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Tesla Holders Brace for Market’s Verdict on Musk’s Brazen Pivot

  • Saudis were said to be unnerved by thrust into spotlight
  • Shares’ wild ride may continue as Tesla gets back to business
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Tesla faces potential bumps in the road after Musk scrapped his "go-private" plan. Bloomberg’s Su Keenan reports.(Source: Bloomberg)
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Elon Musk’s stunning tweet that he wanted to take Tesla Inc. private and had funding secured was a classic Musk moonshot -- given credibility only by the sense that if anyone could possibly pull such a brazen feat, he was the guy.

The initial scoffing after that Aug. 7 post gave way to hiring of bankers to a board meeting where, just maybe, it was ready to take shape. Then Musk aborted his own mission, when hastily assembled bankers and advisers had barely started work, according to people familiar with the matter. Musk was perhaps spooked by blow back from investors he was sure would support him, including key backers from Saudi Arabia, according to other people.