Musk claimed on his personal Twitter account to have secured funding for the maneuver, estimating the per-share valuation of the possible transition at $420.\u2026<\/b>
\nMusk claimed on his personal Twitter account to have secured funding for the maneuver, estimating the per-share valuation of the possible transition at $420.
UPDATE: The furor over Musk\u2019s tweets has led to a halt on $TSLA trading. Musk has followed up with an offer for current stockholders to keep their shares and \u201cgo private\u201d \u2014 without knowing further details on the company\u2019s board and governance structure.
UPDATE II: Musk releases an official statement for the company. It reads in part:
Tesla\u2019s current valuation is approximately $61 billion via its market capitalization. With approximately 170 million outstanding shares, Musk\u2019s proposed privatization of the company at $420 per share would require $71.4 billion, about a 17 percent increase.
Tesla laid of nearly 9 percent of its workforce in June in pursuit of its target production rate of 5,000 Model 3 cars by the same month\u2019s end.
Reports in July indicated that one in four Model 3 orders were being canceled and that delivery times for the vehicle were being pushed back. Tesla subsequently denied that cancellations for its Model 3 sedan are outpacing new orders.
Tesla\u2019s share price dropped 1.1 percent in late July following the aforementioned reports of order cancellations for its Model 3.
Musk also rankled his critics in July with an announced plan to manufacture Tesla products in China \u2014 siding with the authoritarian government over the United States in the middle of a raging trade battle .
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