On Tuesday, Aug 7, Tesla's chief executive famously tweeted: "Am considering taking Tesla private at US$420. Funding secured." In a later tweet, he announced: "Investor support is confirmed."
These announcements sent markets into a frenzy. Given that Tesla's stock price was trading at US$340 prior to this tweet, there were billions of dollars on the line for investors - not least of which was Mr Elon Musk himself, who owned more than 33 million shares at the time of the announcement. The stock price increased to nearly US$380 following the initial tweet - that's a temporary US$1.2 billion (S$1.6 billion) gain for Mr Musk.
We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Until we resolve the issues, subscribers need not log in to access ST Digital articles. But a log-in is still required for our PDFs.