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Elon Musk considers taking Tesla private

07 August, 2018, 22:11 | Author: Lawrence Cooper
  • Elon Musk considers taking Tesla private as stock jumps

"It's not easy to take a company that's losing money private", Galloway said.

When another person tweeted that going private "saves a lot of headaches", Musk replied, "Yes".

Galloway said Musk likely wants to take the company private because he's anticipating third- and fourth-quarter losses, and is exhausted of dealing with irate investors and the general demands of being a public company. The company had a market value of $58 billion as of Monday's close.

Tesla went public in 2010, when it offered more than 13 million shares at $17 each.

At a share price of $420, Tesla would be worth more than $70 billion.

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The Twitter account of Tesla Inc.

The stock since settled at $366.94 before exchanges halted trading, pending an upcoming announcement from the company. The company did not immediately respond to request for comment.

"My hope is all current investors remain with Tesla even if we're private", Musk tweeted. So it will take some very deep pockets to buy up all of Tesla's publicly held stock. "Would create special-purpose fund enabling anyone to stay with Tesla". I think he's serious.

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. Much of that increase was driven by an earlier report that Saudi Arabia's sovereign wealth fund has bought $2 billion in Tesla stock, representing a 3-5% stake in the company.

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