Tesla Shares Edge Higher After Musk Walks Away From Twitter Deal
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Tesla Inc. shares rose late Friday after Chief Executive Officer Elon Musk said he’s walking away from his $44 billion bid to buy Twitter Inc., giving investors in the electric-vehicle company a measure of relief that its leader might be slightly less distracted.
There’s always been a “key man” risk with Musk. The 51-year-old billionaire already oversees four companies -- Tesla, SpaceX, Neuralink and the Boring Company -- and his involvement is critical to each of them. His bid to buy Twitter has been an overhang on Tesla’s stock: How could a top executive who is already stretched among several different ventures take on yet another company?