Tesla’s stock tumbled Friday morning after the SEC sued Elon Musk for misleading investors. Musk tweeted on August 7 that he had secured funding to take Tesla private at $420 a share. However, skeptical investors never believed Musk, and the stock never approached anything close to $420 a share. It rose as high as $387.46 on August 7 and tumbled since then. The SEC alleges that Musk had never secured the funding, and he abandoned the plan to go private three weeks after he first tweeted about it. Tesla’s stock fell as low as $265 after the bell Thursday, 14% below Tesla’s closing price for the day. Including the off-hours plunge, Tesla’s stock has plummeted more than 29% since Musk’s infamous tweet.
Source link
