Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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).
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: