Published: August 21, 2018
Musk tweeted on 7 August that he had ‘secured’ funding to take the company private, but so far no offer has been made
Investors betting on a fall in Tesla’s share price have made $1.09bn since 7 August, when Tesla founder Elon Musk tweeted he had “secured” funding to take the troubled company private.
The electric car company’s soared 11% to $379 after Musk’s so-called “Tesla tweet” that he had “funding secured” to buy out investors at $420 share. But that tweet – now the subject of legal action and a regulatory inquiry – so far has not led to an offer and Tesla’s stock has fallen 19% to $308 share.
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