Elon Musk is thinking about taking Tesla (TSLA 234,34 +0,49 +0,21%) private.
Musk, the CEO of the electric automaker said in a Twitter post on Tuesday that he has secured funding from a private buyer.
He also went on to imply that the funding would value the company at $420 a share. Prior to Musk’s tweet, Tesla stock was worth $342 a share and following the tweet shares jumped as high as $371.
Tesla had also risen slightly, earlier in the day, following a Financial Times report detailing that Saudi Arabia had been quietly building a rather large stake in the company.
Tesla did not immediately respond when asked for a comment.
Tesla has been burning through their cash supply while trying to meet Model 3 deadlines. The Model 3 will be Tesla’s lowest priced electric car ever, and production on these vehicles has remained a struggle for the automaker. Over the past year Tesla’s stock has taken a hit as the company’s losses have continued to mount.
Musk’s official tweet, “Am considering taking Tesla private at $420. Funding secured.”
In the meantime, we’ve been seeing a lot of Musk in the press lately, as he has been publicly clashing with market critics, and most of all investors who have taken a short position on the stock, meaning they benefit if the price plummets. He also had an infamous clash with analysts on a earnings report call three months ago, which he had just publicly apologized for last week.
If Tesla is valued at $420 per share, it would cost $1 billion to take Tesla private. Prior to Musk’s tweet, Tesla had a market value of $58 billion, already beating out major automakers like General Motors and Ford, even though they are both larger and more profitable.
In actuality, Tesla has returned a narrow margin of profit, in only two quarters, since it filed to become a public company in 2010. Musk has vowed that the company will start to make a regular profit in the second half of 2018.