Tesla boss Elon Musk considers de-listing the firm from the stock exchange
Billionaire Elon Musk has tweeted about a possible plan to take the electric car company he founded private
TESLA boss Elon Musk has suggested via Twitter that he is “considering” taking the electric car firm private.
In his tweet, Mr Musk said he could buy outstanding shares in the firm for $420 (£325) each, around a fifth higher than the share’s current price.
“Funding secured”, the tweet added, offering no further details on where the funds would come from or when.
The firm’s shares climbed after the tweet, but Nasdaq suspended trading pending a formal announcement.
Tesla, which did not immediately respond to a request for comment, later published an email from Mr Musk to employees explaining the thinking behind his plan.
“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,” he wrote.
“Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term.”
Unlike publicly listed companies, . They are also shielded from the ups and downs of the stock market.
If Tesla were taken private at $420 per share, it would be one of the largest such transactions in history - worth more than $80bn (£62bn), including the firm’s debt.
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