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Tesla CEO Elon Musk announced today that he is considering taking the electric vehicle maker private, causing the company's stock to spike.

Going private would reduce the market pressure on Tesla, especially from short sellers who believe Tesla is set up to fail and are pursuing strategies to profit from Tesla's troubles. "Funding secured." It isn't clear what prompted the tweet. He implied the funding values the company at $420 a share. Additionally, the Tesla bull weighed in on the likelihood of Musk taking the company private.

In his tweet, Mr Musk said he could buy outstanding shares in the firm for $420 each, around a fifth higher than the share's current price. He also stated that this is not an attempt to assume more control over his company - Musk owns approximately 20 percent of Tesla right now, and he doesn't see that changing after the company goes private.

When asked on Twitter whether he was serious, Musk replied: "Yes".

In a 2013 report, the SEC said companies can use social media outlets to announce important information, so long as they comply with regulations and "investors have been alerted about which social media will be used to disseminate such information". Shares in Tesla were up sharply following the tweet, trading at $363 at the time of writing. Prices seesawed in the range of $360 to $370, a roughly 7 to 8 percent rise for the day, while investors tried to decide whether Musk was joking.

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

After Musk, the next largest shareholders in Tesla are the mutual fund giants T. Rowe Price and Fidelity, with stakes of more than 9% and 8%, respectively, according to Thomas Reuters Eikon.

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

Tesla has had more than its share of ups and downs over the past few months, due to an intense focus on production rates and sales figures for Tesla's mass-market Model 3 electric auto.

I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we're all trying to achieve. "His mission for Tesla (to accelerate the globe's adoption of sustainable energy) is both grand and long-term, making it hard to accommodate investors quarterly expectations".


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