Economy

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

On the social media platform he noted the possibility of taking Tesla - a publicly traded company since 2010 - private. "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.

It was not clear if Musk was serious as he has a history of erratic tweets, and the company did not immediately respond to request for comment. I own about 20% of the company now, and I don't envision that being substantially different after any deal is completed. "Either they can stay investors in a private Tesla or they can be bought out at $420 per share, which is a 20 percent premium over the stock price following our Q2 earnings call".

When the tweet-sized bombshell hit, Tesla's stock was already trading higher thanks to reports that a Saudi investment firm had amassed a 3 to 5 percent stake in Tesla.

He shared more details in a series of Twitter replies, noting that should Tesla go private, he'd remain in his role as founder and CEO of Tesla.

The confusion caused by Musk's Tuesday announcement via Twitter also prompted regulators of the Nasdaq stock market to temporarily suspend trading in Tesla's stock.

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As the matter unfolds, some are questioning whether or not the tweets are authentic.

But another substantial segment of investors are convinced Tesla is doomed to fail and are betting on the company's eventual demise by becoming "short sellers" of its stock.

Despite the unfolding media "shitshow", Musk still seems to view privatization as an "enormous opportunity for us all".

"Elon Musk does not want to run public companies", Munster said.

If it moves forward, the proposal will be put to a shareholder vote.

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Musk has previously discussed possibly going private as a means to realize long-term growth and accomplish a goal that some Tesla acolytes embrace with near-messianic passion. 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.

Despite the unconventional method of disclosing such information, analysts took Musk at his word.

It is far from the first time Musk has dropped a financial bomb to his 22 million Twitter followers. In 2013, he emailed SpaceX employees that he was "hesitant to foist being public" on the company "given the long term nature of our mission".

"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", Musk wrote.

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Additionally, he said, USA monthly figures for production fell in May, suggesting output may be curbed later in the year. An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018.