Tesla shares (TSLA.O) down 2.7 percent in late morning trade as investors jittery about CEO Elon Musk’s plan to take co private for $420/shr, valuing co at more than $70 billion
FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018. REUTERS/Mike Blake/File Photo
** Stock down for second day after reports U.S. regulators examining Musk’s tweets and SoftBank not interested in a deal, saying it was “over valued”.
** TSLA has given back over half of Tuesday’s 13.3 percent gain.
** Analysts skeptical of Musk’s ability to fund buyout; No details yet on funding.
** Co has $10.9 billion in debt; bonds rated junk by credit ratings agencies.
Reporting by Sruthi Shankar in Bengaluru