Tesla's stock halted as CEO Elon Musk tweets he's considering taking the electric vehicle company

Engineer and tech entrepreneur Elon Musk. (Photo by Joshua Lott/Getty Images)

Tesla's stock was halted on the NASDAQ on Tuesday as CEO Elon Musk tweeted he's considering taking the electric vehicle company private.

Musk took to Twitter, announcing he was thinking about taking Tesla private for $420 a share.

If the company were to go private, Musk said neither he, nor any current shareholder, would have a controlling vote in the new system. 

He also said he would not sell his stake.

The disclosure initially raised questions whether the eccentric Musk was joking, but he then amplified on his plan in a subsequent tweet that said he intended to create a special fund that would allow all current Tesla shareholders to retain a stake in the car maker if they want.

The company's shares rose more than 7% on the news, before Tesla trading was halted.