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Musk says Tesla has not signed a contract with Hertz yet, halts stock rally

Reuters – Tesla Inc top boss Elon Musk said the electric carmaker had not signed a contract with Hertz, more than a week after the car rental firm announced a massive deal with the electric car company.

Tesla’s shares fell 5% to $1,146 in premarket trading, after a steep jump following the news of the biggest-ever order – 100,000 electric cars for Hertz – on Oct. 25, which helped Tesla breach $1 trillion in market capitalization .

Musk tweeted late Monday, “If any of this is based on Hertz, I’d like to emphasize that no contract has been        signed yet .”

” Hertz deal has zero effect on our economics.”

 Tesla and Hertz did not immediately respond to a request for comment.

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