Tesla drops 5% after Musk’s trial delayed
Tesla Inc. CEO Elon Musk’s trial has been postponed until further notice as a result of the coronavirus outbreak, a spokesman at Delaware’s Court of Chancery said on Friday.
Musk was scheduled to appear in court on Monday to defend his $2.2 billion acquisition of SolarCity after he was sued by union pension funds and asset managers for allegedly wrongly representing SolarCity’s financial state in 2016 to benefit himself.
Tesla shares dropped 5.67% to $528.55 at 1:28 pm ET on the news the trial was delayed.
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