Elon Musk finally found a way to turn his Wall Street fans into doubters. The bid by Musk’s Tesla Motors for Musk’s SolarCity for $2.8 billion, a premium of as much as 35% based on Tuesday’s market close, plainly dismayed Tesla shareholders.
Tesla shares, which have been buoyed over the years by Wall Street’s adoration of his visionary charm, fell to about $196, a drop of more than 10%, just prior to the end of Wednesday’s trading on the Nasdaq.
The Center for Business and Responsible Government (CBRG) is a non-partisan organization dedicated to highlighting cronyism and its effect on American taxpayers and policy. We believe public officials should establish an even playing field for all businesses to compete in the marketplace, not just those special interests who line their pockets.