Another hairpin turn for Tesla as stock dives on SEC charge
NEW YORK (AP) — Tesla investors have taken a wild ride as Wall Street values the promise of one of the world’s leading electric car makers, the hurdles the company faces as it tries to become a world-class manufacturer, and a mercurial CEO who can get the market buzzing with a single tweet.
Last September the stock reached an all-time high as investors grew optimistic about its lower-priced Model 3 sedan. And on August 7 Tesla nearly matched its all-time high after CEO Elon Musk tweeted that he was close to a deal to take the company private. No deal was imminent, however, and on Thursday regulators said Musk’s claims constituted securities fraud and moved to oust him.
Tesla stock plunged 11 percent to $273.65 Friday. It’s down 29 percent since August 7.