Published: Tue, August 07, 2018
Economy | By Shawn Conner

Elon Musk tweet: "Considering taking Tesla private"

Elon Musk tweet:

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

Tesla CEO Elon Musk says he is considering taking the electric vehicle maker private. "Funding secured", Musk's account tweeted.

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

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

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"It's not easy to take a company that's losing money private", Galloway said.

The company had a market value of US$58 billion as of Monday's close.

Separately, the Financial Times reported on Tuesday that Saudi Arabia's sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built an undisclosed stake of 3-5% in Tesla.

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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His asking price of $420 would be 22 percent of Monday's closing share price, and almost 9 percent above the stock's all-time closing high of $385.

"I believe Tesla considers Tweets as public disclosure".

He is also under intense pressure to prove he can deliver consistent production numbers for the Model 3 sedan, Tesla's lowest-priced model and the key to its plans to become a mass-market automaker, after a host of manufacturing challenges and concerns it was burning cash too quickly.

Galloway said Musk likely wants to take the company private because he's anticipating third- and fourth-quarter losses, and is exhausted of dealing with irate investors and the general demands of being a public company.

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