Tech mogul Elon Musk has clarified that his tweet on August 7 about taking his electric car company Tesla private was not related to weed. In the tweet, Musk wrote that he had secured financing to take the company private at $420 per share. The quoted price led some to speculate it was related to 4/20 references from cannabis culture.
The tweet caused a rally in Tesla stock that led to a suspension of trading shares in the company on the Nasdaq exchange. An investigation has also been initiated by the Securities and Exchange Commission.
In an interview with The New York Times, Musk said he was not high when he posted the tweet. Instead, it was just a matter of rounding numbers.
Musk had calculated that a 20 percent premium on the trending share price at the time came to $419. He then simply rounded that figure up to $420.
“It seemed like better karma at $420 than at $419,” Musk said. “But I was not on weed, to be clear.”
Musk continued by sharing his opinion about cannabis.
“Weed is not helpful for productivity,” said Musk. “There’s a reason for the word ‘stoned’. You just sit there like a