A tweet from Tesla boss Elon Musk's account suggests he is "considering" taking the electric auto firm private.
Shares of Tesla Inc were halted for news pending on Tuesday after Chief Executive Elon Musk earlier tweeted he was considering taking the company private at US$420 a share. "But when you say "funding secured' in public markets and the stock goes up 7%, boy, there better be a there-there".
Tesla did not immediately respond to a request for comment.
"It's not easy to take a company that's losing money private", Galloway said.
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Traders said they had received an official notice from the Saudi Grains Organization (SAGO) about its decision. The office of Foreign Minister Chrystia Freeland did not respond to requests for comment.
Tesla's shares were up 6.5% at $363.46.
His asking price of $420 would be 22 percent of Monday's closing share price, and almost 9 percent above the stock's all-time closing high of $385. The company had a market value of $58 billion as of Monday's close.
In his tweet, Mr Musk said he could buy outstanding shares in the firm for $420 each, around a fifth higher than the share's current price. He implied the funding values the company at $420 a share. 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. The tweet prompted questions about how serious Musk's intentions were. Musk previously tweeted an April Fool's joke about his $60 billion company going broke.
Tesla has spent millions as it reached a goal of producing 5,000 Model 3 sedans per week by the end of June.