Tesla Shares Halted After Elon Musk Tweets About Taking Company Private

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Updated Aug. 07, 2018 2:53PM EDT / Published Aug. 07, 2018 2:26PM EDT

Lucy Nicholson/Reuters

Tesla stocks were halted Tuesday after CEO Elon Musk tweeted that he was thinking about taking Tesla private. “Am considering taking Tesla private at $420. Funding secured,” he wrote in the tweet. Soon after making the announcement, Tesla’s stock price surged more than 5 percent, reaching $371.15, then fell as traders apparently questioned whether Musk’s tweet was legitimate. The Securities Exchange Commission declined to comment to CNBC. Musk owns about 19.8 percent of the company. Reports also surfaced Tuesday that the Saudi Public Investment Fund, controlled by Crown Prince Mohammed bin Salman, purchased about $2 billion worth of Tesla shares. This amounts to 3 to 5 percent of the company. Musk has recently caused Twitter controversy, calling one of the Thai cave rescuers a pedophile and feuding with the media.

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Tesla Shares Halted After Elon Musk Tweets About Taking Company Private

Lucy Nicholson/Reuters