The Latest: Tesla without Musk? Shivers down investor spines
DETROIT (AP) — The Latest on efforts by federal regulators to remove Elon Musk from his position as CEO and chairman of Tesla (all times local):
The bombshell announcement that federal regulators are seeking to oust Elon Musk as CEO and chairman at Tesla is pushing shares even lower before the opening bell.
Tesla and Musk are perceived as inseparable by many investors, with some industry analysts putting his value baked into each Tesla share in excess of $100. That’s a third or more of the value of each share. After a 13 percent slump before the market opened Friday, Tesla’s stock plunged 13 percent to $307.52.