As Elon Musk once noted, fate loves irony.
Tesla Inc. ’s explosive share price rally in late 2019 has culminated with a milestone: the stock hit $420 a share on Monday morning.
That number was once far less auspicious for the company. In the summer of 2018, Mr. Musk, the company’s chief executive, said on Twitter that he had secured funding to take the auto maker private at $420 a share. The Securities and Exchange Commission sued Mr. Musk for securities fraud over that tweet; Mr. Musk eventually paid a fine and relinquished his role as Tesla chairman as part of a settlement with regulators.
Today, it is Tesla shareholders who have secured some Christmas funding: the stock is up about 65% since the company reported a surprise profit in October, and has more than doubled from its recent low in June. How long the good times will last remains to be seen, however: the stock hit a then-record high shortly after Mr. Musk’s famous tweet, and subsequently shed nearly half its value within a year.
Write to Charley Grant at charles.grant@wsj.com
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