Tesla Shares Drop 7.6%, the Stock’s Lowest Level Since December 2016 [Fortune]
Tesla, Inc. (TSLA)
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Source: Fortune
Tesla Shares Drop 7.6%, the Stock's Lowest Level Since December 2016 Tesla shares closed at the lowest level in almost 2 1/2 years 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 officer, 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 The email is similar to a missive Musk, 47, sent to employees in April 2018, when he announced having asked Tesla’s finance team to “comb through every expense worldwide, no matter how small, and cut everything that doesn’t have a strong value justification.” As was the case a little over a year ago death of a c
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