Shares of the electric car company were halted for more than an hour Tuesday after Musk sent a string of tweets saying he is considering taking the company private. The stock closed up 11 percent.
"Nobody, when they're looking at a privatization, dangles this way and does this sort of teasing dance of choreography. Somebody only does this when they are trying to distract us with a shiny new thing," Sonnenfeld said on "Power Lunch."
Tesla's stock first jumped after a tweet from Musk's verified Twitter account said, "Am considering taking Tesla private at $420. Funding secured."