Musk tweets he may take Tesla private and shares roar

Elon Musk

NYU Marketing Professor Scott Galloway on Tesla CEO Elon Musk tweeting that he is considering taking the company private.

"Am considering taking Tesla private at $420".

Elon Musk sent shares of Tesla into a frenzy on Tuesday, when the billionaire inventor wrote in an unconfirmed tweet that he's considering taking the auto company private, and has already secured the funding - language he should be sure to follow through on, according to Scott Galloway.

Tesla shares were last up 7.4 per cent at US$367.25.

Tesla also made the news just before this tweet, when the Financial Times reported that Saudi Arabia's Public Investment Fund had amassed a previously unreported stake of "between 3 and 5 percent" of Tesla's shares.

England reach lunch with Cook the only casualty
One more success would have put him out on his own as the youngest bowler ever to take a five-wicket Test haul for England . Stokes, introduced after lunch, showed why he is such an important part of this England side with an aggressive spell.

On April Fool's Day, Mr Musk joked on Twitter about Tesla going bankrupt. He implied the funding values the company at $420 a share.

In his tweet, Mr Musk said he could buy outstanding shares in the firm for $420 each, around a fifth higher than the share's current price.

The U.S. Securities and Exchange Commission allows companies to use social media outlets like Facebook and Twitter to announce key information in compliance with its fair disclosure rules so long as investors have been alerted about which social media outlets will be used to disseminate such information. The tweet prompted questions about how serious Musk's intentions were. The company is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company.

"I can't believe this is something to bluff or make fun of".

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