Tesla's German shares fall after CEO Musk drops plan to take company private

LONDON (Reuters) – Germany-listed shares in Tesla TSLA.TG fell more than 3 percent in early deals on the Tradegate exchange on Monday, after Chief Executive Elon Musk called off his bid to take the company private.

FILE PHOTO: Tesla Motors Inc Chief Executive Elon Musk pauses during a news conference in Tokyo September 8, 2014. REUTERS/Toru Hanai/File Photo

Musk said late on Friday he would heed shareholder concerns and no longer pursue a $72 billion deal to take the luxury electric carmaker private, abandoning an idea that stunned investors and drew regulatory scrutiny. [nL2N1VG01J]

Tesla (TSLA.O) shares have been trading well below their level on Aug. 7 when they rallied after Musk announced on Twitter he was considering taking Tesla private for $420 a share, saying funding for the deal was “secured”.

Musk and Tesla face a series of investor lawsuits and a U.S. Securities and Exchange Commission investigation into the factual accuracy of Musk’s tweet.

Reporting by Helen Reid, Editing by Louise Heavens


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