Musk says he may take Tesla private and shares roar


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".

Tesla has burned through cash while struggling to produce the Model 3, its lowest-priced electric vehicle.

But even for him, this was stunning.

Tesla's shares were up 6.5% at $363.46.

The company's stock had been up slightly earlier in the day after the Financial Times reported that Saudi Arabia had quietly built a large stake in Tesla.

Shares quickly jumped as high as $371.

And since his tweet, he's elaborated on the idea and shared a blog post explaining that he's quite serious. Intentions to buy out public shareholders usually need to be filed with the Securities and Exchange Commission, or SEC.

Part of the reason Musk believes this is the right thing to do is because Tesla faces increased scrutiny as a public company.

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Taking Tesla private would certainly qualify.

Musk, in confirming his desire to take the company private, said he's hoping to create a special investment fund that would allow shareholders to remain invested in Tesla. "Funding secured", Musk tweeted, following up with "good morning" and a smiley emoji.

He reassured investors that he planned to remain CEO. "Will ensure their prosperity in any scenario".

Often, going private means that a single new shareholder-or a small group of them-buys out most of the other shareholders, leading to a company with a small number of owners.

"Am considering taking Tesla private at $420".

Tesla said in a regulatory filing in 2013 that investors interested in keeping up with Tesla should follow Musk's account.

But in the latest quarterly call last week, Musk struck a more amicable tone. This is not to say that it will make sense for Tesla to be private over the long-term.

Musk's approach to a possible go-private transaction also went against the grain of many companies that release major news in non-trading hours.

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Being public "also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term", Musk said. And then there are the short sellers.

The company had a market value of US$58 billion as of Monday's close.

Finally, this has nothing to do with accumulating control for myself.

Tesla closed up 11 percent at almost $380 after trading resumed.

"Investor support is confirmed". So far, no actions have been taken to make this happen; a shareholder vote has not been scheduled.

Officially, the SEC is fine with financial announcements on social media as long as investors are alerted to which platform they should be keeping an eye on and that no investors are given an advantage to receive the information first.

Shares ended the day up 11%, just below $380.

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