Telsa drops California lawsuit over coronavirus shutdowns
CEO Elon Musk previously took to Twitter to threaten to move the company
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Tesla on Wednesday dropped a lawsuit it filed earlier in the month against California’s Alameda County that claimed its mandated coronavirus shutdowns go against state policy, according to Reuters.
The electric carmaker, fueled by Chief Executive Officer Elon Musk, had been pushing to reopen the factory after local health officials shuttered business to curb the spread of the virus.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 357.09 | +11.93 | +3.46% |
JUDGE SHELVES TESLA SHAREHOLDER SUIT TO BLOCK ELON MUSK TWEETS
Musk had also taken to Twitter to threaten to move the company to Texas or Nevada.
“The unelected & ignorant ‘Interim Health Officer’ of Alameda is acting contrary to the Governor, the President, our Constitutional freedoms & just plain common sense,” he wrote in a May 9 tweet. “Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately.”
TESLA FURLOUGHED 11,000 CALIFORNIA WORKERS IN CORONAVIRUS BEFORE CONTENTIOUS RESTART
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Tesla halted production in late March before ramping up production this month. In its first-quarter earnings report, the company said it turned a $16 million profit and generated $5.98 billion in revenue.
Shares closed at $815.56 and were up 323 percent on the year.