Chief Executive Elon Musk said on Twitter he is considering taking Tesla Inc private at US$420 per share as the electric auto maker faces the challenges of fast growth and financial constraints, sending its shares up more than 6 per cent.
"Yes, might take Tesla private", he said.
Elon Musk sent shares of Tesla into a frenzy on Tuesday, when the billionaire inventor wrote in an unconfirmed tweet that he's considering taking the auto company private, and has already secured the funding - language he should be sure to follow through on, according to Scott Galloway. They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla.
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The tweets have added to speculation about Tesla, which is spending heavily as it ramps up production of its latest vehicle, the Model 3.
- CBS News' Jillian Harding contributed reporting.
The Twitter account of Tesla Inc. He implied the funding values the company at $420 a share.
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When another person tweeted that going private "saves a lot of headaches", Musk replied, "Yes".
The stock since settled at $366.94 before exchanges halted trading, pending an upcoming announcement from the company. Mr. Musk has a history of joking on Twitter and sending erratic tweets. Musk owns almost 20pc of the company. So it will take some very deep pockets to buy up all of Tesla's publicly held stock.
"I can't believe this is something to bluff or make fun of".
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