Visitors Now:
Total Visits:
Total Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Tesla and SolarCity shares up after Musk tweet

Monday, October 10, 2016 7:45
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Shares in both Tesla Motors (NASDAQ: TSLA) and SolarCity (NADAQ:SCTY) gained ground on Monday after Elon Musk performed an apparent U-turn and said neither needed to raise cash or debt in the current quarter as they head towards a merger.

Entrepreneur Musk is the chief executive of the electric car giant and the main shareholder and chairman at the solar power firm.

In a tweet on Sunday, Musk had stated he wanted to correct expectations that Tesla/SolarCity will need to raise equity or corp debt in the fourth quarter.

“Won’t be necessary for either,” he tweeted.

Two days before on Friday Tesla said in a regulatory filing that it intended to raise new funds by the end of the year.

The statement said the company’s current operations would provide “adequate liquidity” through to the end of the fiscal year, but it plans to raise additional funds before the year ends.

Musk proposed buying SolarCity in June and shares plunged 10% the following trading day. The proposed merger is set to go for a vote before shareholders in both companies.

He also tweeted on Sunday  that a new “Tesla product” would be unveiled on October 17 followed by the October 28 introduction of a combination of solar power, battery storage and electric-vehicle charging systems.

Speculation is mounting that it may be a new car or motorbike.

Shares in Tesla are up 3.45% to US$203.39 on Monday, while SolarCity shares are up 5.25% to US$19.66.

Story by ProactiveInvestors

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.