Published: Tue, August 07, 2018
Markets | By Noel Gibbs

Elon Musk tweets he has funding to take Tesla private

Elon Musk tweets he has funding to take Tesla private

Tesla has not confirmed whether the tweet was real - or if the CEO's account was hacked.

Tesla Inc shares jumped more than 7 percent on Tuesday after Chief Executive Elon Musk said on Twitter he is considering taking the electric auto maker private at $420 per share as it goes through a period of rapid growth and financial constraints. "Funding secured", Musk said.

"Funding secured", the tweet added, offering no further details on timing or source of funding.

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Shortly after, Mr Musk responded to replies to his tweet, asking if he would remain in control of the company.

Tesla's shares were up 6.5 percent at $363.46.

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

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"Yes, might take Tesla private", he said.

His asking price of $420 would be 22 percent of Monday's closing share price, and almost 9 percent above the stock's all-time closing high of $385. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty.

Before its recent rally, Tesla's share price had been in a downward spiral for much of the summer, as the company struggled to meet production targets for its midrange Model 3 sedan. The tweet prompted questions about how serious Musk's intentions were. Earlier in the day, the Financial Times reported that Saudi Arabia was taking a $2 billion stake in the electric automaker.

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