Tesla CEO and co-founder Elon Musk said Tuesday that he would like to take the company private, immediately causing intense reactions from investors and a surge in share price. Following the announcement, Tesla shares jumped nearly 11 percent to $379.57.

“Am considering taking Tesla private at $420. Funding secured,” Musk tweeted earlier today.

elon musk tweet

At $420 a share, Tesla’s market value would be about $71 billion.

In a blog post on the company’s website, Musk shared an email sent to Tesla employees today. Although Musk states that a final decision has yet to be made, he believes that going private would be the “best path forward.”

“I fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we’re all trying to achieve,” Musk writes.

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