Elon Musk is at it again. Last week the Tesla founder roiled the markets with a mysterious tweet about how he wanted to take his electric car company private at $420 a share — well above its $342 price the day before the tweet — and had “ funding secured”.
The shares shot up by as much as 10 per cent, but gave up most of their gains later in the week after the Tesla board put out a statement suggesting that talks were at a preliminary stage.
The US Securities and Exchange Commission is said to be investigating whether the tweet broke market manipulation rules, and class action lawyers are starting to file claims on behalf of investors who bought or sold based on the announcement.
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