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Musk May Take Tesla Private
Tesla Inc. CEO Elon Musk says he may take the electric car company private at $420 per share—and claims he has the funding to do so.
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Tesla Inc. CEO Elon Musk says he may take the electric car company private at $420 per share—and claims he has the funding to do so.
His initial nine-word tweet this morning offered no other details. In follow-up tweets, Musk said taking Tesla private would be “less disruptive” and end “negative propaganda” by short-sellers who have been sharply critical of the company’s performance.
Musk’s unexpected announcement came shortly after London’s Financial Times reported that Saudi Arabia has acquired about 5% of the company in a stock purchase worth roughly $2.9 billion. It isn’t clear whether the investment and Musk’s tweet are connected.
Tesla’s stock price peaked at $383 last summer. Shares opened today at $343 but quickly zoomed above $370 on news of Musk’s cryptic announcement. Trading was suspended at $367 per share this afternoon.
The price continued to climb when trading resumed, peaking at $381 shortly before closing today at $379. Shares rose to $380 in after-hour trading.
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