Elon Musk says he's considering taking Tesla private

Elon Musk

Chief Executive Elon Musk jolted financial markets on Tuesday with a surprise statement suggesting he is considering taking the electric-car maker private.

"Am considering taking Tesla private at $420".

Tesla's shares were up 6.5pc at $363.46.

Tesla did not immediately respond to a request for comment.

The news caused Tesla's share price to jump by $14. The company is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company. Musk owns almost 20 percent of the company.

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$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.

"I believe Tesla considers Tweets as public disclosure".

A short squeeze is a trading scenario that occurs from time to time in heavily shorted stocks, when bearish traders are forced to buy shares to avoid big losses - something that ends up pushing the stock only higher. "Funding secured", Musk said.

While Musk is known for making erratic tweets, he tweeted "420" in a reply to Fox Business anchor Liz Claman, following up on his initial tweet.

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