Tesla shares jumped after a tweet from Elon Musk’s verified Twitter account mentioned taking the company private.
“Am considering taking Tesla private at $420. Funding secured,” the tweet said.
It was not clear if the Tweet was legitimate.
The stock jumped as high as $371.15 and then came back as traders began to question the legitimacy of the tweet. It was last at about $360, already up more than 5 percent on the day because of a report of a new stake from the Saudi Arabia sovereign wealth fund.
Tesla did not immediately return call for comment.
In the past year, Tesla shares have traded as low as $244.59 in April and as high as $389.61 in September.
Tesla went public in 2010. Its current market value is $61 billion. At a share price of $420, the company would be worth $71.3 billion.
Musk has said he expects Tesla to begin being profitable in the third quarter of 2018.
This story is developing. Please check back for updates.
