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Elon Musk's latest big idea is daring even by his standards: He wants to turn Tesla into a private company.He stunned investors on Tuesday with a tweet saying he had already lined up the funding, and he told employees that it would relieve the electric car company of the "enormous pressure" of Wall Street's expectations.In a letter to Tesla workers that was posted on the company's blog, Musk called his idea the "best path forward.""As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders," he wrote.He also said trading its stock publicly "means that there are large numbers of people who have the incentive to attack the company." Musk has complained repeatedly about short-sellers, who profit when Tesla stock drops.Musk, the CEO and largest shareholder, said on Twitter that the private funding valued Tesla at 0 per share. Tesla is already the most valuable automaker in the United States.The early afternoon tweet sent Tesla stock spiking by almost 9%. Trading in Tesla was halted for more than an hour before Tesla posted Musk's letter to employees on its blog. It finished up 11%, at 9.The stock had climbed slightly earlier in the day after the Financial Times reported that Saudi Arabia has quietly built a big stake in the company.At first, Tesla had declined comment on Musk's tweet, even as he casually engaged Twitter followers with more posts about his plans.Musk said that he hoped all current investors would stay with Tesla even if it went private. He said he would create a special fund to allow that. Fidelity, the investment firm, has such a fund for its stake in SpaceX, a separate private company also run by Musk.He pledged to hold on to his stake in the company, about 20%, no matter what. He said he was "super appreciative" of Tesla shareholders, and vowed to "ensure their prosperity in any scenario."Tesla has burned through cash while struggling to produce the Model 3, its lowest-priced electric car. That has driven the stock lower and raised concerns about whether Tesla will need to sell more shares to pay for expansion. Musk has insisted Tesla has no such need.Musk has also clashed repeatedly with critics, especially investors who have taken short positions on the stock, meaning they benefit when the price falls. He clashed with analysts on a contentious call after Tesla reported earnings three months ago.Gene Munster, managing partner at Loup Ventures and a top tech analyst, said the odds that Musk will take Tesla private were about one in three. But he said the idea made a certain amount of sense."Musk does not want to run a public company," Munster wrote on his website. "His mission for Tesla (to accelerate the globe's adoption of sustainable energy) is both grand and long-term, making it difficult to accommodate investors quarterly expectations."It would cost about billion to take Tesla private at 0 per share. Before Musk's tweet, Tesla had a market value of billion, already higher than that of General Motors or Ford, even though those companies are significantly larger and more profitable.In fact, Tesla has turned a narrow profit in only two quarters since it became a public company in 2010. Musk has vowed that the company will start turning a regular profit in the second half of this year.In a 2013 report, the SEC said companies can use social media outlets to announce important information, so long as they comply with regulations and "investors have been alerted about which social media will be used to disseminate such information."The SEC issued that report after Reed Hastings, the CEO of Netflix, used a Facebook post to congratulate Netflix's chief content officer on record-breaking viewership. Netflix stock moved higher as a result.Tesla said in a regulatory filing in 2013 that investors interested in keeping up with Tesla should follow Musk's account.The SEC declined comment on Musk's tweet.Musk has a history of outrageous behavior on Twitter.On April 1, amid rising market concerns about a cash crunch at Tesla, he tweeted an email announcing that Tesla would have to file for bankruptcy. The tweet was apparently an April Fool's joke.Musk also faced intense public criticism after he suggested in a tweet that one of the rescuers of the Thai soccer team trapped in a cave was a pedophile.He later deleted that tweet and apologized for that exchange, but at least one analyst suggested Musk needed to get off Twitter to restore investor confidence in the company.After Musk, the next largest shareholders in Tesla are the mutual fund giants T. Rowe Price and Fidelity, with stakes of more than 9% and 8%, respectively, according to Thomas Reuters Eikon.Scottish money manager Baillie Gifford, which recently urged Musk to focus less on tweeting and more on running the business, is the fourth-largest shareholder, with a nearly 8% stake. Chinese tech giant Tencent owns almost 5%.James Anderson, a Baillie Gifford fund manager who recently called out Musk's tweeting in an interview with Bloomberg, had no comment about Musk's tweets on Tuesday. Fidelity and T. Rowe Price also declined comment.— CNNMoney's Donna Borak contributed to this report.The-CNN-Wire 5277

Family, friends and the many admirers of Aretha Franklin packed Detroit's Greater Grace Temple on Friday to celebrate the life, legacy and music of the "Queen of Soul."It was a service fit for the Queen, who died earlier this month at the age of 76 after a battle with pancreatic cancer.The funeral was full of mourning and laughter, of rousing gospel music and soulful hymns befitting of the first woman to be inducted into the Rock & Roll Hall of Fame, who won 18 Grammys and a Grammy Lifetime Achievement Award, among many other honors.Singers like Ariana Grande, Faith Hill, the Clark Sisters, Chaka Khan, Fantasia Barrino-Taylor, Jennifer Hudson and Stevie Wonder rallied funeralgoers and brought them to their feet to dance and sing with Franklin's "(You Make Me Feel Like) A Natural Woman," "I'm Going Up Yonder," "Take My Hand, Precious Lord," and "Amazing Grace," to name a few.Stevie Wonder gave the last performance before Franklin's family exited the church. Whipping out his harmonica, Wonder played a musical rendition of the "Lord's Prayer.""Were it not for God's goodness, God's greatness, we would've never known the queen of soul," Wonder said after finishing with the harmonica. He ended with his 1976 song "As," which brought people to their feet.Spoken tributes and remembrances from religious and political leaders underlined the influence of a woman who stood on the front lines of the civil rights movement, with her music as a frequent anthem.Rev. Al Sharpton, Rev. Jesse Jackson and former US Attorney General Eric Holder were among those who came to pay their respects and offer kind words and remembrances.Former President Bill Clinton fondly recalled the last time he saw Franklin, when she greeted him with, "How you doing, baby?"It was a star-studded occasion, but it wasn't about who was or wasn't famous. Her former neighbor, Ron Moten, told the story of the time his friend Aretha gave a concert at his mother's assisted living facility on her 90th birthday.And fans around the world collectively followed the funeral for more than six hours, using the hashtag #ArethaHomegoing.All those gathered had come to say their last goodbyes to a woman and an artist who profoundly impacted each of them, the city of Detroit and the world. "She gave us pride," Sharpton said during his remembrance. "And she gave us a regal bar to reach, and that's why we're all here."We don't all agree on everything," he said. "But we agree on Aretha." 2485

