Elon Musk Teases Product Announcement ; Shares Up by 1.4%


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23 August 2016, USA :

Tesla Motors Chief Executive Elon Musk said on Tuesday that the company planned to make a product announcement later in the day, sending the company’s share price higher.

“Tesla product announcement at noon California time today,” Musk tweeted.

The Silicon Valley company declined to offer details before the announcement, but its shares were up about $3.20 or 1.4 percent in early afternoon trading at 226.13 a share.

He has previously tweeted planned product or company announcements that sent shares rising. In March 2015, he tweeted a “major new Tesla product line — not a car” would be unveiled the following month.

Tesla shares rose about 20% over the month before the announcement that the company was unveiling storage systems or batteries for homes, companies and utilities and expanding beyond electric vehicles.

Musk did not elaborate on what the announcement with entail, but early speculation suggests it could be related to autonomous driving with the company taking heat in the press and from regulators related to crashes involving its ‘auto pilot’ feature.

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