Musk Says in Tweet He Is Considering Taking Tesla Private

Share
Musk Says in Tweet He Is Considering Taking Tesla Private

Today, Elon Musk came out of left field with a tweet saying that he's "considering" taking Tesla private at a share price of $420.

"Am considering taking Tesla private at $420". If Musk were to make good on his tweet, it is unclear from where he could secure funding to buy out Tesla's shareholders.

Tesla's shares were up 6.5pc at $363.46.

- CBS News' Jillian Harding contributed reporting.

A deal at $420 per share represents a 22.8 percent premium to Tesla's closing price on Monday, valuing the company at about $72 billion.

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.

Tesla did not immediately respond to a request for comment. Shares are up as high as 9% on the day.

On April Fool's Day, Mr Musk, who owns nearly 20% of the company, joked on Twitter about Tesla going bankrupt.

Analysts took Musk at his word. I think he's serious. The stock has fallen over the past year as losses mounted.

Short interest in Tesla on Monday stood at almost $12 billion, equivalent to 28 percent of its float, according to S3 Partners, a financial analytics firm.

The tweets came after a report in the Financial Times that Saudi Arabia's sovereign wealth fund had taken a 3%-5% stake in Tesla, a holding worth at least $1.9bn.

"Details, structure, participants and how the valuation has been determined remain to be seen".

Share

Advertisement

Related Posts

Nikolas Cruz Bought Guns to Battle 'Demons' in His Head
Curcio told Cruz he doesn't believe the voice exists, but Cruz insisted it was there and said he wanted to see a psychiatrist. The Associated Press and other media had sought the statement's release under Florida's broad public records laws.

Arsenal Supporters' Trust brands Kroenke takeover 'a terrible day'
The Arsenal Supporters' Trust, a fan group, said the news of Kroenke's offer "marks a awful day" for the club. Stan Kroenke, who owns 67% of Arsenal FC, has made an offer to buy the remainder of the club.

The Bachelorette Finale: Becca Has to Choose Between Blake and Garrett
But I'm going for the one that I can't see myself without. "We're so happy, so in love", Becca told Harrison in the studio. Earlier in the season, TMZ leaked out a photo of Becca and Garrett at the final rose ceremony.

New Jersey Woman Pays It Forward, Picks Up Keith Urban’s Wawa Tab
When the customer in front of her Friday at Wawa was having an issue at the register, she jumped at the opportunity to help. Ruth Reed was trying to do a good deed when she offered to help a man pay at a Wawa who didn't have enough money.

Michael Jordan Responds to Donald Trump's LeBron James Tweet: 'I Support LJ'
" He made Lebron look smart, which isn't easy to do ", Trump tweeted on Friday while watching the rebroadcast of the interview. But the attack on James, who was being interviewed by another black man, to some resembled a racial dog whistle.

Indonesian communications satellite deployed in orbit by SpaceX
But for SpaceX aficionados, the most exciting part of this launch is that we've seen part of it before. Update 1:50 AM ET: Merah Putih is in position.

Rangers boss Gerrard denied opening win by last-gasp goal
And former Liverpool assistant manager Miller thinks Gerrard would only leave Ibrox for the Reds, Manchester United or Arsenal. He's a great player, a great guy and I'm very excited to play with him.

Dead fetus discovered on American Airlines flight at New York's LaGuardia Airport
The airbus was out of service at the time, after arriving at New York City's LaGuardia Airport, the official said. American Airlines also sent out an official statement , but offered no details about what had been found.

Karunanidhi passes away, Tamil Nadu government declares public holiday on Wednesday
It is said that he can remember the name of any ordinary party worker at any far corner of the state, reported The Hindu . In 1961, he became the DMK treasurer and a year later he became the opposition's deputy leader in the state assembly.

Chelsea forward Willian: 'I want to play for Jose Mourinho again'
Talks between United and Bayern took place following United's pre-season friendly defeat at the Allianz Arena. Of course, he respected the big [Wayne] Rooney and then Zlatan [Ibrahimovic] wanted to have it.

© 2015 ExpressNewsline. All Rights reserved.