The stock jumped as high as $ 371.15 and then came back when traders began to question the legitimacy of the tweet. It was last at about $ 358, which is already over 5 percent on the day due to a report on a new share from Saudi government’s government bond fund.
During the past year, the Tesla shares have traded as low as $ 244.59 in April and as high as $ 389.61 in September.
Tesla went public in 2010. The current market value is $ 61 billion. At a stock price of $ 420, the company would be worth $ 71.3 billion.
Musk has said that he expects Tesla to become profitable during the third quarter of 201
Tesla was able to take away some of the pressure on the carefully watched company. For example, the electric car manufacturer would no longer need to report quarterly revenue in public.
Investors have been concerned about how much money Tesla has burned through and if the company would need to raise additional funds to support its growth plans, including introducing a half-car, a crossover SUV called Model Y, more factories around the world and other projects.
This story is being developed. Please check back for updates.