Elon Musk lost his position as Tesla Chairman after posting a notorious tweet in August last year that he was "considering taking Tesl...
Elon Musk lost his position as Tesla Chairman after posting a notorious tweet in August last year that he was "considering taking Tesla private at $420. Funding secured". Over a year later, Tesla stock briefly hits $420 per share on Monday and the CEO could not hide h is joy. "Whoa a the stock is so high lol," Musk tweeted. "Stock art," he added. According to CNBC, Tesla stock reached an all-time high of $422.01 before closing Monday at $419.22 -- up more than 3 per cent and bringing Tesla's market cap to over $75 billion.
In the 16 months that followed the August tweet, Tesla stock plummeted to a three-year low just under $177 per share in June this year. Musk stunned investors again after the infamous tweet, smoking marijuana during a TV interview. The US Securities and Exchange Commission (SEC) sued Musk over the tweet, saying he misled investors by claiming falsely he had lined up funding for the take-private transaction.
Musk reached a settlement with the SEC, agreeing to give up his role as Tesla Chairman and pay a $20 million fine. According to the settlement, all tweets from Musk about Tesla's financial health, sales or delivery numbers would have to be pre-approved by a company lawyer. In February, the SEC again held Musk in contempt of court for allegedly violating a previous public disclosure settlement.
Tesla surprised Wall Street in October by registering a profitable third quarter with a total revenue of $6.3 billion riding on sales of its Model S, Model X and Model 3 electric cars. In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth.
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