WASHINGTON - Elon Musk is considering taking Tesla Inc private, the chief executive officer of the electric car maker tweeted on Tuesday.
It was not clear if Musk was serious as he has a history of erratic tweets, and the company did not immediately respond to request for comment
Am considering taking Tesla private at $420. Funding secured.— Elon Musk (@elonmusk) August 7, 2018
Tesla’s shares were up 6.5 percent at $363.46. The company had a market value of $58 billion as of Monday’s close. Musk owns nearly 20 percent of the company.
A deal at $420 per share represents a 22.8 percent premium to Tesla’s closing price on Monday, valuing the company at about $72 billion.
Separately, Financial Times reported on Tuesday Saudi Arabia’s sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built an undisclosed stake of between 3 and 5 percent stake in Tesla.