Elon Musk says he's considering taking Tesla private

Elon Musk says he's considering taking Tesla private

The billionaire co-founder of the company took to Twitter on Tuesday afternoon to say he was "considering taking Tesla private at $420".

Shortly after that news, Musk tweeted again that current shareholders would have the option of selling their shares at $420 or holding them privately. On April 1 this year, Musk tweeted, "We are sad to report that Tesla has gone completely and totally bankrupt". 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.

Tesla (TSLA) has burned through cash while struggling to produce its Model 3 cars.

"As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders", Musk wrote.

Musk's target for taking the company private would value it at more than $82 billion, according to Bloomberg.

"I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we're all trying to achieve", he said.

George Galliers of Evercore ISI said he believed the tweet was serious.

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He also said that he would hold on to his almost 20% stake in the company if it were taken private, and that he wouldn't expect himself or any other investor to have a controlling vote after the buyout.

Musk, without providing any justification or explanation, referred to Unsworth as "pedo guy" in a since-deleted tweet on Sunday.

Unsworth told AFP he had not reviewed the tweets in full and had only heard about them. I think he's serious.

Musk also denied giving donations to a political action committee dedicated to helping the Republicans maintain control of the house. But Musk is not a conventional CEO.

In the past few months, Musk has become embroiled in a series of spats with the news media. The automaker is also the most shorted on Wall Street, with many investors betting the company will fail.

While volume can stop trading, it's highly unlikely volume caused trading to be halted today because Tesla has historically had higher volume days than it was having on August 2, 2018.

During Wednesday's earnings call, Tesla once against lost money in the quarter to the tune of $740 million.

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