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Tesla Shares Give Up Gains on Renewed Prospect of Musk Buying Twitter
- Shares briefly turn negative following report of Musk proposal
- Billionaire had previously sold Tesla shares to fund purchase
A Tesla Inc. showroom and service center in Sydney, Australia.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Tesla Inc. tumbled after news that Chief Executive Officer Elon Musk proposed to buy Twitter Inc. at the original offer price, raising the possibility that he will sell more of the electric-car maker’s stock.
Musk unloaded billions of dollars in Tesla shares over the summer to accumulate the cash needed to fund his portion of the deal. He subsequently attempted to back out, prompting legal action by Twitter, before offering to continue with the original transaction, Bloomberg reported Tuesday.