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Elon Musk considers taking Tesla private as stock jumps

07 August 2018

Tesla CEO Elon Musk tweeted on Tuesday that he was considering taking the company private, sending the stock up more than 5 percent.

The tweet suggested Mr Musk was looking at a plan to buy outstanding shares in the firm for $420 each, around a fifth higher than the share's current price. The company is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company.

"Funding secured", the tweet added, offering no further details on timing or source of funding.

Musk's surprise announcement comes as the Financial Times revealed that a fund controlled by the Saudi Arabian government holds a stake of between three and five percent in the company.

Tesla's shares were up 6.5pc at $363.46.

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.

"If true, this would be an incredible and surprising development".

Elon Musk considers taking Tesla private as stock jumps