. Pingback: FiverrEarn
  55. Pingback: education
  56. Pingback: Kuliah Termurah
  57. Pingback: FiverrEarn
  58. Pingback: FiverrEarn
  59. Pingback: FiverrEarn
  60. Pingback: glucotrust scam
  61. Pingback: fullersears.com
  62. Pingback: canine probiotics
  63. Pingback: french bulldog
  64. Pingback: live sex cams
  65. Pingback: live sex cams
  66. Pingback: rare breed-trigger
  67. Pingback: SEO services
  68. Pingback: 늑대닷컴
  69. Pingback: Slot Romawi
  70. Pingback: nangs sydney
  71. Pingback: allgame
  72. Pingback: 918kiss
  73. Pingback: หวย24
  74. Pingback: pg slot
  75. Pingback: catskills hotel
  76. Pingback: megagame
  77. Pingback: ozempic
  78. Pingback: itme.xyz
  79. Pingback: Bokeo Thailand
  80. Pingback: itme.xyz
  81. Pingback: ItMe.Xyz
  82. Pingback: itme.xyz
  83. Pingback: ItMe.Xyz
  84. Pingback: Bulk URL Shortener
  85. Pingback: itme.xyz
  86. Pingback: FB URL Shortener

Comments are closed.

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top