Elon Musk tweets about taking Tesla private

Tesla CEO Elon Musk tweeted on Tuesday that he was considering taking the company private, sending the stock up more than 5 percent.

“Am considering taking Tesla private at $420. Funding secured,” Musk tweeted shortly before 1 p.m. on Tuesday.

Tesla’s stock, which was trading at about $342 per share, shot up to $362 per share after the tweet. The stock was up Tuesday after the Financial Times reported that Saudi Arabia had taken a $2 billion stake in the electric car company.

Representatives for Tesla did not immediately confirm the tweet was genuine. 

— This is a developing story

— CBS News’ Jillian Harding contributed reporting.