Tesla CEO Elon Musk.
 AP
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  • Tesla CEO Elon Musk said on Tuesday via Twitter that he's considering taking the company private at $420 per share.
  • Tesla halted trading shortly after Musk posted his tweet.
  • "Am considering taking Tesla private at $420. Funding secured," he said .
  • Tesla has been public since 2010.
  • Musk also said on Tuesday via Twitter that he will create a "special purpose fund" if the company goes private so current Tesla shareholders can keep their investments in the company.
  • Tesla did not immediately confirm if Musk himself sent the tweet or if it was the result of a hack.

Tesla CEO Elon Musk said on Tuesday via Twitter that he's considering taking the company private at $420 per share. Tesla halted trading shortly after Musk posted his tweet, news pending.
"Am considering taking Tesla private at $420. Funding secured," Musk said .
Musk also said he wouldn't expect to have a controlling vote if the company went private and won't sell Tesla stock. He added that he would remain CEO of the company.
"I don't have a controlling vote now & wouldn't expect any shareholder to have one if we go private. I won't be selling in either scenario," he said .
Tesla did not immediately confirm if Musk himself sent the tweet or if it was the result of a hack. The company did not immediately respond to a request for comment on the likelihood that it will go private, potential timing for doing so, or the funding sources Musk referred to.
Musk also said on Tuesday via Twitter that he will create a "special purpose fund" if the company goes private so current Tesla shareholders can keep their investments in the company.
"My hope is *all* current investors remain with Tesla even if we're private. Would create special purpose fund enabling anyone to stay with Tesla. Already do this with Fidelity's SpaceX investment," hesaid .
Musk added that he was appreciative of the company's shareholders and "will ensure their prosperity in any scenario."
Tesla has been public since 2010. The company had a market capitalization of more than $60 billion, as of Tuesday afternoon. Its share price reached as high as $371.15 per share after Musk's tweet. It was trading around $361 in early afternoon trading.
Musk has said he would like to take Tesla private in the past.
"I wish we could be private with Tesla," Musk said in an interview with Rolling Stone that was published in November 2017. "It actually makes us less efficient to be a public company."
Musk has also said on multiple occasions that Tesla will become profitable by the end of this year and won't need to raise additional funds, despite its increased cash burn rate in recent quarters.
At the end of June, Tesla achieved its goal of making 5,000 Model 3 sedans in one week. Musk previously said the company would hit that number by the end of 2017, and that sustaining such a production rate is critical for Tesla to become profitable.
The Financial Times reported on Tuesday that Saudi Arabia's sovereign wealth fund has acquired a $2 billion stake in the company. The fund owns between 3% and 5% of Tesla's total stock, which means the stake is likely worth between $1.7 billion and $2.9 billion.
Tesla reported an adjusted loss per share of $3.06 for the second quarter, which was larger than what analysts had predicted, and revenue of $4 billion, which beat analyst projections, in an earnings letter released last week. The company said it expects to be profitable during the second half of 2018.
"Going forward, we believe Tesla can achieve sustained quarterly profits, absent a severe force majeure or economic downturn, while continuing to grow at a rapid pace," the company said in its earnings report.