Musk, the CEO and largest shareholder of the electric auto maker, said on Twitter on Tuesday that he has secured private funding.
The BBC has been unable to verify the post was written by Mr Musk himself, but it has pushed the shares 6% higher.
"I don't have a controlling vote now & wouldn't expect any shareholder to have one if we go private", Musk said in a follow-up tweet. "Funding secured", tweeted Musk just before 1 pm Eastern.
Tesla did not immediately respond to a request for confirmation or clarification. They did come from Musk's verified Twitter account but it's possible that someone could have hacked the account and published the tweets to manipulate share value for personal gain.
The stock was halted at $367 a share shortly after 2 p.m. (ET), as some grew concerned that Musk's tweets were an attempt at market manipulation.
While volume can stop trading, it's highly unlikely volume caused trading to be halted today because Tesla has historically had higher volume days than it was having on August 2, 2018.
A leveraged buyout of Tesla, which went public in 2010 on Nasdaq and which sports a market capitalization of almost $64 billion, or other take-private transaction would represent an abrupt change in financial strategy.
Musk's other company, aerospace firm SpaceX, is privately owned. If Musk can't prove the allegedly secured funding at $420 per share, he may be accused of market manipulation or market fraud. Before Musk's tweet, Tesla had a market value of $58 billion, already higher than that of General Motors or Ford, even though those companies are significantly larger and more profitable.
Once private, Musk envisions setting Tesla up much like SpaceX (though he insisted the companies would remain separate): Only let external and employee shareholders buy or sell stock once every six months.
As firefighters work to quell the devastating Carr Fire , another wildfire raging in Mendocino County has become larger in size. Wind-driven flames roll over a hill towards homes during the River Fire (Mendocino Complex) near Lakeport, California, U.S.
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According to police, the incident took place at Bologna Casalecchio and the junction with the A14 route from Bologna to Taranto. Italian police posted a video showing the damage down to the bridge after the blast, showing a crater in the road.
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In Maryland, more than 1,600 BGE customers were without power including 633 customers in Anne Arundel County. Meteorologists said an inch of rain fell within 15 minutes. "There may be a patch of sunshine", Lessor said.