Elon Musk considers taking Tesla private as stock jumps

Elon Musk Reveals Details of Tesla V9.0 Software Including Early Access

On April Fool's Day, Mr Musk joked on Twitter about Tesla going bankrupt.

Chief Executive Elon Musk said on Twitter he is considering taking Tesla Inc private at US$420 per share as the electric auto maker faces the challenges of fast growth and financial constraints, sending its shares up more than 6 per cent. "Funding secured", Musk said.

It's unclear from where Musk has secured funding.

Tesla didn't immediately respond to a request for comment.

Tesla's shares jumped as high as $371.15 in afternoon trading.

At a share price of $420, Electrek points out that taking Tesla private would be a costly decision, to the tune of some $70 billion. Shares climbed about 2% on Tuesday, and then soared after Musk tweeted.

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"It's not easy to take a company that's losing money private", Galloway said. The company underwent an initial public offering in 2010.

"I believe Tesla considers Tweets as public disclosure".

Musk's other company, aerospace firm SpaceX, is privately owned.

Tesla now has a market value around $60 billion, which would make its take-private price tag about $80 billion, Galloway said. The tweet prompted questions about how serious Musk's intentions were.

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.

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

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