$420 per share would be a significant premium on where Tesla is now trading, and also its performance over the first half of the year.
Tesla's shares were up 6.5% at $363.46. The company had a market value of $58 billion as of Monday's close. "Given his historic frustration with short sellers, analysts and certain parts of the press, it is perhaps also not surprising that he has given consideration to taking the company private", Galliers said. Musk owns almost 20pc of the company. "Funding secured", Musk wrote on Twitter. The stock had been up earlier in the day after The Financial Times reported a Saudi Arabian sovereign wealth fund had bought a $2 billion stake in Tesla.
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Representatives for Tesla did not immediately confirm the tweet was genuine. However, they are still a long way off the $420 price teased by Musk. Mr. Musk has a history of joking on Twitter and sending erratic tweets. "We still would see risk to completion of such a deal", said CFRA analyst Efraim Levy.
Tesla (TSLA) has burned through cash while struggling to produce its Model 3 cars.