Musk says he may take Tesla private and shares roar

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"Am considering taking Tesla private at $420".

"It's not easy to take a company that's losing money private", Galloway said.

Elon Musk sent shares of Tesla into a frenzy on Tuesday, when the billionaire inventor wrote in an unconfirmed tweet that he's considering taking the auto company private, and has already secured the funding - language he should be sure to follow through on, according to Scott Galloway.

Shortly after, Mr Musk responded to replies to his tweet, asking if he would remain in control of the company.

Tesla's shares were up 6.5pc at $363.46. The company had a market value of $58 billion as of Monday's close.

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On April Fool's Day, Mr Musk, who owns nearly 20% of the company, joked on Twitter about Tesla going bankrupt. Earlier in the day, the Financial Times reported that Saudi Arabia was taking a $2 billion stake in the electric automaker.

Tesla's stock spiked Tuesday after Musk made the abrupt announcement in a terse tweet. It would be one of the biggest go-private deals on record with a price tag of about $72 billion, based on $420 per share.

On April 1 this year, Musk tweeted, "We are sad to report that Tesla has gone completely and totally bankrupt". The tweet prompted questions about how serious Musk's intentions were. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.

Short interest in Tesla on Monday stood at almost $12 billion, equivalent to 28 percent of its float, according to S3 Partners, a financial analytics firm.

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