Elon Musk says he's considering taking Tesla private

Elon Musk at a Tesla

Elon Musk is considering taking Tesla Inc private, the chief executive officer of the electric auto maker tweeted on Tuesday.

"It's not easy to take a company that's losing money private", Galloway said. "Funding secured", Musk's account tweeted.

Tesla did not immediate respond to requests for comment.

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The firm's shares climbed more than 6% after the tweet, but the Nasdaq later halted trading pending an announcement.

The company had a market value of US$58 billion as of Monday's close. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty.

His asking price of $420 would be 22 percent of Monday's closing share price, and almost 9 percent above the stock's all-time closing high of $385.

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Tesla spokespeople have not yet confirmed the proposal to any media outlets.

While Musk is known for making erratic tweets, he tweeted "420" in a reply to Fox Business anchor Liz Claman, following up on his initial tweet. The Financial Times, citing unnamed people with direct knowledge of the matter said Saudi Arabia's Public Investment Fund had built a stake of between 3 and 5 percent of Telsa's shares. The tweet prompted questions about how serious Musk's intentions were.

On April Fool's Day, Mr Musk joked on Twitter about Tesla going bankrupt. So it will take some very deep pockets to buy up all of Tesla's publicly held stock. "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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