Tesla shares down $40 billion after Musk says big deal with Hertz not "signed yet"
CBSN
Shares of Tesla Inc. tumbled around 4% by Tuesday trading after its CEO and founder Elon Musk tweeted that a reported deal to sell 100,000 cars to Hertz had not been signed, suggesting it was not final.
Shortly after the market close Monday, an account called "Tesla Silicon Valley Club" tweeted an image of a graph showing Tesla's recent 8.5% gain and thanked Musk. Musk replied "You're welcome! If any of this is based on Hertz, I'd like to emphasize that no contract has been signed yet."
Hertz had announced last week it was buying 100,000 electric vehicles from Tesla, one of the largest purchases of battery-powered cars in history. Financial details of the deal — such as how much Hertz was paying per car or the total price — were not revealed at the time.
