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Tesla founder and CEO, Elon Musk. Photo: Joshua Lott/Getty Images

Tesla founder and CEO Elon Musk tweeted Tuesday that he may acquire the electric car company for more than $85 billion (including debt).

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Timing: The tweet came just after the Financial Times reported that a Saudi Arabian sovereign wealth fund had acquired around a $2 billion stake in Tesla. Musk has not yet provided any additional information, such as the identities of his financing partners, nor has Tesla itself made a comment.

  • Shares spiked from $355 to $370 on Musk's tweet, but they have since fallen back a bit. Shortly after 2pm they were halted.
  • Musk currently holds around 19.87% of Tesla's outstanding stock.

The big question: It is unclear how the SEC will view Musk's tweet. It does allow companies to disseminate material information via social media, but this isn't really an official company communication nor a formal takeover offer. And it certainly is impacting the stock price.

The smaller question: $420 per share makes sense as a typical take-private premium, as it would be around 22% higher than where Tesla shares opened this morning. But "420" is also slang for consuming cannabis, prompting some on Twitter to wonder if Musk is doing a bit of trolling.

Update: More tweeting from Musk:

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Go deeper

Dead malls get new life

Illustration: Aïda Amer/Axios

Malls are becoming ghosts of retail past. But the left-behind real estate is being reimagined for a post-pandemic world.

Why it matters: As many as 17% of malls in the U.S. "may no longer be viable as shopping centers and need to be redeveloped into other uses," per Barclays.

White House now says Biden will move to increase refugee cap by May 15

Photo: Chip Somodevilla/Getty Images

The White House on Friday afternoon said President Biden plans to lift the Trump-era refugee cap by May 15.

Driving the news: The announcement follows stinging criticism from several Democrats and rights groups, who said Biden was walking back on his pledge to raise the limit. Earlier Friday, Biden signed a directive to speed up the processing of refugees, but kept the Trump administration's historically low cap of 15,000 refugees for this year.