Elon Musk indicates taking Tesla private as he posts 'funding secured' tweet

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

CEO Elon Musk said on Twitter Tuesday that he's thinking about taking Tesla private, sparking a rally in the company's shares.

The tweet suggested Mr Musk was looking at a plan to buy outstanding shares in the firm for $420 each, around a fifth higher than the share's current price. "Funding secured", Musk's account tweeted. He implied the funding values the company at $420 a share. Musk owns almost 20 percent of the company. Much of that increase was driven by an earlier report that Saudi Arabia's sovereign wealth fund has bought $2 billion in Tesla stock, representing a 3-5% stake in the company.

Tesla has been publicly traded since 2010, and has seen its share price rise from just under $20 then to $360 at time of writing. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.

Tesla didn't immediately respond to a request for comment.

On April Fool's Day, Mr Musk joked on Twitter about Tesla going bankrupt.

"If true, this would be an incredible and surprising development".

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