Tuesday, 16 October, 2018

Elon Musk considers taking Tesla private in tweet, shares rise

Elon Musk Elon Musk
Orlando Vargas | 07 August, 2018, 21:40

"Am considering taking Tesla private at $420".

Tesla didn't immediately respond to a request for comment.

That price would represent a 22.8 percent premium to Tesla's closing price on Monday. The company is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company. Musk owns almost 20 per cent of the company.

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The billionaire co-founder of the company took to Twitter on Tuesday afternoon to say he was "considering taking Tesla private at $420". The stock had been up earlier in the day after The Financial Times reported a Saudi Arabian sovereign wealth fund had bought a $2 billion stake in Tesla. The stock's past-year high was $389.61, with it trading as low as $244.59 in April.

"Funding secured", the tweet added, offering no further details on where the funds would come from or when.

While Mr Musk has previously discussed the drawbacks of being a public company, he has also used his Twitter account in ways that surprised investors. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.

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