Vague market rumors that Elon Musk is looking to take SolarCity (SCTY +18.4%) private have apparently sent the the solar installer/electricity provider's shares flying higher. 6.6M shares have been traded thus far, topping a 3-month daily average of 5.3M.
Likely helping out today: 24.2M shares (40% of the float) were shorted as of Feb. 12, and many of those shorts have big profits following SolarCity's recent plunge.
Musk, SolarCity's chairman, recently upped his stake to 22.6%. The Tesla/SpaceX CEO hasn't given any public indication he wants to fully acquire SolarCity, which sports a $2.3B market cap and could require a buyout price in the ~$3B range.
Subscribe for full text news in your inbox