Elon Musk Tweeted earlier today that he may be taking Tesla Motors private, in which he said “Am considering taking Tesla private at $420. Funding secured.” Just those simple words helped the company’s stock price jump from $342 to its current level of $380, but not before the Nasdaq exchange temporarily halted trading in the shares, pending clarification of material news. Continue reading for another video and more information.
“About three hours after his momentous tweet, Musk posted a message to employees explaining his rationale for going private. He cited ‘wild swings’ in the stock price and frequent attacks by short sellers as ‘a major distraction for everyone working at Tesla.’ He cited Space X, the rocket-launching company where Musk is also CEO, as an example of a privately owned company better able to focus on a complex long-term mission,” reports Yahoo News.