Tesla stock drops almost 14 percent as SEC tries to force Elon Musk out of company leadership
by Samantha Masunaga, Los Angeles Times
Sep 28, 2018
3 minutes
Tesla Inc. stock closed sharply lower Friday as investors worried about a Securities and Exchange Commission lawsuit that seeks to bar Elon Musk from continuing to lead the electric-car maker.
Shares of Tesla closed at $264.77, down 13.9 percent Friday afternoon.
The SEC filed its complaint against Musk after markets closed Thursday, alleging that the chairman and chief executive committed securities fraud by issuing a series of "false and misleading tweets about a potential transaction to take Tesla private."
You’re reading a preview, subscribe to read more.
Start your free 30 days