Elon Musk says he's considering taking Tesla private

Elon Musk considers taking Tesla private as stock jumps

A Tesla sales center in Costa Mesa California

According to the Times, the Saudis recently approached Musk and offered to buy even more Tesla shares, an offer that Musk refused.

Tesla Inc shares jumped more than 7 percent on Tuesday after Chief Executive Elon Musk said on Twitter he is considering taking the electric vehicle maker private at $420 per share as it goes through a period of rapid growth and financial constraints.

$420 per share would be a significant premium on where Tesla is now trading, and also its performance over the first half of the year.

The stock had been worth about $342 a share before Musk's tweet.

Tesla did not respond to a request for comment immediately.

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Tesla's stock spiked Tuesday after Musk made the abrupt announcement in a terse tweet.

Separately, the Financial Times reported on Tuesday that Saudi Arabia's sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built an undisclosed stake of 3-5% in Tesla.

But it was not clear how seriously to take the post, given Mr Musk's history on the social media service.

The tweets have added to speculation about Tesla, which is spending heavily as it ramps up production of its latest auto, the Model 3.

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