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Elon Musk, Model X
Elon Musk, CEO of Tesla Motors Inc., introduces the Model X car at the company's headquarters Tuesday, Sept. 29, 2015, in Fremont, Calif. Musk said the Model X sets a new bar for automotive engineering, with unique features like rear falcon-wing doors, which open upward, and a driver's door that opens on approach and closes itself when the driver is inside. (AP Photo/Marcio Jose Sanchez)

Tesla stock drops back near pre-Musk tweet level

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SAN FRANCISCO (AP) — Tesla shares have dropped back to near the level they were trading at before CEO Elon Musk tweeted Tuesday that he may take the company private.

Shares were down 6 percent to $347.26 in midday trading Thursday.

Shares had closed at $341.99 on Monday. Then Musk's Tuesday morning tweet that he might take the company private at $420 a share sent them soaring to $379. 57.

The SEC already has opened an inquiry into the wording and method of Musk's disclosure about the deal, according to a Wednesday report in The Wall Street Journal, which cited unidentified people familiar with the matter.

Musk acknowledged he was serious in an email to employees, and Tesla directors have said they're evaluating it.

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