Published: Tue, August 07, 2018
Money | By Arnold Ball

Elon Musk says he's considering taking Tesla private

Elon Musk says he's considering taking Tesla private

"Yes, might take Tesla private", he said. The stock had been worth about $342 a share before Musk's tweet. The company is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company.

Tesla now has a market value around $60 billion, which would make its take-private price tag about $80 billion, Galloway said.

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

Tesla's shares jumped as high as $371.15 in afternoon trading.

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On April Fool's Day, Mr Musk joked on Twitter about Tesla going bankrupt.

Shortly after, Mr Musk responded to replies to his tweet, asking if he would remain in control of the company. The tweet prompted questions about how serious Musk's intentions were. Musk's other primary venture, SpaceX, remains privately held. "Would create special goal fund enabling anyone to stay with Tesla".

"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.

His tweet came hours after the Financial Times reported that Saudi Arabia's sovereign wealth fund had built a significant stake in Tesla Inc., but it was unclear if that was the funding Musk was referring to. "Given his historic frustration with short sellers, analysts and certain parts of the press, it is perhaps also not surprising that he has given consideration to taking the company private", Galliers said.

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