Elon Musk tweets he may take Tesla private

Elon Musk tweet 'Am considering taking Tesla private at $420. Funding secured'

TESLA CEO Elon Musk has laid out his rationale for possibly taking the company private, saying the move would free the electric auto maker to focus on long-term goals, rather than the quarterly concerns of Wall Street. That came after Musk voiced similar thoughts on Twitter merely an hour earlier, writing: "Am considering taking Tesla private at $420".

According to a correspondent with the Financial Times, the Securities and Exchange Commission declined to comment on whether Musk violated any disclosure rules by issuing the market-moving announcement in an informal tweet.

Tesla did not immediately respond to a request for confirmation or clarification.

Trading for Tesla stock was re-activated fifteen minutes before the closing bell was rung, and the automaker closed the day up 12 percent, realizing a massive $6 billion+ appreciation in market capitalization.

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By taking Tesla private, Musk believes that the company will be able to sharpen its long-term focus of revolutionizing an automobile industry dominated by fuel-combustion vehicles without having to cater to investors' fixation on how the business is faring from one quarter to the next. If Musk can't prove the allegedly secured funding at $420 per share, he may be accused of market manipulation or market fraud.

Earlier Tuesday, the Financial Times reported that Saudi Arabia's sovereign wealth fund has bought as much as 5 percent of the company's shares - making it one of Tesla's biggest shareholders.

UPDATE 3:46 PM EST: Musk published a blog post on Tesla's website which contained an email to employees explaining why taking Tesla private may be the right move for the company.

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.

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"In 2013, the SEC made it clear that people could use social media to disclose significant information about their companies, but they had a caveat, which is people need to know where to look", Pitt said. Shares could be bought or sold periodically on a private marketplace, Musk said.

At midday Wednesday, Musk tweeted that he was "considering taking Tesla private at $420 per share", a premium of about $76 per share, or 22 percent more than the $344 per share where it opened the day.

He added that he hoped all shareholders would remain and that all Tesla employees would "remain shareholders of the company". They would continue to have separate ownership and governance structures.

But time and again Musk and Tesla have been given more time to achieve success.

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Finally, this has nothing to do with accumulating control for myself. If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us. "I own about 20 percent of the company now, and I don't envision that being substantially different after any deal is completed".

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