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Elon Musk tweets he has funding to take Tesla private

Elon Musk tweets he has funding to take Tesla private

In a Twitter direct message to Ars Technica, Musk confirmed he was serious about the proposal.

Tesla CEO Elon Musk says he is considering taking the electric vehicle maker private.

In a second tweet on Tuesday, Mr Musk said taking the company private would not lead to a single dominant shareholder.

"Funding secured", the tweet added, offering no further details on where the funds would come from or when. The Financial Times, citing unnamed people with direct knowledge of the matter said Saudi Arabia's Public Investment Fund had built a stake of between 3 and 5 percent of Telsa's shares.

"Am considering taking Tesla private at $420".

Tesla shares, which were already rising on news of the Gulf investor, spiked in response.

Tesla now has a market value around $60 billion, which would make its take-private price tag about $80 billion, Galloway said.

A deal at $420 per share represents a 22.8 percent premium to Tesla's closing price on Monday, valuing the company at about $72 billion. Shares climbed about 2% on Tuesday, and then soared after Musk tweeted.

Tesla did not immediately respond to a request for clarification. Musk has had feuds with regulators, critics and reporters, and questions remain about Tesla's production and manufacturing difficulties, long-term demand for its cars and uncertainty over funding. The company is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company.

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