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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

37 mins ago - Health

The floodgates have opened for vaccine mandates

Illustration: Sarah Grillo/Axios

State governments, private businesses and even part of the federal government are suddenly embracing mandatory coronavirus vaccinations for their employees.

Why it matters: Vaccine mandates have been relatively uncommon in the U.S. But with vaccination rates stagnating and the Delta variant driving yet another wave of cases, there's been a new groundswell of support for such requirements.

Ina Fried, author of Login
37 mins ago - Sports

Axios at the Olympics: Softball on the brink

Cat Osterman, pitching here against Japan on Monday, came out of retirement to play in the Tokyo Olympics. Photo: ina Fried

TOKYO – When the U.S. and Japan take the field in Yokohama on Tuesday, they are playing for more than just a gold medal. As badly as both teams want to win, they also want to show the world their sport deserves a permanent place in the Olympics.

Why it matters: Softball is returning to the Olympics after a 12-year absence, but its long-term Olympic future is uncertain, with the sport not part of the 2024 Games in Paris and plans up in the air after that.

Updated 1 hour ago - Sports

Naomi Osaka eliminated from Olympic Games tennis tournament

Czech 42nd-ranked Marketa Vondrousova (L) shakes hands with Japan's Naomi Osaka after their Tokyo 2020 Olympic Games women's singles third round tennis match at the Ariake Tennis Park in Tokyo on Tuesday. Photo: Giuseppe Cacace/AFP via Getty Images

Naomi Osaka was eliminated from the Olympics Games after losing her Tokyo tennis tournament match 6-1, 6-4 in the third round to Czech Marketa Vondrousova on Tuesday.

Of note: Japan's Osaka is the women's world No. 2, while is Vondrousova ranked No.42.