After Elon Musk's famous tweet saying he's considering taking Tesla (TSLA - Get Report) private, one former NYSE trader has some advice for investors.

Stephen Guilfoyle, a Real Money contributor and co-manager of TheStreet's "Stocks Under $10" Portfolio, says:

  • Don't take a short position

  • Don't sell puts or calls

  • If you are long, stay long because of the $420 privatization possibility

Tesla is Real Money's stock of the day. Follow @RealMoney for the latest on the 'Musk' watch stock.