TSLA Stock Down 1.69%, Tesla Drops Lawsuit against Alameda County over Shutdown Order

On May 21, 2020 at 3:16 pm UTC by Christopher Hamman · 3 min read
TSLA Stock Down 1.69%, Tesla Drops Lawsuit against Alameda County over Shutdown Order
Photo: Depositphotos

Tesla (TSLA) stock prices rose yesterday but today it is falling. Meanwhile, it has become known that the EV maker decided to drop its lawsuit against Alameda County officials related to the lockdown order.

Tesla Inc (NASDAQ: TSLA) stock prices went up 0.93% at the end of yesterday’s trading day. Sources say that this happened as the EV maker Tesla decided to drop charges against Alameda County court documents show.

However, today TSLA stock is losing its value. Now it is 1.69% down, at $801.74. The company’s market cap is $148.53.

Tesla sued the county during CEO Elon Musk‘s quarrel with county officials over the opening of its Fremont facility. The County had shut down almost all but essential activities. The Fremont facility closed down on March 23rd. 

Tesla (TSLA) Stock Down as Elon Musk Quarrels with Alameda County Officials

Elon had previously described the shelter-in-place regulations as “Fascist”. Tesla reopened the Fremont plant against the instructions of officials. Musk also indicated that he will be on the floor working. He went as far as daring the authorities to arrest him. he also threatened to move the facility out of California. 

Telsa’s Gigafactory workers also received an e-mail to resume work at around the same time. 

Alameda County officials after that approved Elon’s reopening plans. That hasn’t stopped Musk though from scouting for new factory locations. Several states are said to be interested in having a Tesla facility.

A top runner on this list is Tulsa Oklahoma. Tulsa has gone as far as refurbishing its driller statue to look like Elon Musk. They went even further and painted a Tesla log on its chest. The driller statue also added a Tesla belt buckle to complete the outfit. 

The new-look was unveiled by city officials at a press conference on Wednesday afternoon. This was at the Tesla expo center. Several Tesla cars were noted outside the venue. The building has notably hosted the international petroleum trade show for several years. 

 Tulsa Mayor G.T. Bynum said:

“I think it’s pretty cool. It’s a way of showing how we want to roll out the red carpet and partner with this company.” 

Tulsa Oklahoma and Austin Texas have been selected as finalists for new factory locations. the factory is expected to employ up to 10,000 people.

It is uncertain when a decision will be made. 

Oklahoma Offers Several Advantages

Oklahoma offers several advantages for Tesla. The top two are low tax rates and a low cost of living. The low cost of utilities offers a strategic advantage to companies like Tesla. 

Automakers also stand to gain several tax breaks. This includes a Quality Jobs program. The program offers several incentives. Cash rebates are given to companies that create good jobs for state residents. 

There is also a sales tax exemption. This exemption is only applied to the purchase of equipment. Also, a five-year property tax exemption enables companies to save on property taxes for the period. 

Besides, there is an automotive engineer tax credit. This is applied up to 10% of an Engineer’s salary. A $5,000 annual income tax credit seems to seal the deal.

With these and the friendly nature of Tulsa residents, it could just be that Tesla could set its factory down in Tulsa (pun intended).

Then again, Elon Musk is known to be unpredictable.

Business News, Market News, News, Stocks, Technology News
Christopher Hamman
Author: Christopher Hamman

Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.

Share this article

Related Articles