Elon Musk considers taking Tesla private

07 August, 2018, 20:39 | Author: Eric Barnett
  • Tesla CEO Elon

On Twitter Tuesday, Musk said he has secured funding from a private buyer.

Elon Musk listens at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. Shares in Tesla were up sharply following the tweet, trading at $363 at the time of writing. The company is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company. Much of that increase was driven by an earlier report that Saudi Arabia's sovereign wealth fund has bought $2 billion in Tesla stock, representing a 3-5% stake in the company. "Funding secured", Musk wrote on Twitter.

Mr Musk has previously discussed the drawbacks of being a public company, saying shareholder demands often produce short-term thinking. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.

It was not clear if Musk was serious as he has a history of erratic tweets, and the company did not immediately respond to request for comment.



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