Securities lawyers shocked by Elon Musk’s tweet, point to potential legal minefield

So he’s thinking about taking Tesla private? Shares of Musk’s crony car company spiked on the news.

(From CNBC)

Tesla shares jumped almost immediately. Musk has 22.3 million followers on Twitter. The stock was already moving Tuesday after the Financial Times reported that Saudi Arabia’s sovereign wealth fund had taken a $2 billion stake in Tesla.

Securities lawyers said they were shocked by the tweet. “I do not believe this is the appropriate way to suggest going private,” said Charles Elson, the director of the John L. Weinberg Center for Corporate Governance at the University of Delaware.

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