Tesla shares are getting slammed after Elon Musk’s off-kilter interview with the NYT

In an extended story in Friday’s Times, Musk said that the past year has been “excruciating” and “the most difficult and painful” of his career.

He and members of Tesla’s board are set to meet with SEC officials as soon as next week, according to the report. The Times also reported that the board is concerned about the CEO’s use of Ambien to help him sleep and recreational drugs, which sources told the newspaper could be fueling his controversial tweets.

Musk tweeted on Aug. 7 that he had “funding secured” to take Tesla private at $420 per share. The public statement could be a violation of SEC rules.

The agency is also reportedly looking into whether the tweet was meant to hurt those betting against Tesla, according to The Wall Street Journal, citing a source familiar with the matter. The Journal reported that the agency is pressing Tesla’s board on how much information the CEO shared ahead of the tweet.

Short-sellers betting against Tesla had roughly $1.3 billion in mark-to-market losses last week, according to estimates from financial technology and analytics firm S3 Partners.

Source link

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Get The Latest Investing Tips
Straight to your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.