Elon Musk’s tweets about taking Tesla private shake up its share prices

Elon Musk’s tweets about taking Tesla private shake up its share prices

Elon Musk’s tweets about taking Tesla private shake up its share prices

Tesla Inc., a publicly-traded company specializing in electric vehicles and battery storage, experienced a huge jump in stock price after CEO and chairman Elon Musk shocked investors with a string of tweets this afternoon on Twitter. "Our guess is there is a 1 in 3 chance he can actually pull this off", wrote Gene Munster of Loup Ventures, adding that Mr. Musk's proposed premium over Tesla's existing share price might not be enough to persuade shareholders to sell.

"As the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company", Musk said.

However, he concedes Musk has good reason to take Tesla off the public markets, and he's established precedent through SpaceX and The Boring Company.

UPDATE 3:46 PM EST: Musk published a blog post on Tesla's website which contained an email to employees explaining why taking Tesla private may be the right move for the company.

"In 2013, the SEC made it clear that people could use social media to disclose significant information about their companies, but they had a caveat, which is people need to know where to look", Pitt said.

Shares rose 7.4 percent to $367.25 before being suspending shortly after 1800 GMT.

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Or part of a conspiracy to save a failing company as the FUD headlines are exalting, sidestepping the responsibility that comes with owning a public company?

Musk's target for taking the company private would value it at more than $82 billion, according to Bloomberg.

After rising as much as 8.5 percent, the company's shares gave up some of their gains.

In an interview with Bloomberg News in January 2015, he spoke of the benefits of running his closely held rocket company Space Exploration Technologies Corp. and his frustrations with having taken Tesla public in June 2010.

It contained a letter from Musk sent to Tesla employees.

Around 1:00 pm today, Musk issued a string of tweets about abandoning the company's public listing and taking the company private at $420 Dollars a share.

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George Galliers, analyst at Evercore ISI said he believed the tweet was serious. Musk explicitly notes that he does not intend to merge Tesla and SpaceX, and that the two companies will remain separate, even though the private-shareholder structure would be similar.

Going private is one way to avoid the intense scrutiny of public markets. Musk said he is considering taking the electric auto maker private.

Shares in Tesla opened at $343.84 before hitting a high of $371.15 around mid-day on the news.

The CEO apologized to those analysts during the second quarter call.

He also said that he would hold on to his almost 20% stake in the company if it were taken private, and that he wouldn't expect himself or any other investor to have a controlling vote after the buyout.

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