Musk Says He May Take Tesla Private, Shares Roar

08 August, 2018, 00:36 | Author: Sheri Evans
  • Elon Musk

Tesla resumed trading on the Nasdaq exchange after a almost two-hour pause on Tuesday afternoon, shortly after the company confirmed in a blog post that CEO Elon Musk is considering taking the electric vehicle maker private at $420 per share.

The BBC has been unable to verify the post was written by Mr Musk himself, but it has pushed the shares 6% higher.

"The added volatility of an Elon Musk tweet adds to the price uncertainty of the stock - and the possibility of sudden windfall profits or tragic losses", Dusaniwsky said.

It's unclear what prompted the tweet. Fortune has yet to ascertain the veracity of the tweet, and will update this article once Tesla responds. 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 has a long history of bristling at the amount of scrutiny Tesla endures from investors and media.

Musk said the final decision on whether the company goes private will be subject to a shareholder vote. "Given his historic frustration with short sellers, analysts and certain parts of the press, it is perhaps also not surprising that he has given consideration to taking the company private", Galliers said.

Nasdaq stock exchange halted trading in Tesla shares around 2.08pm local time.

"If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us". Before Musk's tweet, Tesla had a market value of $58 billion, already higher than that of General Motors or Ford, even though those companies are significantly larger and more profitable. At $420 a share, Tesla would have a market cap of around $71 billion.

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"The market doesn't believe him", said David Kudla, the CEO of Mainstay Capital Management, which is betting against Tesla.

Musk said back in June the v9.0 would be the release to include the full self-driving features to make Teslas autonomous. I think he's serious.

"I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we're all trying to achieve", he said.

Tesla has roughly $10 billion in outstanding debts and about $2 billion in cash reserves, but Musk has asserted in recent months that the company would have no need to raise new funds.

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