Top

Tesla shares plunge as Wall Street throws in towel, saying Musk departure could cost stock $130

September 28, 2018

Via: CNBC

Wall Street is buzzing over SEC’s civil action against Tesla CEO Elon Musk, predicting significant negative ramifications for the electric car market due to the action.

Shares of the automaker were down 12 percent in Friday’s premarket session.

The Securities and Exchange Commission sued Musk on Thursday, alleging for fraud. The complaint says Musk issued “false and misleading” statements and failed to properly notify regulators of material company events. Musk called the SEC’s allegations “unjustified” and said he “never compromised” his integrity.

Read More on CNBC