Musk Says in Tweet He Is Considering Taking Tesla Private

Elon Musk considers taking Tesla private as stock jumps

He later laid out his thoughts in a blog post, calling his plan "the best path forward".

Despite the fact that publicly-available FEC documents prove his donations to the PAC, Musk tweeted on Saturday that "reports that I am a top donor of the GOP are categorically false".

First, a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best.

Musk also faced intense public criticism after he suggested in a tweet that one of the rescuers of the Thai soccer team trapped in a cave was a pedophile.

Trading was then halted on the stock market around 2 pm EST according to The Washington Post.

The surprise announcements prompted former Securities and Exchange Commission Chairman Harvey Pitt to question whether Musk had broken securities laws. They did come from Musk's verified Twitter account but it's possible that someone could have hacked the account and published the tweets to manipulate share value for personal gain. "I won't be selling in either scenario".

Tesla CEO Elon Musk is laying out his rationale for possibly taking the company private, saying the move would free the electric vehicle maker to focus on long-term goals, rather than the quarterly concerns of Wall Street.

Despite the unfolding media "shitshow", Musk still seems to view privatization as an "enormous opportunity for us all".

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Musk said the plan being put together would allow shareholders either to remain owners of the private company, or to sell their current positions at $420 per share.

And yet it also left many questions unanswered, namely how Musk - who owns nearly 20 per cent of the company - would be able to come up with the US$66 billion necessary to complete the transaction. The automaker is also the most shorted on Wall Street, with many investors betting the company will fail.

It followed news that Saudi Arabia's sovereign wealth fund had built a less than five per cent stake in Tesla worth about US$2 billion.

Shortly after, Mr Musk responded to replies to his tweet, asking if he would remain in control of the company.

Tesla reported an adjusted loss per share of $3.06 for the second quarter, which was larger than what analysts had predicted, and revenue of $4 billion, which beat analyst projections.

The company is still working its way out of what Musk called "production hell" at its home factory in Fremont, California, where a series of manufacturing challenges delayed the ramp-up of production of its new Model 3 sedan, on which the company's profitability rests.

Musk has previously discussed possibly going private as a means to realize long-term growth and accomplish a goal that some Tesla acolytes embrace with near-messianic passion. "Are we running low on money?"

BUYING TIME. Elon Musk has had a bumpy relationship with investors as of late, and has taken Twitter to lash out at short sellers repeatedly.

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