Musk Says He May Take Tesla Private and Shares Roar

Image via Nvidia Corp/Flickr CC

NEW YORK (AP) — Tesla TSLA CEO Elon Musk says he is considering taking the electric car maker private.

Tesla’s stock spiked Tuesday after Musk made the abrupt announcement in a terse tweet. He said is considering taking the company private at $420 a share and already has secured funding.

Tesla shares are up more than 5 percent at $360.64.