NEW YORK (AP) – Shares of Tesla slipped on the first day of trading after the electric vehicle maker said it won’t consider going private after all.
In morning trading Monday, Tesla Inc. was trading at $315.40, down $7.42, or 2.3 percent.READ MORE: Store Clerk Delon Johnson Arrested For Murder After Shooting Men Who Robbed Business, Police Say
Late Friday, founder Elon Musk said that after consulting with shareholders, the Palo Alto, California, company will stay public.
That followed a surprising tweet two weeks earlier when Musk said he had secured funding for a deal at $420 a share, then a 23 percent premium.READ MORE: Mexican Government Takes Aim At US Gun Manufacturers, Sues Over Toll Of Arms Trafficking
Jefferies analyst Phillipe Houchois, who has a “Hold” rating on the stock, said in a note Monday that Tesla may still be in play and that the “erratic” moves may lead to more talks with other investors.
“In any scenario, we think Tesla needs new capital to fund midterm growth or risk a de-rating of its valuation multiples,” the analyst wrote.MORE NEWS: Dallas Police Trying To ID Lumber Thief Caught On Tape At Construction Site
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