Elon Musk says he's considering taking Tesla private

Elon Musk said he hopes all investors will stick with Tesla should they vote to take it private. File

Musk claimed on his personal Twitter account to have secured funding for the maneuver, estimating the per-share valuation of the possible transition at $420.

Several financial industry insiders were unclear why trading was halted, whether it's because Musk is trying to initiate a buyout or because he could be violating FCC regulations.

Making money has proven elusive for Tesla while it has been investing in electric auto technology and ramping up production of its vehicles, including a sedan with a starting price of $US35,000 to appeal to a broader audience.

Musk detailed his proposal in a blog post on the company's website Tuesday, hours after stunning the company's followers by casually tweeting that he might take it private.

Musk's tweet came two weeks after Tesla revealed it had burned through $739.5 million in cash on its way to a record $717.5 million net loss in the second quarter, as it cranked out more electric cars.

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When another person tweeted that going private "saves a lot of headaches", Mr Musk replied, "Yes".

"Am considering taking Tesla private at $420", Mr. Musk wrote.

We reached out to Tesla to find out what this all means and will update when we hear more. Investors in a privately held Tesla would probably have a chance to buy and sell stock every six months, as is the case at another of his companies, SpaceX.

George Galliers of Evercore ISI said he believed the tweet was serious.

The news caused Tesla's share price to jump by $14.

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Tesla did not immediately respond to requests for comment.

Earlier in the day, the Financial Times reported that Saudi Arabia's sovereign wealth fund had built an undisclosed stake of between 3% and 5% in Tesla. That has driven the stock lower and raised concerns about whether Tesla will need to sell more shares to pay for expansion.

Earlier today, Elon Musk did what he does best and set the internet ablaze - this time, based on a tweet about potentially taking Tesla private again. And if the information in the tweet isn't true, Musk could be looking at some stock price manipulation allegations.

The stock was halted at $367 a share shortly after 2 p.m. (ET), as some grew concerned that Musk's tweets were an attempt at market manipulation. "His mission for Tesla (to accelerate the globe's adoption of sustainable energy) is both grand and long-term, making it hard to accommodate investors quarterly expectations". He would still allow employees to keep their shares unless they want to jettison theirs at Musk's $420 price, which he noted was 20 percent higher than the stock was as of the Q2 earnings call. The company had a market value of $58bn as of Monday's close.

"Am super appreciative of Tesla shareholders", Musk said. Investors saw it as a vote of confidence that the Silicon Valley company could meet its ambitious growth plans and sent the stock up over 7% to an intraday high of $371.15.

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He has frequently lambasted "short" sellers of Tesla shares - those who take bets that the stock will fall in value.

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