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UPDATE 1-Elon Musk considers taking Tesla private

UPDATE 1-Elon Musk considers taking Tesla private

Reuters Last Updated at 07 Aug 2018, 22:08 IST

(Adds background, shares)

Aug 7 (Reuters) - Elon Musk is considering taking Tesla Inc private, the chief executive officer of the electric car maker tweeted on Tuesday.

"Am considering taking Tesla private at $420. Funding secured," Musk said.

It was not clear if Musk was serious as he has a history of erratic tweets, and the company did not immediately respond to request for comment.

Tesla's shares were up 6.5 percent at $363.46. The company had a market value of $58 billion as of Monday's close. Musk owns nearly 20 percent of the company.

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.

Separately, Financial Times reported on Tuesday Saudi Arabia's sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built an undisclosed stake of between 3 and 5 percent stake in Tesla. (Reporting by Sonam Rai in Bengaluru Editing by Saumyadeb Chakrabarty)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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