Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.