Tesla Shares Get Late Boost on April Fool’s Press Release
Shares of Tesla Motors Inc. jumped and trading volume surged in the final minutes of trading on Wednesday after the electric car maker issued a press release proclaiming the launch of a new product that turned out to be an April Fool’s Day prank, reported Reuters. With about five minutes remaining in the trading day, ... Read More »
Shares of Tesla Motors Inc. jumped and trading volume surged in the final minutes of trading on Wednesday after the electric car maker issued a press release proclaiming the launch of a new product that turned out to be an April Fool’s Day prank, reported Reuters.
With about five minutes remaining in the trading day, the company posted a statement on its official website under the headline: “Announcing the Tesla Model W.”
In the following minute, the stock jumped about $1.50 or about 0.75 percent from its level the moment before to as high as $188.50.
Nearly 400,000 shares traded in that time, and it was the heaviest one minute of trading volume in the stock since the opening 60 seconds of trading on Feb 12.
Tesla shares quickly retraced most of that upward move and ended the session at $187.59, down 0.63 percent from Tuesday’s close.
The Tesla statement appeared to be a parody of the recent announcement by Apple Inc. that it was launching a computerized wrist watch product later this month called the Watch.
The first paragraph said: “Tesla today announced a whole new product line called the Model W. As many in the media predicted, it’s a watch. That’s what the “W” stands for.”
“This is in no way a competitive response to what some other company is doing,” the release concluded.
Reuters and at least one other news organization published headlines based on the statement.
“We have withdrawn the headlines and regret putting out the material,” a Reuters spokeswoman said.
Tesla said in an email that the statement was an April Fool’s Day prank. The announcement was one of two April Fool’s Day pranks produced by Tesla on Wednesday. The other included a video promoting a new self-driving car that helps owners of its Model S vehicles to evade traffic and parking tickets.
A spokeswoman for the U.S. Securities and Exchange Commission declined to comment.
More Industry

Nebraska Rooftop Changes Hands
The Gregg Young Automotive Group has sold its second dealership to Janssen Auto Group, both in Plattsmouth, Neb.
Read More →
Penske Auto Group Deal a Record
The deal to take the dealership and transportation services company private sets a new pace for industry buy-sell transactions.
Read More →
War Toll a Damper on Used Auto Prices
Cox Automotive found wholesale depreciation to be elevated in September amid high fuel prices and this year's unusual hurricane season.
Read More →
Bridge the Maintenance Gap
With many drivers missing recommended maintenance, service departments offering transparency and efficiency have a better chance of reaching financially strained consumers.
Read More →
California Store Has New Owner
The longtime dealership in the northern part of the state is known for robust fleet sales and has served the state capital for 115 years.
Read More →
BMW Plant Pursues Cleaner Energy
BMW Group Plant Leipzig has utilized hydrogen to help power its production since 2013, but a new pipeline is planned to take it to another level.
Read More →
Auto Affordability Inches Up
The latest Cox Automotive and Moody’s Analytics index shows a slight increase in new-vehicle affordability despite high prices.
Read More →
Ohio Auto Group Under New Ownership
After 79 years with the Schluter family, Mansfield Auto Group has been acquired by Missouri-based Clement Auto Group.
Read More →
RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →