Tesla Suspends Share-Trading After Elon Musk Tweets He Wants To Take The Carmaker Private
The following is an excerpt from Drew Harwell and Renae Merle | August 7, 2018 | Thewashingtonpost.com |
Tesla founder Elon Musk stunned investors when he tweeted Tuesday that he would push to take his all-electric automaker private in a deal worth billions of dollars, further highlighting the unpredictability of America’s most valuable car company — and its billionaire celebrity chief.
The announcement sent Tesla’s stock soaring on hopes the maneuver would become one of the largest such deals in American corporate history, requiring a turbocharged boost of cash to eject Tesla from public shareholders' hands.
But Musk, an erratic micromanager infamous for his explosive leadership style, decided to announce the plan with his signature brand of chaos: via a nine-word Twitter message, fired off in the middle of the trading day and hours before his company officially announced the plan.
“What chaos,” said Teresa Goody, a former Securities and Exchange Commission official who now advises companies on securities law and corporate governance. “It is not reasonable to expect investors to monitor and keep track of Elon Musk’s tweets.”
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