Elon Musk tweets he may take Tesla private


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

The article said the state fund, overseen by the powerful crown prince Mohammed bin Salman, had been interested in buying newly issued shares.

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That price would represent a 22.8 percent premium to Tesla's closing price on Monday. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty. "Funding secured", Musk said. The stock's past-year high was $389.61, with it trading as low as $244.59 in April. They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla.

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.

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It's unclear from where Musk has secured funding.

The tweets have added to speculation about Tesla, which is spending heavily as it ramps up production of its latest vehicle, the Model 3.

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