Elon Musk considers taking Tesla private as stock jumps

Elon Musk is considering taking Tesla Inc private, the chief executive officer of the electric car-maker tweeted on Tuesday.

The BBC has been unable to verify the post was written by Mr Musk himself, but it has pushed the shares 6% higher. The company had a market value of $58bn as of Monday's close. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty.

Before its recent rally, Tesla's share price had been in a downward spiral for much of the summer, as the company struggled to meet production targets for its midrange Model 3 sedan. 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.

"Am considering taking Tesla private at $420".

"I believe Tesla considers Tweets as public disclosure".

Tesla didn't immediately respond to a request for comment. I think he's serious.

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 wrote on Twitter.