A nine-word tweet posted to Elon Musk's account on Tuesday caused an afternoon ruckus in regard to Tesla stock. "Am considering taking Tesla private at $420. Funding secured," the CEO tweeted. CNBC reports Fox Business reporter Liz Claman asked Musk about the share price and got a single-word response: "420." There were initial questions about whether the tweet was legitimate or "serious," as Reuters puts it (a follow-up tweet from Musk's account simply read, "Good morning" followed by a smiley face emoji; others pointed out the 420-marijuana connection, per CNBC). However, Musk has followed up with a blog post making clear the idea is indeed under serious consideration.
"First, a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best," he writes. "As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders." If it happens, it would be the biggest take-private deal ever, given that it would value Tesla above $70 billion, notes the Wall Street Journal. Tesla's stock closed up 11% at $379.57 on Tuesday; trading was temporarily halted at one point after Musk's initial tweet, but it resumed before the trading day ended. The stock's 52-week high is $389.61, which it hit in September.