Economy

Musk Says in Tweet He Is Considering Taking Tesla Private

Musk Says in Tweet He Is Considering Taking Tesla Private

Tesla CEO Elon Musk says he is considering taking the electric auto maker private. He said is considering taking the company private at $420 a share and already has secured funding.

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

On Twitter Tuesday, Musk said he has secured funding from a private buyer. The stock was up Tuesday after the Financial Times reported that Saudi Arabia had taken a $2 billion stake in the electric auto company. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty.

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A Tesla electric vehicle supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. The company did not immediately respond to request for comment.

Separately, the Financial Times reported on Tuesday that Saudi Arabia's sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built an undisclosed stake of 3-5% in Tesla. The fact that the tweet gives a specific price, and that $420 is a long-standing marijuana in-joke, makes it even more possible that this is a hoax or Musk's idea of a joke.