Tesla shares suspended as Musk tweets about privatising the US car maker
Tesla shares were suspended last night after Elon Musk tweeted about a plan to privatise the electric car maker.
Musk tweeted that he would take Tesla off the public market if his stock continued to rise.
“I’m considering taking Tesla privately for $ 420. Financing secured." he said on the social media platform.
The tweet sparked speculation over this intentions, with some users asking if the account had indeed been hacked.
In a subsequent letter to employees, Musk said that any privatisation of Tesla would be completed by shareholder vote.
He said: "I am trying to achieve a result where Tesla can work best, free from distraction and short-term thinking.
"If the process ends the way I expect, a private Tesla would ultimately be a tremendous opportunity for all of us."
Musk also told Twitter that he would introduce a provision for retail investors so they would not get lost when the company became private
Shares were suspended at 2:10 am New York time. The Tesla boss has previously expressed his preference for a private company.