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Tesla shares inch higher after Monday’s sell-off -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : The Tesla Shanghai Gigafactory is in Shanghai, China. This Tesla logo was taken January 7, 2019. REUTERS/Aly Song

(Reuters) – Tesla shares (NASDAQ:) Inc surged in premarket trading Tuesday after speculation about a possible sale of chief Elon Musk’s stake led to a nearly 5% decline in previous sessions.

Tesla shares rose 1.7% to $1183.2 at 0917 GMT.

The market value of the electric carmaker was reduced by around $60 billion after Musk asked Twitter followers (NYSE:) whether he should let go of a $21 billion stake in the company. A majority of those polled said yes to such a sale.

Musk’s tweets raise questions over whether he violated his settlement with U.S. Securities regulators. However, analysts believe that weakness in the stock may prove temporary as investors continue to be bullish on the company’s future growth prospects.

The SEC fined him $20 million for his tweets in 2018, and he was required to resign as chairman.

Tesla filings to the SEC will be watched closely by investors for details about Musk’s plans. According to SEC rules, companies have four working days for major events reporting.

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