New York City Comptroller Brad Lander is pushing for the city to file a shareholder lawsuit against Tesla Inc., alleging the automaker misstated how much CEO Elon Musk’s work for the Trump administration has pulled him away from the company.
Tesla shares have lost more than half their value in a span of just three months, and Cantor now believes there’s 80% upside.
Those shareholders include the five New York City pension funds, for which Lander is custodian. Their aggregate value of Tesla common stock fell to $831 million on March 28 vs. $1.3 billion on Dec. 31. Total pension system assets are $284.3 billion.
Tesla TSLA stock down 31.67% YTD and 8.95% in past month. Technicals show bearish trend but buying pressure indicates potential for future bullish movement.
Tesla Inc.’s stock is in a freefall. Its sales are plunging around the world. Even its most avid Wall Street bulls are turning cautious. But one group is buying the electric-vehicle maker’s shares like never before: CEO Elon Musk’s fans.
The investment advisor to the city's five pension funds, which have collectively lost more than $300 million amid the stock's 40% plunge, is calling for legal action.
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