Elon Musk tweets about going private and shares 'skyrocket'

Tesla CEO Elon

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

Tesla CEO Elon Musk announced Tuesday that he is considering taking the electric auto maker private, causing the company's stock to spike.

"Funding secured", the tweet added, offering no further details on timing or source of funding.

Tesla didn't immediately respond to a request for comment.

"Yes, might take Tesla private", he said.

At 2:08 p.m. ET, Nasdaq reportedly halted trading of Tesla's shares.

Tesla now has a market value around $60 billion, which would make its take-private price tag about $80 billion, Galloway said.

A deal at $420 per share represents a 22.8pc premium to Tesla's closing price on Monday, valuing the company at about $72bn.

"I believe Tesla considers Tweets as public disclosure".

His tweet came hours after the Financial Times reported that Saudi Arabia's sovereign wealth fund had built a significant stake in Tesla Inc., but it was unclear if that was the funding Musk was referring to. It would be one of the biggest go-private deals on record with a price tag of about $72 billion, based on $420 per share.

Musk's other company, aerospace firm SpaceX, is privately owned. The tweet prompted questions about how serious Musk's intentions were.

He is also under intense pressure to prove he can deliver consistent production numbers for the Model 3 sedan, Tesla's lowest-priced model and the key to its plans to become a mass-market automaker, after a host of manufacturing challenges and concerns it was burning cash too quickly.

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