(Reuters) - Tesla Inc’s (TSLA.O) shares slumped 9 percent on Friday after Chief Executive Officer Elon Musk told the New York Times he was under major emotional stress and was preparing for “extreme torture” from short sellers. Tesla stock was on track for its biggest daily slump in two years as Wall Street questioned Musk’s ability to lead the electric car maker. Investors also were worried about reports that regulators were pressuring Tesla’s directors for details about how much information he shared with them. Musk stunned markets last week with a tweet that he was considering taking Tesla private for $420 per share and that he had secured funding. The SEC has opened an inquiry related to his tweets, according to a person with direct knowledge of the matter. The Times reported that efforts were underway to find a No. 2 executive to take pressure off Musk, who has struggled with production issues for Tesla’s key Model 3 sedan and has been … [Read more...] about Tesla stock sinks after Musk gives tearful NYT interview
With not many specifics available yet on Elon Musk's Aug. 7 tweet about taking electric car maker Tesla private, analysts covering the company are debating if his $420-a-share proposal is a fair price for the stock, or if the transaction will even materialize.Six of the 13 analysts who International Business Times/Newsweek spoke to think Musk's offer, which would value Tesla at $71 billion, is not a fair price for investors.On the other hand, six others aren't sure if the taking-private deal would even materialize, citing the current fundamentals of the company. They have price targets well below $400 for the stock, with Cowen setting it as low as $200. Among the latter six, Efraim Levy, senior equity analyst at CFRA Research, did not provide a price target but thinks "there is significant risk that the transaction doesn't happen," adding the company is extremely highly valued, often too richly.ADVERTISINGGlenna Anderson, from BMO Wealth Management, was not in either of the two groups, … [Read more...] about Tesla stock price: Is Elon Musk’s $420-a-share proposal fair?
Elon Musk apologizes, Mercedes struggles to deliver cars, VW is lacking powertrain engineers and more await you in The Morning Shift for Thursday, Aug. 2, 2018. 1st Gear: Being Civil in Public Pays Off For Musk and Tesla Tesla shares rose as much as 12 percent after the company held its second quarter earnings call last night, Bloomberg reports. Among contributing factors to the jump was Elon Musk’s apology to journalists (which you can read here), whom he had scolded in a previous conference call for asking “dry” and “boring, bonehead” questions. From Bloomberg: The Tesla Inc. chief executive officer began the question-and-answer portion of the carmaker’s second-quarter earnings call by atoning for what he called his “bad manners” three months earlier. Musk then took the first two questions from two analysts he was harshest with last quarter — Sanford C. Bernstein’s Toni Sacconaghi and RBC Capital Markets’ Joseph … [Read more...] about Tesla Stock Jumps After Elon Musk Apologizes To Journalists
Tesla CEO Elon Musk has purchased $25 million worth of Tesla stock this week. According to an SEC filing, his latest purchase totals 72,500 shares ranging from $342 to $347, representing ownership of roughly 19 percent of the company. Last month, Musk also purchased $10 million in stock, a move widely acknowledged as an attempt to reverse sentiment amidst Model 3 production woes and strike back against short sellers. According to analytics company S3 Partners, short seller activity accounts for 22 percent of all outstanding shares, making it the most shorted stock on the stock market. This signals bullish, or pessimistic sentiments, towards a firm’s stock price movement. SEE ALSO: Tesla Will Cut 9 Percent of Workforce “The sheer magnitude of short carnage will be unreal,” tweeted Musk at the time. “If you’re short, I suggest tiptoeing quietly to the exit…” This move comes after this week’s layoffs affecting 9 percent of the workforce to … [Read more...] about Tesla CEO Elon Musk Splurges on $25 Million Worth of Tesla Stock
By Alexandria Sage SAN FRANCISCO — Tesla shares rose on Thursday ahead of the expected release next week of the company's quarterly auto production data, while a senior executive urged workers at the automaker to hit a weekly production target of 2,500 Model 3 sedans by the end of March. Quickly ramping up Model 3 production is crucial for the Silicon Valley electric vehicle maker. The company's profitability depends on delivering the new sedans to customers on a waiting list that Tesla has said now numbers about 500,000 advance reservation holders. Tesla shares recovered to $266.13, up 3 percent, Thursday after a sell-off prompted by a Moody's debt downgrade and news that safety regulators are investigating a Model X-involved fatality. That's down from $304 a share on Tuesday. The markets will be closed today for Good Friday. In an email to employees viewed by Reuters and first reported by Bloomberg News, Tesla Senior Vice President of Engineering Doug Fields wrote that … [Read more...] about Tesla stock recovers a bit as company pushes to hit Model 3 target