Musk Says in Tweet He Is Considering Taking Tesla Private

Ivan Schwartz
August 7, 2018

On April Fool's Day, Mr Musk joked on Twitter about Tesla going bankrupt.

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

After rising as much as 8.5 percent, the company's shares gave up some of their gains. In that same tweet, he claimed that he has already secured the funding for doing so. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty. They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla.

"Funding secured", the tweet added, offering no further details on where the funds would come from or when.

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White House Press Secretary Sarah Huckabee Sanders told reporters that the president "certainly didn't dictate " the statement. He reiterated that he had no prior knowledge of the 20-minute meeting when it happened, adding that " it went nowhere ".

"I believe Tesla considers Tweets as public disclosure".

Short interest in Tesla on Monday stood at almost $12 billion, equivalent to 28 percent of its float, according to S3 Partners, a financial analytics firm.

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.

Other reports by GizPress

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