Tesla stock trading halted after Musk teases taking company private

Tesla stock trading halted after Musk teases taking company private

Tesla has not confirmed whether the tweet was real - or if the CEO's account was hacked.

NYU Marketing Professor Scott Galloway on Tesla CEO Elon Musk tweeting that he is considering taking the company private. If Musk were to make good on his tweet, it is unclear from where he could secure funding to buy out Tesla's shareholders.

"Yes, might take Tesla private", he said.

The company had a market value of US$58 billion as of Monday's close.

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.




Representatives for Tesla did not immediately confirm the tweet was genuine.

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

Musk has been under intense pressure this year to prove he can deliver on his promise to turn his money-losing company into a profitable higher-volume manufacturer, a goal that has propped up Tesla shares and resulted in a market value higher than that of General Motors Co.

Tesla's shares were up 6.5pc at $363.46. The tweet prompted questions about how serious Musk's intentions were. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty. 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.

Related Articles

  • Iran sanctions ‘most biting’ in history

    Iran sanctions ‘most biting’ in history

    The first set of US sanctions against Iran that had been eased under the landmark nuclear accord have gone back into effect. He called on the countries of Europe to join the US , saying, "The time has come to stop talking; the time has come to do".
    Manafort Accountant Admits Possible Wrongdoing During Trial

    Manafort Accountant Admits Possible Wrongdoing During Trial

    Friday began with testimony from Ayliff, who handled Manafort's tax preparations before retiring and turning them over to Laporta. Here are four insights from the week that was and a look ahead to Manafort's second week on trial in Alexandria, Va.
    Maduro opponents warn of crackdown after blast in Venezuela

    Maduro opponents warn of crackdown after blast in Venezuela

    One showed a cellphone video of a drone hovering over a residential street two blocks away and then crashing into a building. A senior Colombian official speaking to AFP on condition of anonymity said Maduro's accusation was "baseless".
  • Community Shield - 5 August 2018

    Community Shield - 5 August 2018

    Danny Drinkwater - 5 - Didn't make much of impact on the game. "I arrived three weeks ago, and I haven't seen six players yet". We're not talking about having to win the Premier League title. "The players are in bad, bad conditions", Guardiola said.
    Manchester United finally set to land a centre-back

    Manchester United finally set to land a centre-back

    Now, according to Spanish newspaper SPORT , Everton have acted quickly and look poised to sign the 23-year-old Colombian defender. Both of those links strangely came about after the pair had enjoyed strong performances at the World Cup .
    Firefighters in California gain ground on deadly Carr Fire

    Firefighters in California gain ground on deadly Carr Fire

    Officials are lifting more evacuations across Shasta County as firefighters gain containment on a wildfire burning in the region. Any family and friends who would like to report a missing person can call the Carr Fire Missing Persons Hotline: 530-225-4277.
  • Thibaut Courtois tells Chelsea to sell him this summer

    Thibaut Courtois tells Chelsea to sell him this summer

    It's claimed that Willian has informed Chelsea that he has a problem with his passport, but the club aren't buying it one bit. The Brazilian could be on his way out of Stamford Bridge after being linked with Real Madrid and Manchester United .
    Charlotte Rae Dies: House Mother On ‘The Facts Of Life’ Was 92

    Charlotte Rae Dies: House Mother On ‘The Facts Of Life’ Was 92

    She racked up over 90 credits across six decades, making her final appearance in the 2015 Meryl Streep movie Ricki and the Flash . She married composer John Strauss in 1951, and the couple had two sons, Larry and Andrew . "Rest In Peace Sweet Charlotte Rae ".
    Sam Curran leads England’s fightback against India

    Sam Curran leads England’s fightback against India

    When it comes to Edgbaston, India have no dearth of painful associated memories as far as Test cricket is concerned. Booed by the crowd when he came out to bat, Kohli left to applause from the England fielders and fans alike.
  • Trump says Republicans should run on his record

    Trump says Republicans should run on his record

    The Ohio rally was Trump's third of the week and he has pledged to accelerate his pace further as the midterms approach. President Trump speaks at a rally in support of congressional hopeful Troy Balderson in Lewis Center, Ohio.
    Apple just became the first $1 trillion public company

    Apple just became the first $1 trillion public company

    The gains came after the iPhone maker reported strong earnings late Tuesday that prompted a two-day rally in the share price. For what it's worth, Apple's trillion-dollar debut comes during one of the company's highest heights in terms of products.
    Facebook’s day of reckoning: Blip or sign of broader turn?

    Facebook’s day of reckoning: Blip or sign of broader turn?

    North American sales were up 44 percent year-over-year to $32.17 billion, with operating income at $1.84 billion. Its profit warnings for the future have led to talk of a shift from "hyper-growth"... to just growth.