Elon Musk says may take Tesla private

Tesla CEO Elon Musk.AP

• Tesla CEO Elon Musk said on Tuesday that he’s considering taking Tesla private.
• “Am considering taking Tesla private at $420. Funding secured,” he said on Twitter.
• Tesla has been public since it filed an IPO in 2010.

Tesla CEO Elon Musk said on Tuesday that he’s considering taking Tesla private.

“Am considering taking Tesla private at $420. Funding secured,” he said on Twitter.

Tesla did not immediately respond to a request for comment on the likelihood that it will go private, potential timing for doing so, or the funding sources Musk referred to.

Tesla has been public since it filed an IPO in 2010. The company had a market capitalization of over $60 billion, as of Tuesday afternoon.

Tesla reported an adjusted loss per share of $3.06 for the second quarter, which was larger than what analysts had predicted, and revenue of $4 billion, which beat analyst projections. The company said it expects to be profitable during the second half of 2018.

“Going forward, we believe Tesla can achieve sustained quarterly profits, absent a severe force majeure or economic downturn, while continuing to grow at a rapid pace,” the company said in its earnings report. 

This is a developing story. Check back for updates.

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