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Nasdaq faulted over Tesla after Musk’s ‘financing secured’ buyout tweet – The Wall Street Journal
Many investors have questions about Tesla Chief Elon Musk’s unexpected tweet last week about a company buyout - including why Nasdaq took more than an hour to halt trading in Tesla shares.
JOHANNESBURG — As the dust settles and traders wonder where Tesla CEO Elon Musk will find the $70bn needed to close the biggest leveraged buyout in history, there are some real questions around governance which need answering. The one on many lips is why the Nasdaq let the trading frenzy in Tesla shares continue for more than an hour after Musk's 'financing secured' buyout tweet. And then reopened trading an hour later. And what leads to more suspicious eyes is that both Nasdaq and Tesla have declined to comment on the situation. So while Musk may have intentionally found a few suitors with his tweet, unintentionally he may have raised a few governance issues at the Nasdaq. – Stuart Lowman
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