Shares of electric-car company Tesla (NASDAQ:TSLA) jumped on Wednesday, rising as much as 5.3%. As of 12 p.m. EST, however, the stock was up 4.7%.
The stock's gain follows a tweet from Tesla CEO Elon Musk late Tuesday night saying the company would share "Tesla news" on Thursday.
"Thursday 2pm," Musk tweeted overnight on Tuesday. "Some Tesla news," the CEO said in a follow-up tweet, eliminating the possibility that the news could be about his other companies, SpaceX or tunnel-digging start-up Boring Co. The CEO also tweeted, "California" in the thread of tweets, suggesting the event will take place at 2 p.m. PST.
Speculation as to what Tesla could announce is rampant. Guesses are as varied as the long-awaited standard-battery version of the Model 3 to a new hardware suite for its Autopilot technology. The news could also be unrelated to new products and instead focus on corporate news such as new hires or financial news.
Investors may not get any more information about Tesla's mysterious announcement until tomorrow at 2 p.m. Speculation ahead of the event is risky business (business investors should avoid), as there's no way to know what the company will share. But based on the stock's move on Wednesday, the Street seems to be betting it will be good news.