Tesla’s Elon Musk Tweets He May Take Company Private

Aug 07, 2018

Tesla (NASDAQ:TSLA) shares jumped in afternoon trading after CEO Elon Musk tweeted that he is considering taking his company private at $420 per share.

Tesla stock rose 6.75% at 1:10 PM ET (17:10 GMT), shortly after the message was sent on Twitter.

"Am considering taking Tesla private at $420," Musk wrote. "Funding secured."

Musk has had a contentious relationship with Wall Street, especially short-sellers and analysts covering the company.

His tone seemed to soften a bit, though, on Tesla’s earnings call last week.

The outspoken Musk, who told analysts last quarter that he refused to answer their "boring" questions, apologized multiple times for his past behavior and sounded upbeat on the company's future.

Tesla's shares were already higher on a report that Saudi Arabia's sovereign wealth fund had taken a stake in the company. The Saudi Public Investment Fund has a 3% to 5% stake, which was built up this year, according to the Financial Times.