ENCINITAS, Calif. (KGTV) — Dr. Pat Davis stood atop the bluffs at Grandview Beach in Encinitas on Friday, holding back tears."Bear with me, please," he says. "This is only the second time I've been near the beach since the accident."That accident, on Aug. 2, 2019. His wife, Julie, daughter Annie, and sister-in-law Elizabeth were on Grandview Beach, when the bluff above them crumbled and fell, killing them.RELATED: Lawmakers hope 0K federal grant will help prevent future bluff collapse in Encinitas"Believe you me," Davis says, "It'd be a lot easier to not come down here. I came down here about a week ago for the first time in six months and it was difficult."But Davis made sure he would be there Friday, to help announce the first significant federal money devoted to help make the bluffs safer.Congressman Mike Levin announced 0,000 to start the engineering phase of the project to help prevent the tragedy from occurring again.RELATED: Community, husband of victim push for Encinitas bluff stabilization"The primary purpose of the project is to stabilize tall bluffs that erode due to high-energy storm swells and rising sea levels, posing threats to life, property and critical infrastructure," Levin said.There's still a ways to go.The project needs another roughly .5 million dollars for engineering, and it's estimated to cost million to carry out every five to 10 years. Levin said he'd continue to fight for the funds.RELATED: Geologist Dr. Pat Abbott assesses bluff damage in EncinitasIt's also unclear what the project will entail beyond sand replenishment.Davis says it's a start, but there's more to be done. He says he'd like to see more education about staying 40 feet from the bluffs; more blunt warning signs saying people have died at the beach; beach closures to families at high tide or when there is no safe are away from the bluffs, and 100-foot safe zones where parents know it is safe for their kids to play."I'd like to be able to at least say that I tried to do something," Davis says. 2038

Ever since their older brother competed in the Scripps National Spelling Bee years ago, twin brothers Garrett and Pierce Bryner have dreamed of making it to the bee — together.This year, they’ll see that dream become reality. “It’s kind of historical, I guess you’d say,” said Garrett, who made it to the national bee — without his brother — last year.Previously, twins would never have been able to make it to the bee together, as one would have always beaten the other out. But thanks to new qualifying rules put in place this year which incorporate a point system, two sets of twins are now going to be on the national stage for the first time in the spelling bee's 91-year history: the Bryner twins, and another set of twins from Mississippi.Garrett’s brother Pierce will become the third sibling in the Bryner family to attend the bee.Their mom, Liz Bryner, who has shepherded her kids through her share of bees, says that while the two will be nervous, for the parents, its on a whole other level.“I think nothing compared to the Bee in terms of the stress level,” Liz said from her home in Utah. “If you look around at the parents they’re often more nervous than the kids. I think it’s really a nail-biting experience.”Garret and Pierce say they can be competitive when it comes to studying. "Sometimes the other one jumps in tries to spell the word before the other one,” Pierce said. Ultimately they hope for the best for each other.“I just cheer him on,” Pierce said.They’ve been studying as much as they can, Liz said, but as eighth grade boys, surrounded by the rugged landscape of Utah, their attention span only lasts so long before they want to get back outside and hop on their bikes.“I don’t think we’ve ever gone longer than probably 90 minutes at a time,” she said. “That’s about as long as anyone’s been willing to do.”“To know that they can both understand what it’s like to be there at the national bee to compete, and it’ll be something they share,” she said. “The fact that they can share this experience is just incredible as a mom.”ESPN, which broadcasts the bee, has seen viewership numbers for the annual contest that have hovered around one million people. The twins’ trick to calm their nerves?“Focus more on the words than the audience,” Garret said with a smile. Editor’s note: This publication is owned by the E.W. Scripps Company which sponsors the Scripps National Spelling Bee. 2471

ENCINITAS, Calif. (KGTV) - A North County school district said it was hacked last week, forcing them to shut down parts of their network during registration week.The San Dieguito Union High School District sent out an email to parents on Thursday alerting them to “an attempted malware attack” on August 9.While they called it “attempted,” Superintendent Robert Haley confirmed to 10News that district IT employees detected malware implanted in the district’s system. However, Haley assured parents that no data had been viewed or taken from their network.As of Thursday, the parent portal remained shut down, which is where parents were supposed to input information for the start of the school year.In the email to parents, Haley said the portal would remain unavailable through the weekend. They have extended the deadline for parents to submit the required information.“SDUHSD is sorry for the inconvenience, however, protecting student and staff privacy is of the utmost importance,” wrote Haley. 1009

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