Tesla Inc: Elon Musk says he's considering taking car-maker private

Andrew Cummings
August 7, 2018

The Twitter account of Tesla Inc.

A tweet from Tesla boss Elon Musk's account suggests he is "considering" taking the electric auto firm private.

Tesla's stock, which was trading at about $342 per share, shot up to $362 per share after the tweet.

In his tweet, Mr Musk said he could buy outstanding shares in the firm for $420 each, around a fifth higher than the share's current price.

Tesla spokespeople have not yet confirmed the proposal to any media outlets. 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.

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

On April Fool's Day, Mr Musk, who owns nearly 20% of the company, joked on Twitter about Tesla going bankrupt.

Separately, Financial Times reported on Tuesday Saudi Arabia's sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built an undisclosed stake of between 3 and 5 percent stake in Tesla. The stock has fallen over the past year as losses mounted.

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