3:28 PM, Mar 27, 2018 — Tesla (TSLA) shares plunged Tuesday after the National Transportation Safety Board said on Twitter that it’s investigating a fatal crash involving one of the company’s cars last week.
Two NTSB investigators are conducting a field investigation into the crash that happened on March 23 near Mountain View, California. It’s “unclear if automated control system was active at time of crash,” the NTSB said on Twitter. “Issues examined include: post-crash fire, steps to make vehicle safe for removal from scene.”
Tesla shares on Tuesday dropped 7.8% to the lowest level in almost a year.
Vilas Capital Management’s John Thompson told Marketwatch that Tesla will be bankrupt within four months unless Elon Musk “pulls a rabbit out of his hat.” He said he doesn’t see the company ever turning a profit and that its income statements is one of the worst he’s ever seen. Thompson has a big short position on the company — in fact, his fund’s biggest position is the Tesla short, according to Marketwatch.
Companies: Tesla, Inc.
Price: 280.33 Price Change: -23.85 Percent Change: -7.84