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Tesla shares dip 3 percent after Musk abandons buyout

Updated : August 28, 2018 06:28 AM IST

The billionaire entrepreneur said in a blog post late on Friday that consultations, done with the help of Goldman Sachs and Morgan Stanley, had shown most of Tesla's existing shareholders opposed the deal that he proposed on Twitter three weeks ago to widespread shock on Wall Street.
Tesla's shares, already down nearly 15 percent from a peak on Aug. 7 when Musk tweeted that he had "funding secured" for a buyout at $420 a share, initially fell more than 5 percent in European and premarket trading in New York.
Tesla shares dip 3 percent after Musk abandons buyout

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