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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

Facebook announced on Friday that the social network had exposed the private photos of millions of users without their permission.The company said a bug recently allowed third-party app developers to access photos people may not have shared publicly. Facebook believes as many as 6.8 million users could be affected.Photos that users started to upload to Facebook but did not post could have been accessed, along with images posted to Facebook Stories, Tomer Bar, an engineering director at Facebook, wrote in a blog post."We're sorry this happened," he added.Users' photos were exposed over a 12 day period in September, the blog post said.When asked why Facebook waited to inform the public of the issue, a Facebook spokesperson told CNN Business, "We have been investigating the issue since it was discovered to try and understand its impact so that we could ensure we are contacting the right developers and people affected by the bug. It then took us some time to build a meaningful way to notify people, and get translations done."The information Facebook gives to third-party app developers continues to be under scrutiny. Earlier this year, a data scientist working for Cambridge Analytica revealed the company had several years ago used the system to gather data on tens of millions of Americans.As a result of this bug, the company said it believes the photos could have been accessed by 1,500 apps built by 876 developers.Facebook said it will notify people potentially impacted by the bug. 1509

Even as the COVID-19 pandemic rages on and the Trump administration continues to contest the results of the 2020 presidential election, the White House plans to hold its annual turkey pardoning ceremony next week, according to CNN and Fox News.President Donald Trump will reportedly take part in the annual tradition on Tuesday afternoon when he will issue a formal pardon to two Iowa turkeys - Corn and Cob.The public can vote for which turkey they'd like to see President Trump pardon and receive the title National Thanksgiving Turkey.According to The White House's Facebook page, Corn and Cob will stay at The Willard until the annual White House Turkey Pardon on Tuesday.In the past, the Turkey Pardoning Ceremony at the White House has drawn a crowd of spectators at the Rose Garden. It's unclear if the 2020 ceremony will be held in front of spectators.Trump has largely laid low since Election Day. He's held just three on-camera events since Nov. 3, one of which was a Veteran's Day ceremony at Arlington National Cemetery, at which he did not address reporters. According to CNN, outside of playing a few rounds of golf on the weekends, Trump has not left the White House in several weeks.Following Tuesday's ceremony, the turkeys will live out their lives at Iowa State University. Last year, Trump pardoned two turkeys, "Bread" and "Butter," both of whom were sent to live at Virginia Tech following the ceremony.Legend has it that the first president to issue a pardon to a turkey was Abraham Lincoln, who did so at the request of his son. The first recorded pardon of a White House turkey was issued by President John F. Kennedy in 1963.While the Trumps typically spend the Thanksgiving holiday in Florida at their Mar-a-Lago estate, first lady Melania Trump announced this week the family would remain at the White House in 2020. 1852

Federal investigators are looking into nine mail-in ballots that were reportedly discovered discarded from a county elections office in northeast Pennsylvania.The district attorney in Luzerne County reached out to federal authorities Monday, according to the U.S. attorney for the Middle District of Pennsylvania. The FBI and state police are investigating."At this point we can confirm that a small number of military ballots were discarded," U.S. Attorney David Freed's office said in a statement, adding that of the nine ballots, seven had been cast for Trump."Two of the discarded ballots had been resealed inside their appropriate envelopes by Luzerne elections staff prior to recovery by the FBI and the contents of those 2 ballots are unknown,” the statement continued.The investigation also found four “apparently official, bar-coded, absentee ballot envelopes that were empty” in an outside dumpster.Military ballots and other absentee ballots are supposed to be stored securely, unopened, until official counting begins on Election Day.The investigation, Freed says, found staff in Luzerne County opened nearly all envelopes “received in the elections office were opened as a matter of course. It was explained to investigators the envelopes used for official overseas, military, absentee and mail-in ballot requests are so similar, that the staff believed that adhering to the protocol of preserving envelopes unopened would cause them to miss such ballot requests.”Freed states this was a known issue from previous elections and the problem has not been corrected.Freed says the investigation into the small number of mail-in ballots remains active, and there are still questions about what exactly happened, he wanted to make it public at this point “based on the limited amount of time before the general election and the vital public importance of these issues.” 1885

Federal judge Timothy J. Kelly sided with CNN on Friday, ordering the White House to reinstate chief White House correspondent Jim Acosta's press pass.The ruling was an initial victory for CNN in its lawsuit against President Trump and several top aides.The lawsuit alleges that CNN and Acosta's First and Fifth Amendment rights are being violated by the suspension of Acosta's press pass.Kelly did not rule on the underlying case on Friday. But he granted CNN's request for a temporary restraining order.This result means that Acosta will have his access to the White House restored for at least a short period of time. The judge said while explaining his decision that he believes that CNN and Acosta are likely to prevail in the case overall.Kelly made his ruling on the basis of CNN and Acosta's Fifth Amendment claims, saying the White House did not provide Acosta with the due process required to legally revoke his press pass.He left open the possibility, however, that the White House could seek to revoke it again if it provided that due process, emphasizing the "very limited" nature of his ruling and saying he was not making a judgment on the First Amendment claims that CNN and Acosta have made.Kelly was appointed to the bench by Trump last year, and confirmed with bipartisan support in the Senate.CNN has also asked for "permanent relief," meaning a declaration from the judge that Trump's revocation of Acosta's press pass was unconstitutional. This legal conclusion could protect other reporters from retaliation by the administration."The revocation of Acosta's credentials is only the beginning," CNN's lawsuit alleged, pointing out that Trump has threatened to strip others' press passes too.That is one of the reasons why most of the country's major news organizations have backed CNN's lawsuit, turning this into an important test of press freedom.But the judge will rule on all of that later. Further hearings are likely to take place in the next few weeks, according to CNN's lawyers.The White House took the unprecedented step of suspending Acosta's access after he had a combative exchange with Trump at last week's post-midterms press conference. CNN privately sought a resolution for several days before filing suit on Tuesday.The defendants include Trump, press secretary Sarah Sanders, and chief of staff John Kelly.Kelly heard oral arguments from both sides on Wednesday afternoon.Kelly, a Trump appointee who has been on the federal bench just more than a year now, was very inquisitive at Wednesday's hearing, asking tough questions of both sides, drilling particularly deep into some of CNN's arguments.Then he said he would issue a ruling Thursday afternoon. He later postponed it until Friday morning, leaving both sides wondering about the reason for the delay.In public, the White House continued to argue that Acosta deserves to be blacklisted because he was too aggressive at the press conference.Speaking with Robert Costa at a Washington Post Live event on Thursday, White House communications official Mercedes Schlapp said press conferences have a "certain decorum," and suggested that Acosta violated that. "In that particular incident, we weren't going to tolerate the bad behavior of this one reporter," she said. Schlapp repeated the "bad behavior" claim several times.When Costa asked if the White House is considering yanking other press passes. Schlapp said "I'm not going to get into any internal deliberations that are happening."In court on Wednesday, Justice Department lawyer James Burnham argued that the Trump White House has the legal right to kick out any reporter at any time for any reason -- a position that is a dramatic break from decades of tradition.While responding to a hypothetical from Kelly, Burnham said that it would be perfectly legal for the White House to revoke a journalist's press pass if it didn't agree with their reporting. "As a matter of law... yes," he said.The White House Correspondents' Association -- which represents reporters from scores of different outlets -- said the government's stance is "wrong" and "dangerous.""Simply stated," the association's lawyers wrote in a brief on Thursday, "if the President were to have the absolute discretion to strip a correspondent of a hard pass, the chilling effect would be severe and the First Amendment protections afforded journalists to gather and report news on the activities on the President would be largely eviscerated."The-CNN-Wire 4484