Elon Musk tweets about going private and shares 'skyrocket'

Tesla Inc shares jumped more than 7 percent on Tuesday after Chief Executive Elon Musk said on Twitter he is considering taking the electric auto maker private at $420 per share as it goes through a period of rapid growth and financial constraints.

In a second tweet on Tuesday, Mr Musk said taking the company private would not lead to a single dominant shareholder. In that same tweet, he claimed that he has already secured the funding for doing so.

Tesla did not respond to a request for comment immediately.

The firm's shares climbed more than 6% after the tweet, but the Nasdaq later halted trading pending an announcement. The company had a market value of $58bn as of Monday's close. Mr. Musk has a history of joking on Twitter and sending erratic tweets.

The billionaire co-founder of the company took to Twitter on Tuesday afternoon to say he was "considering taking Tesla private at $420". They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla.

It's never a boring day when Elon Musk takes to Twitter. The stock has fallen over the past year as losses mounted.

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