Musk Says in Tweet He Is Considering Taking Tesla Private

Elon Musk

"Am considering taking Tesla private at $420".

Mr. Musk's account tweeted: "Am considering taking Tesla private at $420". "But when you say "funding secured' in public markets and the stock goes up 7%, boy, there better be a there-there".

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

"Am considering taking Tesla private at $420".

That price would represent a 22.8 percent premium to Tesla's closing price on Monday.

Galloway said Musk likely wants to take the company private because he's anticipating third- and fourth-quarter losses, and is exhausted of dealing with irate investors and the general demands of being a public company. Tesla has always been one of the most-shorted stocks on Wall Street, but so far, the company has not seen the share-price meltdown that shorts expected.

The firm's shares climbed more than 6% after the tweet, but the Nasdaq later halted trading pending an announcement. The company had a market value of $58bn as of Monday's close. The fact that the tweet gives a specific price, and that $420 is a long-standing marijuana in-joke, makes it even more possible that this is a hoax or Musk's idea of a joke.

And according to a report by The Financial Times, Saudi Arabia's sovereign wealth fund - which is overseen by crown prince Mohammed bin Salman - has reportedly invested heavily in Tesla, building up a stake between 3% to 5%. 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.

Tesla (TSLA) has burned through cash while struggling to produce its Model 3 cars.

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