Tesla investor says U.S. SEC asked it about ‘funding secured’ tweet

Tesla Inc’s (TSLA.O) biggest institutional investor said on Wednesday it was questioned by U.S. securities regulators about Elon Musk’s now-abandoned plans to take the electric carmaker private and that the chief executive needed help running the company.

“He needs help, and I mean that psychologically as much as practically,” said asset manager Baillie Gifford’s James Anderson, the fund manager of Scottish Mortgage Investment Trust, which owns Tesla shares.

Tesla, whose shares were up 3.1 percent in afternoon trading after earlier being up 4.5 percent, could not immediately be reached to comment. SEC officials also could not immediately be reached.

The last few months have been tumultuous and chaotic for Tesla and its eclectic CEO. While Tesla was wrestling to ramp up production of its mass-market electric Model 3 sedan, on Aug. 7 Musk tweeted that he was considering taking the company private at $420 per share and that funding was “secured.”

 

Source: Reuters

Leave a Reply

%d bloggers like this:
A DAILY ROUNDUP OF THE MOST FASCINATING WALL ST, COMPLIANCE AND REGULATORY NEWS.