Elon Musk says he's considering taking Tesla private

Netflix CEO Reed Hastings

At a share price of $420, Electrek points out that taking Tesla private would be a costly decision, to the tune of some $70 billion.

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 is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company. "Funding secured", Musk said in the tweet. "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 20% of the company.

A Tesla electric auto supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. They were initially driven higher after the Financial Times reported Saudi Arabia has quietly built a big stake in Tesla.

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"I believe Tesla considers Tweets as public disclosure". The fact that the tweet gives a specific price, and that $420 is a long-standing marijuana in-joke, makes it even more possible that this is a hoax or Musk's idea of a joke.

It was not clear if Musk was serious, as he has a history of erratic tweets, and the company did not immediately respond to request for comment.

Tesla (TSLA) has burned through cash while struggling to produce its Model 3 cars.

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