Tesla investors brace for another wild ride after Elon Musk’s reversal
German trading points to a 5% slide when US markets open
San Francisco — Elon Musk’s stunning tweet that he wanted to take Tesla private and had funding secured was a classic Musk moonshot — given credibility only by the sense that if anyone could possibly pull such a brazen feat, he was the guy. Trading in Tesla shares in Germany on Monday morning pointed to a 5% drop when US markets open, Reuters reported. The shares, already down nearly 10% from their level on August 7, just before Musk tweeted that he had “funding secured” for a buyout at $420 per share, fell 5% to $263.50 in Germany. Shares were down 4.4% to $308.63 in trading before the bell in New York. The initial scoffing after that August 7 post gave way to hiring of bankers to a board meeting where, just maybe, it was ready to take shape. Then Musk aborted his own mission, when hastily assembled bankers and advisers had barely started work, according to people familiar with the matter. Musk was perhaps spooked by blowback from investors he was sure would support him, including...
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