Elon Musk tweets he may take Tesla private and shares roar

Elon Musk considers taking Tesla private as stock jumps

Tesla CEO Elon Musk said Tuesday he is considering taking the electric auto company private.

Elon Musk said today he might take Tesla private if its stock reaches $420 a share.

During the conference call accompanying the results, Mr Musk said he expected the company to avoid going back to the markets for capital and to be "essentially self-funding on a go-forward basis".

The company did not immediately respond to requests for comment. As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders.

If the company were to go private, Musk said neither he, nor any current shareholder, would have a controlling vote in the new system.

Musk said he has no intention of combining the electric auto maker and the private space company under one umbrella. The stock had been worth about $342 a share before Musk's tweet.

Forward-looking: Taking Tesla private could solve a lot of headaches for Musk but it wouldn't be cheap.

And yet it also left many questions unanswered, namely how Musk - who owns nearly 20 percent of the company - would be able to come up with the $66 billion necessary to complete the transaction.

Russia Appoints Actor Steven Seagal as Humanitarian Envoy to U.S.
He called Putin a personal friend and expressed a desire to improve relations between the United States and Russian Federation . Seagal has been a regular visitor to Russia for years, and Putin granted the American actor a Russian passport in 2016.

"Foden will play for City for a long time", insists Guardiola
Chelsea FC have so far only signed Jorginho and Rob Green so far this summer as they prepare for their first campaign under Sarri. The former City keeper was by far Chelsea's best player. "The schedule and results will show you who you are".

Manatee in distress from signs of red tide exposure taken to SeaWorld
The newspaper, calling the algae outbreak a "crisis", says the suspected cause of death is red tide poisoning. Pelicans, manatees and a whale shark have also washed ashore since this unprecedented bloom started.

Tesla CEO Elon Musk's discussion of privatizing the company's shares sparked a seesaw in prices before trading was suspended.

He added that he hoped all shareholders would remain and that all Tesla employees would "remain shareholders of the company".

Musk releases an official statement for the company.

Munster also said he did not see legal risk from Musk's tweets due to the Reed Hastings Rule, an SEC guideline announced in 2013 that said it was OK for companies to reveal key information on social media as long as investors have been alerted. 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. I think he's serious.

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

George Galliers of Evercore ISI said he believed the tweet was serious.

Since Tesla went public in 2010, its stock has been on a roller coaster ride, gaining nearly 2,000 percent in eight years, but also reportedly becoming at times the most shorted stock in history. He added: "I can't believe this is something to bluff or make fun of".

Related News:



Most liked

Group rallies in support of OSU football, Urban Meyer
Meyer released a statement Friday saying that he followed proper procedures when he found out about the 2015 abuse allegations. Drake, who will make any decisions in consultation with the university's board of trustees, the Columbus Dispatch reported .

The Facts of Life Star Charlotte Rae Dead at 92
Her character's popularity resulted in her being the link to a spinoff, The Facts of Life , which saw Mrs. Garrett on two hit '80s sitcoms, has died at age 92, according to several press reports .

Manafort’s taxes to be focus of trial on Friday
She said Gates told her in a conference call the income level "was too high" and proposed reclassifying a portion of it as a loan. Kilimnik is a Russian-Ukrainian political consultant who was indicted in June on charges stemming from the Mueller probe.

Facebook wants your financial data to expand Messenger, says report
However, one large bank has already pulled out of the partnership talks due to these privacy concerns, according to the WSJ . A critical part of these partnerships is keeping people's information safe and secure.

Bay Area Pacific Union Realtors Killed In Santa Ana Plane Crash Sunday
McLaughlin says Hakimi's son Navid Hakimi and Shepherd's husband Scott Shepherd, the plane's pilot, were also killed Sunday. Lara Shephard, Floria Hakimi and Nasim Ghanadan all worked for Union Pacific Real Estate in the Bay Area.

Dozens shot across Chicago in spate of overnight violence
Garry McCarthy , fired by the mayor in 2015, accused Emanuel of continually ignoring violent crime on the South and West sides. The victims' ages ranged from 11 to 62, with a lot of them shot on the South and West sides.

Rick Gates Set to Testify Against Ex-Boss Paul Manafort
But she said she was under the impression that Mr Manafort had been directing his deputies' actions and "knew what was going on". Ellis last Wednesday when Uzo Asonye, a special counsel attorney, suggested that Gates "may not" take the stand.

Murray worries remain as Tsitsipas reaches ATP semis
The former world number one also announced on Friday that he was going to skip next week's Toronto Masters. Asked after beating Copil how his body is holding up, Murray replied: "It doesn't feel great, just now".

Bills GM: Coleman trade a 'low-risk' move
The teams did not disclose what the Bills sent to the Browns, but ESPN's Adam Schefter reported the compensation Monday morning. In addition to the undisclosed Bills pick, the Browns own all of their selections in rounds 1-7 of the 2019 NFL Draft.

Huge Explosion Near Italy's Bologna Airport Triggered By Road Accident
A huge explosion has rocked a motorway near an airport in northern Italy - killing one and leaving 55 people seriously injured. . Italian police posted a video showing the damage down to the bridge after the blast, showing a crater in the road.

Android 9.0 Pie is already available for the Essential Phone
According to YouTuber Brandon Lee on his This is Tech Today channel, the Pixel 3 and Pixel 3 XL will drop in on October 4, 2018. Alongside the new name, Google has also announced that the new version will start shipping to all Pixel phones starting today.

Basic Income Pilot Program cancelled
Remarkably, they found that food insecurity rates drop by half at people's 65th birthday as a result of seniors' income supports. The government has provided no concrete timeline for when those depending on the income should expect to lose it.

Iran acquires commercial aircraft ahead of United States sanctions
In August and November Iran faces two new waves of sanctions that will shut off their access to U.S. banking and oil exports. The country's isolation from global markets and the worldwide community was imposed following the 1979 Islamic Revolution.

Saudi Arabia expelling Canadian ambassador
The Kingdom of Saudi Arabia expresses its absolute and categorical rejection of the position of the Canadian Government. Very alarmed to learn that Samar Badawi, Raif Badawi's sister, has been imprisoned in Saudi Arabia.

China says it will retaliate with tariffs on $60B of United States goods
China responded with a 178.6 percent tariff on the roughly $1 billion in sorghum that the USA imports to China each year. It would become another factor for the Federal Reserve to consider as it decides how quickly to raise interest rates.