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.

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
Thermo Fisher Scientific (TMO) Q4 earnings drop despite higher revenues
Thermo Fisher Scientific Inc. (NYSE: TMO) announced fourth-quarter 2022 financial results, reporting a double-digit fall in adjusted earnings and an increase in revenues. Fourth-quarter revenues increased 7% annually to $11.5
Altria Group (MO) Q4 2022 Earnings: Key financials and quarterly highlights
Altria Group Inc. (NYSE: MO) reported fourth quarter 2022 earnings results today. Net revenues decreased 2.3% year-over-year to $6.1 billion. Net earnings attributable to Altria increased 65.6% to $2.6 billion
AMD Earnings: Advanced Micro Devices Q4 revenue up 16%, profit drops
Semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) reported a decline in fourth-quarter earnings, despite an increase in revenues. Earnings, excluding special items, dropped to $0.69 per share in the
Comments
Comments are closed.