Musk Says in Tweet He Is Considering Taking Tesla Private

Marco Green
August 7, 2018

On Twitter Tuesday, Musk said he has secured funding from a private buyer.

Mr. Musk's account tweeted: "Am considering taking Tesla private at $420". The company had a market value of $58bn as of Monday's close. "Funding secured", Musk wrote on Twitter. Musk owns almost 20 percent of the company. If the tweet is serious (and not the work of hackers or a particularly wild night on the factory floor), it would allow Tesla to go private and inject some much-needed capital into the company.

A Tesla electric auto supercharger station is seen in Los Angeles, California, U.S. August 2, 2018.

Musk's surprise announcement comes as the Financial Times revealed that a fund controlled by the Saudi Arabian government holds a stake of between three and five percent in the company.

"I believe Tesla considers Tweets as public disclosure. Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.

Tesla did not respond to a request for comment immediately.

"If true, this would be an incredible and surprising development".

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

Other reports by Click Lancashire

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