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Tesla stock tumbles as SEC wants Elon Musk ousted

In this Monday, Sept. 17, 2018, file photo Tesla CEO and SpaceX founder and chief executive Elon Musk speaks after announcing Japanese billionaire Yusaku Maezawa as the first private passenger on a trip around the moon in Hawthorne, California. (Chris Carlson/AP)
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September 28, 2018 - 8:47 am
 

NEW YORK — Tesla investors have taken a wild ride as Wall Street values the promise of one of the world’s leading electric car makers, the hurdles the company faces as it tries to become a world-class manufacturer, and a mercurial CEO who can get the market buzzing with a single tweet.

Last September the stock reached an all-time high as investors grew optimistic about its lower-priced Model 3 sedan. And on Aug. 7 Tesla nearly matched its all-time high after CEO Elon Musk tweeted that he was close to a deal to take the company private. No deal was imminent, however, and on Thursday regulators said Musk’s claims constituted securities fraud and moved to oust him.

Tesla stock plunged 12.4 percent at $269.25 Friday, and it’s down 29 percent since Aug. 7.

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