It's never a boring day when Elon Musk takes to Twitter.
A spokesman for Tesla did not immediately return a request for comment.
Tesla's shares were up 6.5% at $363.46. The company is now valued at just over $60 billion, with Musk holding an nearly 20 percent stake in the company. Musk owns approximately 20 percent of those outstanding shares, which would lower the price tag a bit, but it would still be pretty hefty. "Plus this is short squeeze rocket fuel after a nice quarter", said analyst Chaim Siegel from Elazar Advisors.
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The tweet suggested Mr Musk was looking at a plan to buy outstanding shares in the firm for $420 each, around a fifth higher than the share's current price.
Short interest in Tesla on Monday stood at almost $12-billion, equivalent to 28 per cent of its float, according to S3 Partners, a financial analytics firm.
Tesla's stock spiked Tuesday after Musk made the abrupt announcement in a terse tweet.
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Tesla spokespeople have not yet confirmed the proposal to any media outlets.
"I can't believe this is something to bluff or make fun of".
"Am considering taking Tesla private at $420", Musk tweeted on Tuesday, adding that he had "funding secured".
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"Details, structure, participants and how the valuation has been determined remain to be seen".