Elon Musk says he's considering taking Tesla private

Netflix CEO Reed Hastings

Tesla boss Elon Musk has suggested via Twitter that he is "considering" taking the electric auto firm private.

"Am considering taking Tesla private at $420".

Tesla's stock spiked Tuesday after Musk made the abrupt announcement in a terse tweet.

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

"Am considering taking Tesla private at $420", Musk tweeted on Tuesday, adding that he had "funding secured". The company had a market value of $58bn as of Monday's close.

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On April Fool's Day, Mr Musk, who owns nearly 20% of the company, joked on Twitter about Tesla going bankrupt.

At a share price of $420, Electrek points out that taking Tesla private would be a costly decision, to the tune of some $70 billion. They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla.

While Mr Musk has previously discussed the drawbacks of being a public company, he has also used his Twitter account in ways that surprised investors. The stock's past-year high was $389.61, with it trading as low as $244.59 in April.

George Galliers of Evercore ISI said he believed the tweet was serious.

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