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Thursday, August 22, 2019

Tesla jumps after Volkswagen's CEO reportedly says he would invest in the company if he could (TSLA)


Ben Winck
 Aug. 22, 2019, 08:57 AM
herbert diessMichael Sohn / Associated Press
  • Tesla shares rose than 2% in early Tuesday trading after a report from Manager Magazine said Volkswagen CEO Herbert Diess would invest in the company if he could, according to unidentified VW staff.
  • The German automotive conglomerate has the cash to invest in Tesla if it so desired.
  • The magazine noted it would be difficult to convince the Piech and Porsche families — VW's biggest shareholders — to approve such an investment.
  • Watch Tesla trade live here.
Tesla shares rose more than 2% in early trading Thursday after a report from Manager Magazine said Volkswagen CEO Herbert Diess would invest in the company if he could, citing unidentified VW staff.
The German automotive giant has the cash to invest in Elon Musk's company if it wanted to, the magazine added. Manager Magazine noted it would be difficult to convince VW's biggest shareholders, the Piech and Porsche families, to approve such an investment.
A VW spokesperson denied the comments to CNBC Thursday morning, calling them "completely unfounded" and "pure speculation."
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