Elon Musk tweets that he might take Tesla private, sending shares into a tizzy

(Image credit: Joshua Lott / Stringer/ Getty Images)

last updated 7 August 2018

Elon Musk riled up the stock market on Tuesday, tweeting that he was thinking of taking Tesla private at $420 per share, "funding secured."

Shares of the electric car company skyrocketed 7.4 percent as the CEO's message sunk in, CNBC reports. Then trading was brought to a halt.

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Musk recently hinted at a rejection of Wall Street, saying Tesla "would not be raising equity at any point" during a call to analysts Wednesday, per the Los Angeles Times. Tesla is worth $61 billion, and going private at $420 per share would lock the company's valuation at $71.3 billion. Musk expects the company to be profitable in 2018's third quarter, despite reporting a record loss of $718 million in the second quarter last week.

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Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.

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