Private Lies: Musk Tweets He Will Take Tesla Private
Share Price $420
Shares Rise 6.5%
In response to those Tweets, Tesla Rose 6.5% in Afternoon Trading.
Shares are up but Musk does not have controlling interest. Where's the funding?
Tesla’s stock was up 6.5% at $364.11 in early afternoon trading, meaning it would need to climb a further roughly 16% to reach $420. The Financial Times reported on Tuesday that Saudi Arabia’s sovereign-wealth fund has accumulated a roughly $2 billion stake in the company.
Tesla couldn’t immediately be reached for comment.
My best guess is this is another publicity stunt hoping to squeeze the shorts. But if that is a success, who will be left to buy?
Mike "Mish" Shedlock