Billionaire Elon Musk said he is considering taking his company, Tesla (NASDAQ:TSLA), private.
Mr Musk took to twitter to announce the news. He tweeted:
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
In addition, Musk said that shareholders would be offered $420 per share, and that investor support had been already secured.
This is a fifth higher than the current price of Tesla, valuing the company at around $70 billion.
Mr Musk said the move marked the “best path forward” for the electric car company.
In particular, Musk emphasised that de-listing would no longer pressure Tesla to make decisions to appease investors in the short-term.
Tesla has recently reported a record $4 billion revenue, which smashed Wall Street estimates of $3.9 billion.
Despite the jump in revenue, the group posted a worse than expected loss per shares of $3.06 (est $2.92).
The group said it had delivered 53,339 in the recent quarter and set a target of 5,000 Model 3 per week.
Chief Executive Musk hit the headlines earlier this month after he was forced to retract comments he made about the Thai rescue.
Tesla was founded back in 2003 by Musk, Martin Eberhard, JB Straubel, Marc Tarpenning and Ian Wright.
The company specialises in the production and engineering of electric vehicles, solar panels and batteries.
Shares in the company are currently trading +10.99 percent as of 10.20AM (GMT).