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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

ESCONDIDO, Calif. (KGTV) - April is Child Abuse Prevention and Sexual Assault Awareness month in America.To mark the importance of the issue, Palomar Medical Center in Escondido placed 891 pinwheels outside their facility. Each pinwheel represents a child abuse or sexual assault survivor interviewed by the hospital's Forensic Health Services department in 2017.Centers around the country have placed pinwheels at their locations to bring awareness to the issue.The National Sexual Assault Hotline is available by phone 800-656-HOPE and online here. 568

Even though Serena Williams won just ,000 in prize money during the last 12 months the tennis great has still topped Forbes' list of the world's highest-earning female athletes.The .1 million the 23-time grand slam champion earned in endorsements was enough for her to top the list for a third straight year despite not playing competitively for 14 months after revealing in January 2017 that she was pregnant with her first child.The 36-year-old made twice as much off the court than any other female athlete, while only 16 male athletes have earned more than Williams over the past 12 months from sponsorships.The top 10 females earned a combined 5 million from June 2017 to June 2018 -- down 4% from last year and 28% from five years ago.In comparison, the combined earnings of the world's top 10 highest-paid sports stars, who are all male, tops a billion dollars.Forbes' rankings of the world's top 100 highest earning athletes of 2018 did not feature a woman after Williams' earnings fell as she went on maternity leave.The company attributes the downturn in the total earnings of the highest-paid women to the retirement of popular tennis players Li Na?and Ana Ivanovic and race car driver Danica Patrick, who is ranked ninth on the list.Maria Sharapova's off-the-court income, meanwhile, is still 50% down as the fallout from her 16-month suspension for doping continues.Eight of the top 10 are tennis players, with Indian badminton player PV Sindhu and Patrick the others on the list.Australian Open champion Caroline Wozniacki is second with total earnings of million, while reigning US Open champion Sloane Stephens (.7 million) is third. 1687

ENCINITAS, Calif. (KGTV) -- Two women were rescued from a cliff in Encinitas early Sunday morning. San Diego Fire-Rescue was called to the cliffs around 2:20 a.m.According to the department, two women climbed down the cliffs and were unable to get back up. The department says the women were about a 30-foot drop away from the beach. Crews were able to carry the women to the top of the cliff in about an hour. It’s unclear if alcohol or drugs were involved in the incident. 483

ENCINITAS, Calif. (KGTV) — The victims of Friday's deadly bluff collapse in Encinitas were identified Saturday, as officials reopened the beach but cautioned that the area remained active. Speaking to the press, Encinitas Lifeguard Captain Larry Giles said the site around the collapse will remain taped off from the public as crews continue to assess the stability of the rock."From what we've learned this morning ... the area's still active. [Geotechnical consultant] is concerned about the areas to the side of the current failure failing," Giles said. "The failure is not affecting the structures up top. Geotech is assuring us that is not a factor."RELATED: Three dead, two injured in north San Diego County bluff collapseA 30-foot by 25-foot slab of rock came crashing down onto Grandview Beach at about 3 p.m. Friday, killing one person and injuring four others. Two of those injured in the collapse later died of their injuries.Two of the three victims were identified as 35-year-old Anne Clave and 65-year-old Julie Davis.Officials moved a nearby lifeguard tower next to the site of the collapse as a safety precaution, Giles said. The beach, though, would reopen to the public Saturday, Giles said.Lifeguards will be posted nearby throughout the weekend as well.SATURDAY PRESS CONFERENCE:Moments after the collapse, beachgoers and lifeguards began sifting through the rubble to save those caught in the rocks' path."The lifeguard was there, adjacent to the incident, felt it, heard it. It just happened to take place outside of his peripheral, as he was watching the water it happened behind him," Giles told reporters. "He immediately got out of the lifeguard tower, called it in, sized it up, started requesting resources and engaged in doing rescue work."Other lifeguards in the area filtered in quickly along with fire crews from around the area."INTERACTIVE MAP: Most recent San Diego County bluff collapsesLifeguards warn beachgoers about hazardous areas of the beach's bluffs, Giles added. Though, lifeguards can only warn visitors and not forcibly remove them from being too close.The city recommends beachgoers stay 25 to 40 feet away from bluffs and exercise caution due to the cliffs' natural instability."This is a naturally eroding coastline so it does happen from time to time. This is an isolated incident ... at this location," Giles said. "Our hearts go out to the families and friends that were involved."RELATED: Encinitas bluffs are a trouble spot known to geologists 2506

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