Economy

Elon Musk tweets about going private and shares 'skyrocket'

Elon Musk tweets about going private and shares 'skyrocket'

A tweet from Tesla boss Elon Musk's account suggests he is "considering" taking the electric vehicle firm private.

Shares in Tesla were up sharply following the tweet, trading at $363 at the time of writing. The company had a market value of $58bn as of Monday's close. Musk owns almost 20 percent of the company.

Before its recent rally, Tesla's share price had been in a downward spiral for much of the summer, as the company struggled to meet production targets for its midrange Model 3 sedan.

Venezuelan leaders in Miami warn of attacks by Maduro against opposition
Attackers are believed to have used two DJI M600 drones that each carried 1 kilogram of C-4 explosive. Meanwhile numerous culprits identified by President Maduro have denied any involvement.

Tesla did not immediately respond to a request for clarification. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.

Tesla's stock spiked Tuesday after Musk made the abrupt announcement in a terse tweet.

"Am considering taking Tesla private at $420", Musk tweeted on Tuesday, adding that he had "funding secured". Shares are up as high as 9% on the day. The fact that the tweet gives a specific price, and that $420 is a long-standing marijuana in-joke, makes it even more possible that this is a hoax or Musk's idea of a joke.


  • Resolution passed to remove President Trump's Hollywood Walk of Fame star

    Resolution passed to remove President Trump's Hollywood Walk of Fame star

    He was also ordered to pay US$3700 to the Hollywood Historic Trust and $700 to the Hollywood Chamber of Commerce for the damage. The Council is expected to vote Monday on whether or not to ask the Los Angeles City Council for the removal.
    Serena Williams withdraws from the Rogers Cup in Canada for personal reasons

    Serena Williams withdraws from the Rogers Cup in Canada for personal reasons

    However, the 23-time singles Grand Slam champion was defeated by Johanna Konta at the Mubadala Silicon Valley Classic on Tuesday. Cornet beat Williams all three times they played in 2014, including the third round of Wimbledon.
    Elderly men escape nursing home for heavy metal concert

    Elderly men escape nursing home for heavy metal concert

    But police, sensing the men's reluctance to leave, sent a patrol auto to follow the taxi to make sure there were no mishaps. The men were found around 3 a.m.at the festival, and they were " disoriented and dazed " but reluctant to leave.
  • Facebook might add your banking info to Messenger

    Facebook might add your banking info to Messenger

    When news of the potential partnerships became public, Facebook shares increased by about 3.5% through midday. Despite this, Facebook claimed in a statement that the data would not be used for advertisement targeting.

    Outside firm will head Meyer probe; expected to take 2 weeks

    Ohio State opened preseason practice on Friday and starts the season September 1 against Oregon State. We now have an idea of when Ohio State will decide the fate of head football coach Urban Meyer.
    Courtois Eager To Dump Chelsea For Real Madrid

    Courtois Eager To Dump Chelsea For Real Madrid

    The Belgian, who had a strong World Cup in Russian Federation , has been strongly linked with a move to the Bernabeu. Courtois' family still reside in the Spanish capital from his time playing for Atletico Madrid .
  • United Kingdom  weather to stay warmer than average until October

    United Kingdom weather to stay warmer than average until October

    However, by the start of September, the weather pattern is expected to slow, resulting in "settled" conditions. Sheffield has been sweltering in the summer sun for weeks on end with temperatures pushing 30C on many days.
    11 kids rescued from compound in northern New Mexico

    11 kids rescued from compound in northern New Mexico

    It took law enforcement hours to secure the property, as both Wahhaj and Morten initially refused to follow verbal commands. The Sheriff's Office Response Team moved on the compound Friday morning with help from state investigators.
    Real Madrid boss Julen Lopetegui ends Luka Modric to Inter Milan talk

    Real Madrid boss Julen Lopetegui ends Luka Modric to Inter Milan talk

    The Serie A club have their sights set on acquiring the Croatian midfielder, who is open to the move according to La Gazzetta dello Sport .
  • Indra K. Nooyi is stepping down as Pepsi’s CEO

    Indra K. Nooyi is stepping down as Pepsi’s CEO

    The company's board announced Monday that it elected Ramon Laguarta, president of the company since 2017, to succeed her as CEO. During Nooyi's 12-year tenure as CEO, PepsiCo focused on healthier drinks as sales of its signature Pepsi-Cola declined.
    Trump says his son sought information on Clinton from Russians in 2016

    Trump says his son sought information on Clinton from Russians in 2016

    Trump campaign officials sat down in June 2016 with a Kremlin-linked lawyer who promised dirt campaign rival Hillary Clinton . Mueller would have the option to issue a subpoena compelling the president to testify if Trump chose not to be interviewed.
    Why the RBS share price could be a bargain after dividend news

    Why the RBS share price could be a bargain after dividend news

    RBS CEO Ross McEwan said the bank was pleased with its progress, even in an uncertain and highly competitive environment. RBS reported an operating profit before tax of £1.8bn for the first half of this year, down from £1.95bn a year earlier.