Tesla Inc. shares were halted at 2:08 p.m. ET pending the release of material news, following Tesla CEO Elon Musk's tweet that he is considering taking the company private.

"Am considering taking Tesla private at $420. Funding secured," Musk posted on Twitter.

The tweet came after Financial Times reported that Saudi Arabia's sovereign wealth fund acquired about 3% to 5% shares in the electric vehicle maker, which would be worth between $1.7 billion and $2.9 billion at Tesla's current share prices.

Telsa shares were up about 6% before the suspension.