Posted on 08/07/2018 10:45:40 AM PDT by SeekAndFind
Tesla CEO Elon Musk said on Tuesday via Twitter that he's considering taking the company private at $420 per share.
"Am considering taking Tesla private at $420. Funding secured," he said .
Tesla did not immediately confirm if Musk himself sent the tweet or if it was the result of a hack. The company did not immediately respond to a request for comment on the likelihood that it will go private, potential timing for doing so, or the funding sources Musk referred to.
Tesla has been public since it filed an IPO in 2010. The company had a market capitalization of more than $60 billion, as of Tuesday afternoon. Its share price reached as high as $371.15 per share after Musk's tweet. It was trading around $361 in early afternoon trading.
Musk has said he would like to take Tesla private in the past.
"I wish we could be private with Tesla," Musk said in an interview with Rolling Stone that was published in November 2017. "It actually makes us less efficient to be a public company."
Musk has also said on multiple occasions that Tesla will become profitable by the end of this year and won't need to raise additional funds, despite its increased cash burn rate in recent quarters.
The Financial Times reported on Tuesday that Saudi Arabia's sovereign wealth fund has acquired a $2 billion stake in the company. The fund owns between 3% and 5% of Tesla's total stock, which means the stake is likely worth between $1.7 billion and $2.9 billion.
Tesla reported an adjusted loss per share of $3.06 for the second quarter, which was larger than what analysts had predicted, and revenue of $4 billion, which beat analyst projections, in an earnings letter released last week.
(Excerpt) Read more at businessinsider.com ...
Ping.
Musk is just trying to hide his problems.
Sell....................
And get one step ahead of the posse...
If there's no follow through on at least formal exploration, that could be an issue.
Stop giving this worthless crook our money.
Overvalued...by about hundred dollars.
I meant $400.
He knows what it’s like to run SpaceX as a private company and I’d say he prefers that.
BTW, SpaceX did another successful launch and landing last night.
I just realized that Elon Musk is simply a modern day Howard Hughes. A larger than life figure, and both genius and partial con-artist.
He would still be accountable to shareholders just like he is at SpaceX.
Pump. And Dump.
That’s one way to get around reporting problems.
But where is the cash going to come from?
Easy Peasy, just pledge all the Public Shares as collateral.
I just realized that Elon Musk is simply a modern day Howard Hughes. A larger than life figure, and both genius and partial con-artist
...
I think he’s closer to Donald Trump, genius, part con-artist and a guy who gets things done.
With some PT Barnum mixed in.
420 is a pothead number.
420, 4:20, or 4/20 (pronounced four-twenty) is a code-term in cannabis culture that refers to the consumption of cannabis, especially smoking cannabis around the time 4:20 p.m. (or 16:20 in 24-hour notation) and smoking cannabis in celebration on the date April 20 (which is 4/20 in U.S. form).
This might be a joke.
That was my first thought as well.
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