Elon Musk says he's considering taking Tesla private

07 August, 2018, 21:40 | Author: Brooke Harris
  • Elon Musk at a Tesla

According to the Times, the Saudis recently approached Musk and offered to buy even more Tesla shares, an offer that Musk refused.

A tweet from Tesla boss Elon Musk's account suggests he is "considering" taking the electric vehicle firm private.

Tesla's shares were up 6.5pc at $363.46.

"Funding secured", the tweet added, offering no further details on timing or source of funding. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty.

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

The U.S. Securities and Exchange Commission allows companies to use social media outlets like Facebook and Twitter to announce key information in compliance with its fair disclosure rules so long as investors have been alerted about which social media outlets will be used to disseminate such information.

Stan Kroenke takeover a 'dreadful day for Arsenal,' say Arsenal Supporters' Trust
Stan Kroenke has had a bid accepted by Alisher Usmanov to become the sole owner of Arsenal Football Club ( via The Telegraph ). He tweeted: 'Incredibly sad day for so many of our fan shareholders that that no longer own a part of this club.

It's unclear from where Musk has secured funding.

Tesla shares were last up 7.4 per cent at US$367.25.

It was not clear if Musk was serious, as he has a history of erratic tweets, and the company did not immediately respond to request for comment. "Already do this with Fidelity's SpaceX investment".

"I believe Tesla considers Tweets as public disclosure".

The tweets came after a report in the Financial Times that Saudi Arabia's sovereign wealth fund had taken a 3%-5% stake in Tesla, a holding worth at least $1.9bn.

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