TELL - Why Tellurian Stock Plummeted by 24% Today
2024-03-18 18:31:09 ET
Liquefied natural gas (LNG) specialist Tellurian (NYSEMKT: TELL) was targeted with a widespread investor sell-off on Monday. The market seemed to be in panic mode following some concerning developments at the company and briskly traded out of the stock. It fell by almost 24% on the day, indicating sharply rising doubts about the company's viability.
In a one-two punch that sent investors reeling, Tellurian revealed that its leader has stepped down, and that it is considering a sale of the company.
CEO Octávio Simões stepped down from his role the preceding Friday, the company said, and will serve Tellurian in an advisory capacity until his planned retirement in June. He is the second top executive at the energy company to head for the exit door in nearly as many months -- last December, Tellurian pushed out Charif Souki from the position. Souki was also the company's chairman at the time, and is one of its founders.
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Why Tellurian Stock Plummeted by 24% Today