Elon Musk Floats Taking Tesla Private; Twitter Questions What Exactly He’s Doing

Elon Musk Floats Taking Tesla Private; Twitter Questions What Exactly He’s Doing

Prices seesawed in the range of $360 to $370, a roughly 7 to 8 percent rise for the day, while investors tried to decide whether Musk was joking.

If that were to occur, it would be the largest deal of its type - moving the electric vehicle maker out of the glare of Wall Street as it goes through a period of rapid growth under tight financial constraints.

Musk said Tuesday on Twitter that he had secured funding for a deal to take Tesla private that would value the company at more than $70 billion.

Elon is right - going private would certainly reduce distractions surrounding the company's day-to-day activities, even if some of those concerns are valid.

The SEC declined comment on Musk's tweet.

Mr Musk's statement came at a time when the electric vehicle maker faces financial constraints, and barely a week after the company announced it had made its biggest net loss to date of $717.5m (£547.6m) during the second quarter ending in June. Through the law, the SEC essentially condoned social media announcements. The stock had been worth about $342 a share before Musk's tweet, and shares quickly jumped as high as $371. They were later halted for news pending.

"Being public means that there are large numbers of people who have the incentive to attack the company", he wrote.

Musk argued that his other major company, SpaceX, offered a good model for Tesla to emulate. He would still allow employees to keep their shares unless they want to jettison theirs at Musk's $420 price, which he noted was 20 percent higher than the stock was as of the Q2 earnings call.

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Musk also faced intense public criticism after he suggested in a tweet that one of the rescuers of the Thai soccer team trapped in a cave was a pedophile. He responded to one user who observed that going private would save Tesla "a lot of headaches".

Tesla Motors started selling its stock to the public in 2010 - the first initial public offering of a USA automaker in more than a half-century.

But asked if he would take legal action against Musk over the allegation, Unsworth said: 'If it's what I think it is yes'. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.

With shares at $369.90, short-sellers logged an on-paper loss of $977 million, according to financial analytics firm S3 partners.

"I can't believe this is something to bluff or make fun of", said George Galliers of Evercore ISI. "We believe that the majority of Tesla's production lines will be ready to produce at this rate by the end of 2018", Musk said during the company's second quarter results last week.

"Details, structure, participants and how the valuation has been determined remain to be seen".

All of this is compounded by the fact that today The Financial Times reported that Saudi Arabia wealth funds had bought up to a $2 billion stake in Tesla recently, so its feasible that Musk has secured funding from overseas interests.

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