Tesla CEO Musk drops pursuit of take-private deal
Tesla CEO Elon Musk said he would no longer pursue a $72 billion deal to take his U.S. electric car maker private
The decision leaves Tesla as a publicly listed company but raises new questions about its future. Its shares have been trading below their Aug. 7 levels, when Musk announced on Twitter he was considering taking Tesla private for $420 per share.
As investors wondered what the long-shot bid meant for Musk’s ability to steer the company into profitability.
The move also leaves Musk and Tesla having to fend off a series of investor lawsuits and a U.S. Securities and Exchange Commission investigation into the factual accuracy of Musk’s tweet that funding for the deal was “secured”.
Published: by Radio NewsHub