A statement from the Tesla board said directors had met “several times” to discuss the idea after Musk raised going private as a better solution for the automaker’s long-term growth.

The board “is taking the appropriate next steps to evaluate this,” the statement added.

Musk jolted markets Tuesday by announcing the proposal on Twitter and saying he could finance the buyout at a large premium to current valuation, at a price of $420 a share.

The Wall Street Journal, citing unnamed sources, reported Wednesday afternoon that the US Securities and Exchange Commission inquired whether Musk’s statements were factual and why the disclosure was made on Twitter rather than in a regulatory filing.

Companies can come under scrutiny for misleading statements, but the agency in 2013 said firms may use social media “to announce key information … so long as investors have been alerted about which social media will be used to disseminate such information.”

The SEC declined comment. Tesla did not immediately respond to a request for comment.

Tesla shares, which surged 11 percent Tuesday on Musk’s statements, dropped 2.4 percent to close at $370.34 on Wednesday.

Many companies avoid releasing market-moving news during trading hours, but Musk floated the idea in an afternoon tweet and then elaborated in a series of responses to questions on the social network, before the company finally released a letter to employees with more details on the rationale.

Going private would liberate the company from the quarterly reporting cycle, allowing it to be “free from as much distraction and short-term thinking as possible,” Musk said in a blog post.

But legal experts and equity analysts said the announcement raised more questions about Musk, who has had prickly relations with Wall Street and has been involved in a number of controversies in recent months.

Is funding really ‘secured’?

Regulators are likely to scrutinize Musk’s statement that funding for the deal was “secured,” a factual statement that could be problematic if it is not true, said John Coffee, a Columbia Law School professor and expert on securities law.

“It’s very implausible” that funding has been secured “because you’re talking about an offer of maybe $73 billion,” Coffee said.

When companies undertake such transactions, the board of directors typically form a committee to study the idea and consult investment bankers on a fair price.

Musk “can’t go much longer without discussing what the funding was, or qualifying or amending his statement,” said Coffee said, adding that Musk could be exposed to deep liability from investors who lost money because of his announcement.

Meanwhile, equity analysts generally reacted skeptically to the idea of taking the automaker private. Cowen said the proposal raised many questions, such as how the company will raise needed capital to execute its manufacturing ramp-up.

“It is obvious to see how such a transaction would benefit a CEO who has been very distracted by social media and is focused on ‘burning shorts,'” Cowen said.

However, “we question how remaining investors would benefit from a less liquid structure in which management receives far less scrutiny despite its historically poor execution and track record.”

JPMorgan Chase also noted the scant details in the proposal and questioned whether Tesla profits would match its lofty forecasts given that rival auto companies may be able to offer electric cars at lower price points that are subsidized with sales of vehicles with internal combustion engines.

But JPMorgan still estimated the odds that Tesla would go private as 50 percent, implying a higher valuation for Tesla shares than the analysts had been projecting.

Going private would take the company out of the quarterly reporting cycle, making it “free from as much distraction and short-term thinking as possible,” Musk said in a blog post.

Musk, who has depicted the quest to build up no-emissions electric cars as an environmental mission, said he viewed going public as “the best path forward,” but that a final decision had not been made and ultimately rested on shareholder support.

Shares finished up 11 percent at $379.57 after being suspended for about 90 minutes following a series of Musk statements on Twitter in which he initially floated the idea of going private.

Musk’s first tweet said funding was “secured” for a transaction that could value the company at $420 a share.

At that price, the Tesla transaction would be worth more than $71 billion.

A leveraged buyout of this size — one using debt — would eclipse by a wide margin the prior record, the purchase for utility TXU Corp. in 2007 by a consortium that included KKR and TPG for $44 billion.

Gains following the tweet added to upward movement on the stock after the Financial Times reported that a Saudi Arabian sovereign wealth fund had built a stake of between three and five percent in the company.

Musk’s tweet comes as Tesla faces continued pressure to ramp up output of the Model 3 sedan, its first effort at the middle market.

The billionaire Musk, who owns about 20 percent of the company, said a transaction would not “substantially” alter his stake and that he expected to continue to lead the company if it occurred.

Polarizing figure

Musk has previously discussed possibly going private as a means to realize long-term growth and accomplish a goal that some Tesla acolytes embrace with near-messianic passion.

Supporters of Musk and the company view him as a visionary akin to Apple co-founder Steve Jobs, while critics have likened him to a “Wizard of Oz” like figure who has yet to turn a profit.

Tesla shareholder Quint Tatro, managing director of Joule Financial, praised the idea as “brilliant,” adding that “Musk is tired of dealing with all the challenges of being ‘public.'”

The South African-born Tesla chief has courted plenty of controversy.

Last month, he apologized for calling British caver Vernon Unsworth, who helped rescue 12 Thai boys from a cave, a “pedo” — short for pedophile — after Unsworth spoke dismissively of the Tesla chief’s proposal for bringing the boys to safety.

He has also had a prickly relationship with Wall Street, apologizing last week to equity analysts after refusing to answer questions on a May investor call.

Musk’s approach to a possible go-private transaction also went against the grain of many companies that release major news in non-trading hours.

