Musk says he may take Tesla private and shares roar

Musk Says He May Take Tesla Private, Shares Roar

Musk Says He May Take Tesla Private, Shares Roar

It's never a boring day when Elon Musk takes to Twitter.

Elon Musk is considering taking Tesla Inc private, the chief executive officer of the electric auto maker tweeted on Tuesday.

Mr. Musk's account tweeted: "Am considering taking Tesla private at $420".

"Funding secured", the tweet added, offering no further details on timing or source of funding.

Tesla did not immediate respond to requests for comment.

Tesla's stock, which was trading at about $342 per share, shot up to $362 per share after the tweet.

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"It's not easy to take a company that's losing money private", Galloway said. Musk previously tweeted an April Fool's joke about his $60 billion company going broke.

Tesla now has a market value around $60 billion, which would make its take-private price tag about $80 billion, Galloway said. Much of that increase was driven by an earlier report that Saudi Arabia's sovereign wealth fund has bought $2 billion in Tesla stock, representing a 3-5% stake in the company.

His asking price of $420 would be 22 percent of Monday's closing share price, and almost 9 percent above the stock's all-time closing high of $385.

Tesla went public in 2010, when it offered more than 13 million shares at $17 each.

Tesla spokespeople have not yet confirmed the proposal to any media outlets. Musk has had feuds with regulators, critics and reporters, and questions remain about Tesla's production and manufacturing difficulties, long-term demand for its cars and uncertainty over funding.

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