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Elon Musk celebrates Tesla shares hitting record $420

Photo: Frederic J. Brown/AFP via Getty Images

Tesla CEO Elon Musk celebrated Monday after the electric carmaker's stock hit $420 per share, a record high, per CNBC.

Why it matters: Beyond Musk's marijuana joke, it's the price referenced in his infamous "funding secured" tweet last year that promised to take the company private, prompting him to relinquish his role as Tesla's chairman and pay a $20 million fine as part of a resulting SEC settlement. In the aftermath, Tesla's stock hit a three-year low of $177 in June.

Go deeper: Tesla's global aspirations are dividing the markets