Tesla CEO Elon Musk stunned investors Tuesday with a string of tweets saying he is considering taking the company private, in what would be the largest deal of its kind.
discussed the plans further in a blog post later Tuesday.
From there Musk tweeted several times. In responses to questions on Twitter, Musk said he will ensure the prosperity of shareholders “in any scenario.” If Tesla went private, current investors could keep their stakes in Tesla through a special fund, or sell their shares at $420, he said.
Shares jumped after Musk’s first tweet, trading as high as $371.15 before giving back gains. Later the stock was halted for more than an hour. When it reopened shares surged more than 10 percent.
Tesla shares were already trading higher on a report of a new stake from the Saudi Arabia sovereign wealth fund.