Tesla Stock Reaches An All-Time-High of $420
Over a year ago Elon Musk tweeted that he had “secured funding” to make Tesla private at $420 a share.
At the time Tesla’s stock wasn’t worth anywhere near that amount. However, on Monday Tesla stock reached an all-time-high of $420.84 per share.
Musk wasted no time in taking to Twitter to share the feat that Tesla had achieved. In a recent tweet he stated “Whoa … the stock is so high lol,” poking fun at the moment that triggered the beginning of a turbulent period for both Tesla and himself.
In August 2018, immediately after Musk’s “funding” tweet, the price of Tesla’s shares soared. The price of stock rose by around 11% however it never reached $420.
Upon inspection from the Security and Exchange Commission (SEC) they concluded that Musk’s tweets had misled shareholders.
Furthermore, according to the regulator he never actually secured the funding to make the company private.
The SEC and Musk reached a settlement agreement in October 2018 that saw Musk pay the regulator $20 million for his actions and give up his position as chairman of the company.
According to the New York Post, shares of Tesla rose 3.8 percent Monday morning to hit the all-time high of $420.84 — marking a 125 percent rebound from their May 31 low of $185.16.
Tesla’s stock is up more than 50 percent since Oct. 25, when it surprised Wall Street by delivering a small profit in its latest earnings report instead of an expected loss.