Elon Musk is getting a laugh out of a 503-day-old marijuana joke that securities regulators didn’t find so funny.
Tesla climbed above $420 for the first time Monday as fresh financing arranged from banks in China added to optimism supporting a months-long rally. Musk, who was sued by the US Securities and Exchange Commission last year for falsely tweeting he had funding to take the company private at that price, cracked a joke about the milestone on his favorite social-media platform.
Tesla advanced as much as 4 per cent to $422.01, rising a fourth consecutive day. The electric-car maker is said to have lined up more than 10 billion yuan ($1.4 billion) in financing from local banks for its Shanghai factory as it prepares to begin deliveries of China-made Model 3 sedans in the country. An announcement will probably be made as soon as this week, according to a person familiar with the matter.