Elon Musk considers taking Tesla private

(Reuters) – Elon Musk is considering taking Tesla Inc private, the chief executive officer of the electric car maker tweeted on Tuesday.

FILE PHOTO: Elon Musk listens at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. REUTERS/Joe Skipper/File Photo

“Am considering taking Tesla private at $420. Funding secured,” Musk said. bit.ly/2Om3gn3

A Tesla electric car supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. REUTERS/Lucy Nicholson

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.

Tesla’s shares were up 6.5 percent at $363.46. The company had a market value of $58 billion as of Monday’s close. Musk owns nearly 20 percent of the company.

A deal at $420 per share represents a 22.8 percent premium to Tesla’s closing price on Monday, valuing the company at about $72 billion.

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.

Reporting by Sonam Rai in Bengaluru; Editing by Saumyadeb Chakrabarty

Related Posts:

  • No Related Posts

Stella Densmore