Elon Musk, eager to shed Wall Street, suggests a massive buyout of Tesla. Its shares soar

Elon Musk once again sent heads spinning with a bombshell tweet Tuesday, saying he’s “considering” buying up shares of electric car maker Tesla.

The deal contemplated by Musk, who has had a contentious relationship with Wall Street, would amount to the largest private buyout ever. If he paid shareholders the suggested $420 a share, Tesla would be worth $70 billion to $80 billion — more than any other U.S. car company.

But Musk, Tesla’s largest individual owner with 20% of fully diluted shares, might have to come up with $60 billion to buy out other shareholders.

Left unclear was whether Musk has lined up the financing — and if so, from whom. Earlier, the Financial Times newspaper reported that Saudi Arabia's sovereign wealth fund has taken a significant stake in Tesla.

Read the entire article at LAtimes.com