Tesla shares tumble after Elon Musk interview sparks fresh fears
20 August, 2018, 20:14 | Author: Sara Gill
The 47-year-old said he sometimes did not leave the Tesla factory for three or four days straight and he had not taken off more than a week at a time since he was sick with malaria in 2001.
The Securities and Exchange Commission is reportedly investigating an August 7 tweet by Musk in which he proposed taking the electric vehicle maker private and said he had secured funding for the transaction.
Tesla shares fell this week on reports by Fox Business and the New York Times that the US Securities and Exchange Commission has subpoenaed Musk to talk about the tweet. Investors also were anxious about reports that regulators were pressuring Tesla's directors for details about how much information he shared with them.
Besides the SEC probe, Musk is facing a reputation stain as a result of his readiness to use Saudi oil money to take Tesla private.
The Times quoted Musk as saying that his physical health has been "not that great" due to Tesla's turmoil. "We know that the safest thing for Musk right now is a medical leave".
He also told the Times that the worst is over "from a Tesla operational standpoint" but added, "from a personal pain standpoint, the worst is yet to come". Shortly after that Tesla stock surged almost 11 percent from $342 to $379 per share.
It is illegal for a director or officer of a public company "to knowingly or recklessly make material misstatements about that company", said John Coates, a professor at Harvard Law School who teaches mergers and acquisitions.
The market response to the Timesinterview, however, suggests that Tesla without Musk might be a very different company.
The agency is also reportedly looking into whether the tweet was meant to hurt those betting against Tesla, according to The Wall Street Journal, citing a source familiar with the matter.
The company said the board formed a special committee to evaluate proposals to take the company private. "Others could not be corroborated", Tesla said in the statement.
Musk accurately predicted the pinch from Tesla's shorts isn't over yet.
The roka ceremony will be followed by a star-studded party later tonight where Nick will meet Priyanka's friends and colleagues. Priyanka's guest list is said to include her cousin Parineeti Chopra and Bollywood buds like Ranveer Singh and Manish Malhotra.
China isn't the only country the USA has a rocky relationship with - Turkey is causing a few headaches for U.S. leaders as well. Benchmark 10-year notes US10YT=RR last fell 6/32 in price to yield 2.8732 percent, from 2.851 percent late on Wednesday.
Kim Eui-keum, a spokesman for Moon, said that holding the summit before September 10 would be hard due to logistics. What should be noted is that North Korean leader Kim hopes to meet Moon while maintaining such a position.
Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy. Turkey is calling for the U.S.to extradite a Pennsylvania-based Muslim cleric accused engineering a 2016 coup attempt .
Khan's only challenger could be Shahbaz Sharif, but his Pakistan Muslim League party won only 92 seats in last month's elections. Imran's party Pakistan Tehreek-i-Insaf (PTI) had invited the likes of Kapil Dev and Sunil Gavaskar along with Sidhu.
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Last Friday, US President Donald Trump said he had authorized higher tariffs on aluminum and steel imports from Turkey . On Tuesday, he claimed that a "global campaign led by the Trump administration", was behind Turkey's economic woes.
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Clinton and his wife, former secretary of state Hillary Clinton, hailed her as "one of America's greatest national treasures ". The love she had for her children, grandchildren, nieces, nephews, and cousins knew no bounds", the statement said.
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