This Article is From Feb 28, 2019

Elon Musk Moves Tesla Shares With Cryptic Tweeting About News To Come

Elon Musk has also said lately that service operations will be a major priority for this quarter, and that Teslas are getting closer to being able to drive themselves.

Elon Musk Moves Tesla Shares With Cryptic Tweeting About News To Come

Elon Musk's Twitter feed giveth, and Elon Musk's Twitter feed taketh away.

After delivering a scare to Tesla shareholders late Monday by continuing to openly tussle with the U.S. Securities and Exchange Commission over his tweeting, the CEO seemed to send the stock climbing with cryptic posts about news coming Thursday. A company spokesman declined to elaborate.

The vague posts are the latest proof Musk, 47, can craft tweets that move Tesla shares no matter how little detail they provide. The stock rose as much as 5.3 percent on Wednesday, the biggest intraday jump in more than seven weeks, as the CEO's followers and fans speculated on what the news could be. Guesses ranged from a new-vehicle reveal to a demonstration of the company's self-driving capabilities.

Musk recently told investors Tesla had completed the engineering and design of the Model Y, the crossover that will be smaller and cheaper than the Model X. About three-quarters of the Model Y's components will be shared with the Model 3, the company's first mass-manufactured car. The sedan has been catalyst for Tesla's surge in deliveries and two quarters of profit.

In May, Musk tweeted that Tesla might unveil the Model Y any time from late 2018 to mid 2019.

The CEO has also said lately that service operations will be a major priority for this quarter, and that Teslas are getting closer to being able to drive themselves.

The SEC on Monday asked a judge to hold Musk in contempt for violating a settlement that required him to get company approval before communicating material information to investors. He breached that deal with a Feb. 19 tweet that said Tesla would make about half a million cars in 2019, the agency says. Musk posted a few hours later that deliveries would reach about 400,000.

The Tesla CEO has until March 11 to submit a brief to U.S. District Judge Alison Nathan on why he shouldn't be held in contempt. No hearing date has been set.



(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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