Tesla stock jumped Tuesday as Chief Executive Elon Musk tweeted Tuesday that he was considering taking the company private at $420 a share, or about $70 billion, and maintained he has the funding.
"Am considering taking Tesla private at $420. Funding secured," Musk said in his tweet.
That's a 19% premium from where Tesla stock currently trades. Shares of Tesla (TSLA) were up 6%, near 362.25 during afternoon trading on the stock market today.
The tweet was preceded by a report from Financial Times that the Saudi Arabia Public Investment Fund, a sovereign wealth fund, has built a stake in Tesla somewhere between $1.7 billion and $2.9 billion, or between 3% and 5% in the electric vehicle automaker. The stake was believed to be have been built up after Saudi Prince Mohammed bin Salman toured the U.S. in March.
The post Tesla Stock Jumps As Elon Musk Tweets Thought Of Going Private appeared first on Investor's Business Daily.
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