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ibusinesslines.com August 16, 2018


Elon Musk says he's considering taking Tesla private

07 August 2018, 09:41 | Kelvin Horton

Elon Musk

Elon Musk

The Twitter account of Tesla Inc.

CEO Elon Musk said on Twitter Tuesday that he's thinking about taking Tesla private, sparking a rally in the company's shares.

The firm's shares climbed more than 6% after the tweet, but the Nasdaq later halted trading pending an announcement. "Funding secured", Musk wrote on Twitter.

In a second tweet on Tuesday, Mr Musk said taking the company private would not lead to a single dominant shareholder.

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


Going private is one way to avoid the intense scrutiny of public markets.

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

"My hope is all current investors remain with Tesla even if we're private", Musk tweeted. "Already do this with Fidelity's SpaceX investment". They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla. I think he's serious.

Short interest in Tesla on Monday stood at almost US$12 billion, equivalent to 28 per cent of its float, according to S3 Partners, a financial analytics firm.



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