In a second tweet on Tuesday, Mr Musk said taking the company private would not lead to a single dominant shareholder. "Is this him behaving errantly or irrationally?" the marketing expert said during an interview with FOX Business" Connell McShane.
Musk's other company, aerospace firm SpaceX, is privately owned. (In May, Musk drew sharp criticism for what many described as a freakish earnings call).
The company had a market value of US$58 billion as of Monday's close. The fact that the tweet gives a specific price, and that $420 is a long-standing marijuana in-joke, makes it even more possible that this is a hoax or Musk's idea of a joke.
At 2:08 p.m. ET, Nasdaq reportedly halted trading of Tesla's shares.
Marcus Rashford handed the Man Utd No.10 shirt against Bayern
He did, however, say he wants to remain at Chelsea following Sunday's 2-0 Community Shield defeat against Manchester City. Yerry Mina (Barcelona) and Willian ( Chelsea ) are among those to be linked with a move to Old Trafford.
"Am considering taking Tesla private at $420". "Unless there's some sort of sovereign wealth fund".
"All he's doing is making it more expensive and sort of thumbing his nose at analysts", he said.
Musk has been under intense pressure this year to prove he can deliver on his promise to turn his money-losing company into a profitable higher-volume manufacturer, a goal that has propped up Tesla shares and resulted in a market value higher than that of General Motors Co.
It was not clear if Musk was serious, as he has a history of erratic tweets, and the company did not immediately respond to request for comment.