Musk tweets he may take Tesla private and shares roar
NEW YORK (AP) — Tesla CEO Elon Musk announced Tuesday that he is considering taking the electric car maker private, causing the company's stock to spike.
In keeping with his unorthodox style, Musk made the out-of-the blue announcement in a terse tweet. He said he may take the company private at $420 a share and already has secured funding.
"Am considering taking Tesla private at $420. Funding secured," Musk tweeted, following up with "good morning" and a smiley emoji.
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.