'Oil barons are behind plot to sink Tesla': An extraordinary claim emerges as the car maker's shares dip 5% | WHAT REALLY HAPPENED


'Oil barons are behind plot to sink Tesla': An extraordinary claim emerges as the car maker's shares dip 5%

Oil companies are trying to sink Elon Musk's Tesla because of fears they will be hit by the rise of electric cars, it has been claimed.

Ross Gerber, the boss of US wealth manager Gerber Kawasaki, said short sellers betting against the company were being backed by Big Oil.

He said it was in the interests of these firms to talk down Tesla because they stood to lose billions of dollars if electric cars became widespread. About a third of global oil demand is from cars.

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