Elon Musk Reveals Details of Tesla V9.0 Software, Including Early Access

Elon Musk Reveals Details of Tesla V9.0 Software, Including Early Access

Elon Musk Reveals Details of Tesla V9.0 Software, Including Early Access

Technology dynamo Elon Musk announced Tuesday that he may take Tesla private, sending the Internet into a spiral of speculation about whether he was actually legit.

Tesla shareholders would need to vote in favor of going private before the decision is finalized, Musk concluded. Musk has followed up with an offer for current stockholders to keep their shares and "go private" - without knowing further details on the company's board and governance structure.

The news caused Tesla's share price to jump by $14.

Tesla CEO Elon Musk's discussion of privatizing the company's shares sparked a seesaw in prices before trading was suspended.

Musk's other companies specializing in private spaceflight and underground supertrains - SpaceX and The Boring Company - remain private, and Musk has shown reluctance about opening them to the public markets.

Musk tweeted that he hoped all current investors would remain were the company to go private.

Since Tesla went public in 2010, its stock has been on a roller coaster ride, gaining nearly 2,000 percent in eight years, but also reportedly becoming at times the most shorted stock in history.

As a private company, Tesla would not be required to report quarterly results, freeing it from Wall Street pressure and giving the company a longer-term window to achieve Musk's goal of a renewable-energy future.

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The stock spiked on the initial news, with shares rising more than 10% as trading resumed.

While Mr Musk has previously discussed the drawbacks of being a public company, he has also used his Twitter account in ways that surprised investors.

Still, the tech-heavy NASDAQ exchange where Tesla is listed halted trading over the uncertainty of whether Musk's tweet may have violated any Securities and Exchange Commission rules that prevent company executives from making market-moving statements.

Last month, Musk attacked British diver Vern Unsworth, who had dismissed the Tesla chief's efforts to help the rescue mission for the 12 boys as a "PR stunt" in a widely seen interview on CNN. Before Musk's tweet, Tesla had a market value of $58 billion, already higher than that of General Motors or Ford, even though those companies are significantly larger and more profitable. I wanted to let you know my rationale for this, and why I think this is the best path forward.

Tesla did not respond to a request for comment immediately.

Short interest in Tesla on Monday stood at almost $12 billion United States, equivalent to 28 per cent of its float, according to S3 Partners, a financial analytics firm.

"I can't believe this is something to bluff or make fun of", said George Galliers of Evercore ISI.

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