Elon Musk Says Tesla Share Price Is Too High

Tesla’s chief govt, Elon Musk, mentioned on Twitter on Friday that the corporate’s inventory value, which had been surging in current weeks, was “too excessive” in his opinion. The inventory fell sharply after the put up, and closed 10.three p.c down.

The company revealed in a regulatory filing this week that it had taken the weird step of dropping an insurance coverage coverage that protected its board members from lawsuits, a regular characteristic at publicly traded corporations, as a result of the charges have been too excessive. As an alternative, Mr. Musk agreed to personally present protection to the board for one 12 months.

The board, which incorporates Mr. Musk’s brother and a number of other longstanding enterprise associates and buddies of the chief govt, decided that the association wouldn’t threaten its independence for the reason that protection is ruled by a binding settlement with Tesla.

Tesla didn’t instantly reply to a request for remark.

Peter Eavis and Neal E. Boudette contributed reporting.

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