Economy

Elon Musk says he's considering taking Tesla private

Elon Musk says he's considering taking Tesla private”

Chief Executive Elon Musk said on Twitter he is considering taking Tesla Inc private at US$420 per share as the electric vehicle maker faces the challenges of fast growth and financial constraints, sending its shares up more than 6 per cent.

$420 per share would be a significant premium on where Tesla is now trading, and also its performance over the first half of the year.

The BBC has been unable to verify the post was written by Mr Musk himself, but it has pushed the shares 6% higher. "Funding secured", Musk's account tweeted. 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. Musk owns almost 20pc of the company. Musk has had feuds with regulators, critics and reporters, and questions remain about Tesla's production and manufacturing difficulties, long-term demand for its cars and uncertainty over funding. The stock had been up earlier in the day after The Financial Times reported a Saudi Arabian sovereign wealth fund had bought a $2 billion stake in Tesla. The stock has fallen over the past year as losses mounted.

The SEC did not immediately respond to a request for comment on Musk's tweet.



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