Elon Musk claims he’s taking Tesla private: Some takeaways

07 August, 2018, 22:13 | Author: Gerard Cortez
  • Netflix CEO Reed Hastings

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

Tesla CEO Elon Musk says he is considering taking the electric auto maker private. He said is considering taking the company private at $420 a share and already has secured funding. "Funding secured." It isn't clear what prompted the tweet.

Tesla did not immediate respond to requests for comment.

Unlike publicly listed companies, private firms do not have to share details of their finances and operations.

"Yes, might take Tesla private", he said.

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Representatives for Tesla did not immediately confirm the tweet was genuine.

Some outlets are questioning whether or not the tweet came from Musk himself, but considering how Tesla's stock price reacted to the tweet (at the time of writing, it's up nearly $20 per share over its opening price), it could be just another way to keep burning the folks shorting Tesla stock, who have been the target of many Musk tweets in the past.

The company had a market value of US$58 billion as of Monday's close. Musk owns almost 20pc of the company. The stock had been worth about $342 a share before Musk's tweet. 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.

He is also under intense pressure to prove he can deliver consistent production numbers for the Model 3 sedan, Tesla's lowest-priced model and the key to its plans to become a mass-market automaker, after a host of manufacturing challenges and concerns it was burning cash too quickly.

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