Tesla shares inch higher after Monday’s sell-off

- Advertisement -


Nov 9 (Businesshala) – Shares of Tesla Inc (TSLA.O) hit higher in premarket trading on Tuesday, having fallen nearly 5% in the previous session after stabilizing after speculation of a potential stake sale by chief Elon Musk.

- Advertisement -

Tesla shares were up 1.7% to $1183.2 as of 0917 GMT.

- Advertisement -

Monday’s sell-off wiped nearly $60 billion off the electric carmaker’s market value after Musk asked his Twitter followers if he should sell his roughly $21 billion stake in the company. About 58% said they would support such a sale.

While Musk’s tweet raised questions about his breach of agreement with the US securities regulator, some analysts said weakness in the stock could prove short-lived as investors remain upbeat about the high-flying company’s growth prospects.

- Advertisement -

He was fined $20 million by the SEC in 2018 for tweets and was required to step down as chairman.

Investors will be watching the SEC filing from Tesla closely for any details on Musk’s plans. SEC rules give companies four business days to report major incidents.

Reporting by Shruti Shankar in Bengaluru; Editing by Subhranshu Sahu

.

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox