Elon Musk considers taking Tesla private

Elon Musk

Tesla has not confirmed whether the tweet was real - or if the CEO's account was hacked.

Chief Executive Elon Musk said on Twitter he is considering taking Tesla Inc private at US$420 per share as the electric vehicle maker faces the challenges of fast growth and financial constraints, sending its shares up more than 6 per cent. "Funding secured", Musk said on Twitter.

"Am considering taking Tesla private at $420".

Tesla shares are up more than 5 percent at $360.64.

That price would represent a 22.8 percent premium to Tesla's closing price on Monday.




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

The tweets have added to speculation about Tesla, which is spending heavily as it ramps up production of its latest vehicle, the Model 3. Musk previously tweeted an April Fool's joke about his $60 billion company going broke. It would be one of the biggest go-private deals on record with a price tag of about $72 billion, based on $420 per share.

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. The tweet prompted questions about how serious Musk's intentions were.

His tweet came hours after the Financial Times reported that Saudi Arabia's sovereign wealth fund had built a significant stake in Tesla Inc., but it was unclear if that was the funding Musk was referring to.

Tesla (TSLA) has burned through cash while struggling to produce its Model 3 cars.

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