Tesla's German shares fall after CEO Musk drops plan to take company private

Germany-listed shares in Tesla fell more than 3 per cent in early deals on the Tradegate exchange on August 27 after Chief Executive Elon Musk called off his bid to take the company private.

Musk said late on August 24 he would heed shareholder concerns and no longer pursue a $72 billion deal to take the luxury electric carmaker private, abandoning an idea that stunned investors and drew regulatory scrutiny.

Tesla shares have been trading well below their level on August 7 when they rallied after Musk announced on Twitter he was considering taking Tesla private for $420 a share, saying funding for the deal was “secured”.

Musk and Tesla face a series of investor lawsuits and a US Securities and Exchange Commission investigation into the factual accuracy of Musk’s tweet.