Tesla shares rise over 2% in premarket after Musk promises to step down as Twitter CEO


Shares of Tesla Inc. TSLA, -8.05% rose 2.2% to $140.60 in premarket trading on Wednesday, after the Chief Executive Officer Elon Musk vowed to abide by Twitter poll in which 57.5% of voters said he should give up that top post at the social media company. Musk said late Tuesday that he would resign as soon as he finds “someone foolish enough to take the job,” after which he’ll focus on software and sever teams. His thus far chaotic tenure running Twitter, which he bought for $44 billion in October, appears to have come at a cost. Tesla shares are now worth less than oil giant Exxon XOM, +1.45% and set for their worst month, quarter and year in history. Shares tumbled 8% on Tuesday after falling below what is seen as a “critical battle line” of $150 a share.

This article was originally published by Marketwatch.com. Read the original article here.

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