Stefan Mileschin

Will buy back the company for $71.3 billion

Elon Musk said he's thinking about taking Tesla private and may buy back the company for $71.3 billion at a share price of $420.

He claims he already has the funding to do so from a private buyer. He implied that the funding values the company at $420 a share. The stock had been worth about $342 a share before Musk's tweet, and shares quickly jumped as high as $371.

Musk's hope, he later tweeted, is that "all current investors remain with Tesla even if we're private. Would create special purpose fund enabling anyone to stay with Tesla. Already do this with Fidelity's SpaceX investment".

Musk, who said he would stay on as CEO, also seems willing to have a provision for retail investors, who have held Tesla shares prior to Dec. 31, 2016, to convert their shares into private shares.

Musk, in response to a tweet, said he's "super appreciative of Tesla shareholders" and "will ensure their prosperity in any scenario". Musk has publicly mused about taking Tesla private before, saying in a 2017 Rolling Stone profile: "I wish we could be private with Tesla. It actually makes us less efficient to be a public company."

https://fudzilla.com/news/automotive...-tesla-private