Tesla Inc: Elon Musk says he's considering taking car-maker private

Tesla Inc: Elon Musk says he's considering taking car-maker private

Tesla Inc: Elon Musk says he's considering taking car-maker private

While Mr Musk has previously discussed the drawbacks of being a public company, he has also used his Twitter account in ways that surprised investors.

Tesla CEO Elon Musk tweeted that he is considering taking Tesla private when shares in the electric carmaker hit $420.

Tesla's stock, which was trading at about $342 per share, shot up to $362 per share after the tweet. If Musk were to make good on his tweet, it is unclear from where he could secure funding to buy out Tesla's shareholders. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty.

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A spokesman for Tesla did not immediately return a request for comment.

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

Tesla shares were last up 7.4 per cent at US$367.25. "Already do this with Fidelity's SpaceX investment".

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Analysts took Musk at his word.

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.

George Galliers of Evercore ISI said he believed the tweet was serious.

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