Tesla shares tumble on Musk’s call for ‘hardcore’ review and Autopilot crash concerns [Los Angeles Times (CA)]
Tesla, Inc. (TSLA)
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Source: Los Angeles Times
Tesla shares tumble on Musk’s call for ‘hardcore’ review and Autopilot crash concerns Tesla Inc. shares slid to their lowest close in almost 2½ years Friday after Elon Musk called for a “hardcore” review of all the electric-car maker’s expenses and an analyst warned of potentially severe fallout from a fatal crash involving Autopilot. Musk, Tesla’s chief executive, wrote in an email to staff late Thursday that he and new Chief Financial Officer Zachary Kirkhorn will review “literally every payment” that leaves the company’s coffers to confirm that expenditures are critical. Musk referred to Tesla losing $700 million in the first quarter, and said that while the company raised about $2.4 billion in capital recently, that wouldn’t last long at the rate the company was burning through money early this year. The carmaker’s share price finished the day at $211.03, down 7.5%, its lowest close since December 2016. The shares are now down 36% so far this year. The email is similar to a messag
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