Tesla Is Driving Sigma Lithium Stock Higher Today: What's Going On?

Sigma Lithium Corp SGML shares are trading higher Tuesday following reports that Tesla Inc TSLA is considering a bid for the battery metals mining company. 

What Happened: According to a Bloomberg report released after the market close Friday, Tesla is considering a takeover of Sigma Lithium. The stock jumped on the news.

The report indicates that Sigma Lithium’s largest shareholder has been considering a potential sale of the company and is in the process of weighing demand interest from potential suitors. 

People with knowledge of the matter said CEO Elon Musk has been in talks with potential advisers about a bid. Tesla is also reportedly considering a takeover of several other metal mining companies amid increased demand for battery materials.

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SGML Price Action: Sigma shares are up more than 200% over the last year.

The stock was up 26.9% at $37.40 Tuesday morning, according to Benzinga Pro.

Photo: courtesy of Tesla.