By contrast, Musk made the initial comment on Twitter and then embellished on the remarks in a series of responses to users on the platform.

In its August 1 earnings release, Tesla confirmed output was on track after missing earlier benchmarks as it reported a bigger-than-expected loss.

Shares have rallied strongly since those earnings, but Musk has continued to show a short fuse towards critics, lambasting “short” sellers of Tesla shares — those who take bets that the stock will fall in value.

Following the company’s surge after last week’s earnings, Musk took aim again at a short-seller in a reported short YouTube video that likened these investors to Hitler’s last days.

Musk amplified this point Tuesday, saying on Twitter that going private “will be way smoother,” end “negative propaganda from shorts” and benefit shareholders.

“Am super appreciative of Tesla shareholders,” Musk said. “Will ensure their prosperity in any scenario.”

Leading the line in this latest showcase of cutting-edge automotive innovation in the premium compact segment is the newly upgraded MINI Cooper S Countryman, with a price reduction of up to Bt460,000, followed by the full-fledged members of the MINI family.

The event boasts a full line-up of 17 models, including the MINI Cooper S Countryman with a new profile, the stylishly revived version of the MINI Hatch, MINI Convertible, MINI Clubman and MINI John Cooper Works, plus a range of exciting activities that the true MINI lover should not miss, MINI Thailand said on Tuesday.

The expo will also come with a massive gathering of MINI owners for an exclusive boot sale in “MINI THE BLACK MARKET”, to be held in front of CentralWorld from 3pm to 9pm on August 19.

Preecha Ninatkiattikul, general manager of MINI Thailand, said: “This year’s MINI Expo 2018 is our first-ever annual expo event and a great opportunity for us to connect with current and prospective customers alike. Apart from the full array of MINI models, visitors to the MINI Expo will also experience our MINI Countryman with a new profile.

“The event highlights our commitment to develop the innovative vehicles for fans who adore MINI’s unique appeal – from the classic enthusiast, the adventurers to the speed aficionado who enjoys a go-kart feeling. We are positive that the MINI Expo 2018 will certainly delight MINI lovers from all generations.”

The company has faced multiple controversies in recent months, many of them stemming from comments made by enigmatic CEO Elon Musk.

The $717.5 million loss was more than twice the $336.4 million loss reported in the same quarter a year ago. Revenues meanwhile jumped 43.5 percent to $4.0 billion.

Tesla said its closely-watched ramp-up of production of the Model 3 has hit its stride after earlier missing a series of targets.

Output of the Model 3, the company’s first targeting the middle market and a major gamble for Musk, met a 5,000 per week benchmark in June and repeated that pace “multiple times” in July.

Tesla said it is on track to hit 6,000 vehicles per week by late August and expects to reach 10,000 per week “sometime next year.”

Shares rose 4.4 percent in after-hours trading to $313.99.

The “1286 Millennium Auto Connect” service is available for customers of BMW, Mini and BMW Motorrad at Millennium Auto.

It includes vehicle data, trade-in, service appointments, repair updates, roadside assistance, insurance and Sixt car rental.

By the end of 2018, Millennium Auto says it will have 20 showrooms and service centres in the kingdom.

The 2018 Ranger is also available with a new 2.0-litre bi-turbo engine and 10-speed automatic gearbox. The engine is the most powerful in the market, pumping out as much as 213 horsepower and 500Nm of torque.

Added features include keyless entry and SYNC3 with Thai-enabled Apple CarPlay and Android connection.

With the new engine choice, the Ranger lineup in Thailand now consists of 20 models.

The bi-turbo engine replaces the much larger 3.2-litre engine at the top of the Ranger options. The other two engines are the 2.0-litre (normally-aspirated, new generation) and the old 2.2 Duratoque motor.

Price starts at Bt589,000 for the short wheelbase model to Bt1.7 million for the range-topping Raptor.

The August 15-26 event will be held at the Quartier Gallery in the EmQuartier and Emporium Gallery in the Emporium.

Suthavadee Sirithanachai, deputy managing director of the Emporium and EmQuartier, said: “Each year we have a variety of different events and the Speed Revolutionaire is in its fifth consecutive year.

“Leading automobile importers are preparing to display their highlight vehicles and launch attractive sales promotions along with the shopping centres.”

Participants include Cavallino Motors Co Ltd, the only official importer of Ferrari in Thailand, Niche Cars Co Ltd, which imports McLaren, Lotus, Pagani, Koenigsegg and Hummer, and AAS Auto Service, the importer of Porsche and Bentley.

Vehicle highlights include the Ferrari Portofino that has just been officially launched in Thailand, priced at Bt201 million. Others include the McLaren 720S at Bt26.5 million, Bentley Continental GT at Bt22.1 million and a limited-edition Porsche 911 Turbo S.

Customers placing orders for vehicles at the event will receive a Platinum M Card and a one-year free parking card from the Emporium and EmQuartier when depositing a reservation fee over Bt500,000.

Suthavadee also said that last year’s event drew a positive response from visitors as well as auto companies taking part.

“The improving economy and sentiment have given us confidence that vehicle sales at this year’s show will be higher than last year. At least 30 vehicles worth Bt500 million could be sold,” she said.