Tesla shares suspended as Musk tweets about privatising the US car maker

Tesla shares were suspended last night after Elon Musk tweeted about a plan to privatise the electric car maker.

Musk tweeted that he would take Tesla off the public market if his stock continued to rise.

“I’m considering taking Tesla privately for $ 420. Financing secured." he said on the social media platform.

The tweet sparked speculation over this intentions, with some users asking if the account had indeed been hacked.

In a subsequent letter to employees, Musk said that any privatisation of Tesla would be completed by shareholder vote.

He said: "I am trying to achieve a result where Tesla can work best, free from distraction and short-term thinking.

"If the process ends the way I expect, a private Tesla would ultimately be a tremendous opportunity for all of us."

Musk also told Twitter that he would introduce a provision for retail investors so they would not get lost when the company became private

Shares were suspended at 2:10 am New York time. The Tesla boss has previously expressed his preference for a private company.