Trading for Tesla stock was re-activated fifteen minutes before the closing bell was rung, and the automaker closed the day up 12 percent, realizing a massive $6 billion+ appreciation in market capitalization. However, Musk expects the shareholders to agree with him and allow him to take the company private again.
"Am considering taking Tesla private at $420", he posted shortly before 1 p.m. ET, referring to the potential price per share. The tweets came not long after a report that Saudi Arabia's sovereign wealth fund has built a $2 billion stake in Tesla. By going private, Tesla will lose that convenient source of financing, something that could cause massive headaches if the company continues to burn through cash as much as it has in recent years, Ramsey said.
Musk complained that Tesla is "the most shorted stock in the history of the stock market" and many people "have the incentive to attack the company".
Or part of a conspiracy to save a failing company as the FUD headlines are exalting, sidestepping the responsibility that comes with owning a public company?
While the decision isn't set in stone, Musk layout out a provisional plan to take the company private.
Tesla and its investors are no stranger to seeing the company's share price follow a rollercoaster trajectory.
The tweet spurred a rush of trading in Tesla's options, driving volume to 500,000 contracts, more than twice the daily average, according to options analytics firm Trade Alert.
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In a public letter posted to Tesla's official website, Musk elaborated on his intentions to privatize Tesla - at least in the short-term.
Elon Musk has "surprised" the market by laying out a tentative plan to privatise the now publicly listed Tesla electric car/solar energy company with a $420 per share price offer.
Musk's tweet isn't a clear violation of SEC rules, but it could be if it was explicitly meant to boost Tesla's price.
Going private is one way to avoid the intense scrutiny of public markets. He clashed with analysts on a contentious call after Tesla reported earnings three months ago. 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.
But asked if he would take legal action against Musk over the allegation, Unsworth said: 'If it's what I think it is yes'.
Musk said he wouldn't sell his stake if the company went private. Musk said he is considering taking the electric vehicle maker private. That baseless tweet was quickly deleted and Musk apologized to the diver.
"Details, structure, participants and how the valuation has been determined remain to be seen".