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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

Evangelist Billy Graham -- a confidant to presidents, a guiding light to generations of American evangelicals and a globe-trotting preacher who converted millions to Christianity -- died Wednesday at the age of 99, his spokesman confirmed to CNN.RELATED: Remembering Billy Graham: A timeline of the evangelist's life and ministryRELATED: See photos from Billy Graham's sermons throughout the yearsGraham passed away at his home in Montreat, North Carolina, spokesman Jeremy Blume said.  499

Employees at the Buffalo Museum of Science found something they didn't know they had in their collection.According to Kathy Leacock, director of collections, that isn't difficult to do considering that the museum has over "700,000 items in their collection."What they found was an egg from the now extinct Elephant Bird. It's huge to say the least, weighing 3 1/2 pounds. The egg was not really lost, it was just thought to be a model or a replica. That's how it had been mislabeled for many years. "We found in our documentary evidence that's it's been here since 1939," Leacock said. There are only a handful of the rare eggs in existence.The Elephant Bird is believed to have gone extinct around the 17th century. This egg, thought to be priceless, will go on display at the Museum of Science May 1st. You can get more information at the museum's website.  902

Facebook has suspended 200 apps for possible misuse of user data in the wake of the Cambridge Analytica scandal.Facebook said in a blog post Monday that it has investigated thousands of apps after it emerged that Cambridge Analytica had harvested information on about 87 million users without their knowledge.It did not name the apps that have been suspended but said they would be subject to a more thorough investigation into how they handle user data.Cambridge Analytica, which worked on President Donald Trump's 2016 election campaign, used data collected via an app developed by University of Cambridge psychology professor Aleksandr Kogan. The app offered a personality test, but Facebook users who downloaded it also gave the professor permission to collect data on their location, their friends and content they had "liked."Kogan provided that data to Cambridge Analytica, in a breach of Facebook's rules. Facebook said it asked Cambridge Analytica to delete the data in 2015, but learned in March that this had not happened.Kogan has said he suspects thousands of other developers and data scientists used similar methods to gather information on Facebook users.In response to a backlash that cost the company billions in lost market value, Facebook said it would investigate every app that had access to large amounts of data prior to 2014, when it tightened its controls.Ime Archibong, Facebook's vice president of product partnerships, said in Monday's post that the company will ban any app found to have misused data. He said Facebook would notify users about such bans and make it possible for them to check whether their data was misused."We are investing heavily to make sure this investigation is as thorough and timely as possible," Archibong said.Cambridge Analytica, which announced it was closing earlier this month, has denied misusing Facebook data for the Trump campaign, and maintains its employees behaved ethically and lawfully.  1970

ENCINITAS, Calif. -- No dancing allowed. Sounds a little like the movie, “Footloose” right? Well, it’s real — and it’s the law in the city of Encinitas, California.“We got in trouble for people dancing here,” said Brie Cardosa, owner of Mr. Peabody’s Bar and Grill. The restaurant was fined ,000 for allowing their patrons to dance while listening to live music.Cardonas' restaurant has been providing food and live music for more than a decade. She said they have never had any run-ins with the law until they recent fine from the Alcohol Beverage Control.“We didn’t realize we were doing anything wrong,” Cardosa said.The fine stemmed from a city law that makes it illegal to dance in Encinitas during evening hours.Encinitas Councilman Tony Kranz believes his predecessors created the law in 1986 to prevent several dance clubs from being built in the city, or to dissuade people from behaving lewdly at alcohol-serving establishments.“I think it’s just the result of cities trying to limit their liability," he said. "And make it an enjoyable experience for everybody that comes out."The crackdown took place after the city received an overwhelming number of complaints from a number of area bars. Many Peabody’s fans have taken a stand by signing an online petition to let them keep dancing.You can find the petition here. Cardosa said dancing to music is a natural reaction, and found it hard to force her patrons to remain still. “We just don’t want to get in trouble if we’re dancing, or if someone starts moving around,” Cardosa said. “We don’t want to tell them that they can’t dance. It’s such a difficult type thing to explain to someone.”Kranz agrees. “I’ve been there before. and I’ve seen some dancing. I might have even swayed to the music a couple of times there,” he said. “The (Alcohol Beverage Control) interprets their rules that if you sway to the music, you could be in violation of the rules. That is not what city council is interested in having happen.”Encinitas City staff have started work on a revision to the current, and outdated law. In the meantime, Cardosa is hoping the petition persuades the council to let them stay as is. Her other options are to turn in a “deemed approved ordinance” application to temporarily be approved or to submit the “entertainment establishment permit,” also known as the “cabaret permit.” This would allow Mr. Peabody’s to have “dancers“ inside their venue.But that doesn't really align either. “We don’t want to be a dance club. We don’t want to be a dance venue,” Cardosa said. “I hope to have the support of the city behind us, and just you know, move on.”Cardosa said she will continue to host live music at the restaurant several nights a week, without dancing. She is working with city staff to find the best way to legally run her business while making her patrons happy. 2912

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