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Elon Musk indicates taking Tesla private as he posts 'funding secured' tweet

07 August 2018

It's never a boring day when Elon Musk takes to Twitter.

Tesla boss Elon Musk has shocked the market with a bombshell tweet saying he is mulling taking the electric vehicle company private.

The BBC has been unable to verify the post was written by Mr Musk himself, but it has pushed the shares 6% higher. In that same tweet, he claimed that he has already secured the funding for doing so.

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

"My hope is all current investors remain with Tesla even if we're private", Musk tweeted. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.

If the tweet is serious (and not the work of hackers or a particularly wild night on the factory floor), it would allow Tesla to go private and inject some much-needed capital into the company. The stock has fallen over the past year as losses mounted.

Separately, the Financial Times reported on Tuesday that Saudi Arabia's sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built an undisclosed stake of 3-5% in Tesla.

Elon Musk indicates taking Tesla private as he posts 'funding secured' tweet