Tesla Shares Jump After CEO Tweets Plans To Unveil 'Not A Car'
PALO ALTO (CBS SF) - Electric car maker Tesla has a new product in the works, but it's not a new model, according to CEO Elon Musk.
Major new Tesla product line -- not a car -- will be unveiled at our Hawthorne Design Studio on Thurs 8pm, April 30
— Elon Musk (@elonmusk) March 30, 2015
It's not clear what Musk is hinting at, but it sent shares of the Palo Alto based car maker climbing. The SpaceX chief and PayPal founder has become must-follow on Twitter for tech sector investors.
Earlier this month Tesla shares jumped after Musk said he would "end range anxiety" for Model S drivers by providing a software update. Sending the shares up several dollars.
Some people seem to think I tweet to affect share price. This is false. A brief rise in $TSLA stock obviously does no good for Tesla or me.
— Elon Musk (@elonmusk) March 16, 2015
During trading Monday, shares jumped over two percent (about $4) immediately following the Tweet.