Elon Musk considering taking Tesla private

Enlarge  Elon Musk

Early on Tuesday afternoon, Elon Musk's official Twitter account sent a tweet suggesting that Musk was going to lead a private buy-out of Tesla's stock for $420 per share.

Tesla's stock, which was trading at about $342 per share, shot up to $362 per share after the tweet. In that same tweet, he claimed that he has already secured the funding for doing so. Mr. Musk has a history of joking on Twitter and sending erratic tweets.

"Am considering taking Tesla private at $420". Shares are up as high as 9% on the day.

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If the tweet is serious (and not the work of hackers or a particularly wild night on the factory floor), it would allow Tesla to go private and inject some much-needed capital into the company.

Tesla shares were last up 7.4 per cent at US$367.25.

Short interest in Tesla on Monday stood at almost US$12 billion, equivalent to 28 per cent of its float, according to S3 Partners, a financial analytics firm. "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.

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