Tuesday, 18 December, 2018

Elon Musk suggests taking Tesla private, shares surge

Ginger Lawrence | 07 August, 2018, 21:28

"Am considering taking Tesla private at $420".

Tesla didn't immediately respond to a request for comment.

Tesla has been publicly traded since 2010, and has seen its share price rise from just under $20 then to $360 at time of writing.

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The news caused Tesla's share price to jump by $14. The company had a market value of $58bn as of Monday's close. Musk owns almost 20% of the company. The stock had been up earlier in the day after The Financial Times reported a Saudi Arabian sovereign wealth fund had bought a $2 billion stake in Tesla. "Funding secured", Musk tweeted shortly before 1 p.m. on Tuesday. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors. According to the Times, the Saudis recently approached Musk and offered to buy even more Tesla shares, an offer that Musk refused.

While Musk is known for making erratic tweets, he tweeted "420" in a reply to Fox Business anchor Liz Claman, following up on his initial tweet.

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