Published: Tue, August 07, 2018
Finance | By Loren Pratt

Elon Musk tweet: "Considering taking Tesla private"

Elon Musk tweet:

Tesla shares jumped on Tuesday after CEO Elon Musk tweeted that he is considering taking the company private and has secured the financing.

Mr Musk has previously discussed the drawbacks of being a public company, saying shareholder demands often produce short-term thinking.

"Am considering taking Tesla private at $420", Musk tweeted on Tuesday, adding that he had "funding secured".

Tesla's shares were up 6.5pc at $363.46. The company had a market value of $58 billion as of Monday's close. The stock had been worth about $342 a share before Musk's tweet.

A Tesla electric auto supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors. Mr. Musk has a history of joking on Twitter and sending erratic tweets.

Representatives for Tesla did not immediately confirm the tweet was genuine.

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