Saturday, 22 September, 2018


Elon Musk tweets he may take Tesla private

Elon Musk Reveals Details of Tesla V9.0 Software Including Early Access Time to game while letting the car drive
Conrad Doyle | 07 August, 2018, 21:43

Tesla boss Elon Musk has shocked the market with a bombshell tweet saying he is mulling taking the electric auto company private.

In a second tweet on Tuesday, Mr Musk said taking the company private would not lead to a single dominant shareholder. "Funding secured", Musk said in the tweet.

A spokesman for Tesla did not immediately return a request for comment.

Shares in Tesla were up sharply following the tweet, trading at $363 at the time of writing. The company had a market value of $58bn as of Monday's close. Musk owns almost 20 per cent of the company.

At a share price of $420, Electrek points out that taking Tesla private would be a costly decision, to the tune of some $70 billion.

The tweets came after a report in the Financial Times that Saudi Arabia's sovereign wealth fund had taken a 3%-5% stake in Tesla, a holding worth at least $1.9bn.

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